The Washington times., 1911-02-12

/
Streets business week was unlnterest
ing and unsatisfactory. Trading under
went a decided contraction in volume
and though prices did not experience
any pronounced recessions, and a few
of the specialties sold higher, the specu
lative list as a whole was irregular
and disappointing. While in the clos
ing days the impending holiday on Mon
day may have exerted a repressing in
| fluence, the market as whole acted
| very much as though it were digestine
the very large quantity of stock which
had been distributed on the recent
| sharp advance.
The bond division was somewhat less
satisfactory than of late, particularly
on the exchange, but this was mani
tested rather in the character Of the
dealings than in the volume of busi-
ness. A large number of speculative
descriptions and new issues were taken
in hand and worked into prominence
under what were obviously manipula-
tive orders. The rank and file in Wall
Street accepts manipulation as an at
tendant and even necessary feature
of movement in stocks, but 1t rather
resents one in the bond division, prob
ably because IT always associates opera
tions in that quarter with strict invest
ment.
n Bonds Less Active.
Among bond dealers, and investment
houses, however, a good steady busi-
ness is reported, and though the activity
of month ago is not fully sustained
the present quieter interval is regarded
as a temporary affair and the slow ab-
sorption of bonds which is in progress
Is regarded by all odds as the best
feature of the entire market. In some
quarters the theory prevails that the
upbidding of stocks a week ago is
really responsible for the little lull ex-
perienced in the investment demand,
for activity in the speculative quarter
almost always diverts some attention
from bonds, and on occasions 1t has
been known to bring investment buying
we'll nigh to a standstllL
No such result, of course, is looked for
on this occasion, for although signs of
Industrial improvement are noted in
many directions and a better sentiment
prevails In influential quaI iers, very few
persons are looking for anything ap-
a stock market boom in the
immediate future, and even the over
optimistic John w. Gates, who spoke on
that subject last week, postpones the |
event until some time during the au- !
.umn. The prospect of easy money con- |
.inuing well into the spring will, in |
any event, 1t is believed, provide the |
basis for an excellent bond market, and !
will doubtless prevent any extensive /
liquidation in stocks.
Public Interest and Sentiment.
One feature which the market empha-
'lzed strongly is the continued apathy
" the general public. The campaign of
the upbidding Of prices a
week ago was called-imparted a more
heerful atmosphere to Wall Street, but
t does not appear to have achieved very
much else. With the halting of the
movement, which followed the discovery
hat a great deal of selling of the best
haracter had been accomplished under
he cover Of the advance, commission
ouses quite generally acknowledge that
he public made only a feeble response
While brokers are carrying a little more
took than they were, the buyers were
chiefly from Wall Street itself,
nd the influence of the movement does
OF appear to have gone much beyond
circles.
AS a result Of the weeks business
lere was. probably, a little less confi-
INT tone on the part Of the bull clique
their ability to work up a I
in the market at this Nme. ]
course the impending decisions In I
e Supreme Court were held chargeabIe 1
r the public torpor, and, In addition, r
e traders found new element, of un- I
rtainty in the widely circulated re- S
1T Of an extra session of Congress to :
al with the Canadian reciprocity G
eaty. This. they argued. might raise I
e entire question of tariff revision C
and, in consequence, Wall y
rect, which hailed the reciprocity d
eaty with considerable enthusiasm 1
len it was promulgated, is beginning q
look upon it with some misgiyings. a
Improving Railway Earnings. $,
from the speculative point Of view Q
E week was void Of important deveI- s.
ments, that is, as the stock trader o.
es up news, there was nothing strik- =
yly novel or sensational calculated to d
,stallize attention and stimulate prices. p
tually there were a number of highly n
features pointing to general a.
iustrial Improvement, but they were T
ther of routine character. In conse- c.
ence Of this there was a marked re- ln
ral Of deal and rumor stories, alleged n
Of railroads. and the like. tt
Iich really did not do the market very
lch good, for when: poor stocks are m
shed up while good stocks halt, most 81
pertenced men suspect that the good I'll
cks are being sold under the cover of
diverting movement. r
% one who Is not above considering =
itine matters, much announcement
s to be found in the well sustained
,ss railway earnings, and though NET A
'nings do not of course make a show n
uniformly as good as the gross, they G
by no means uniformly bad. The GI
al for all roads reporting gross earn kG
$ for January aggregate $500, ,6S3, In
zen is an increase of 4.5 per cent In
npared with the earnings of the ame X
ds for the corresponding month last r.
Lr. This follows similar results IN M
tember, previously referred to, and NJ
continues despite a decided increase p,
idle railway equipment. Among the sy
&c systems which show January in G,
ases are the Louisville and Nashville, ",
lthern, Seaboard Air Line. Central of
'rgia, Chesapeake and Ohio; Missouri, .
nsas and Texas, Missouri Pacific,
bash. and st. Louis Southwestern. ~
Commodity Prices Decline. i
highly favorable feature which one !
rcely heard commented upon at all E'
LI,e lett II. -