Evening star. [volume] (Washington, D.C.) 1854-1972, 1911-11-26
WALL STREET Blue
Closes Its Eyes to Financial
Clouds Silver Lining.
NO REASON FOR CROUCH
Things Not Nearly So Bad as Specu-
lators Believe.
ARE AFRAID OF CONGRESS
All Sorts Of Trouble Foreseen When
National lawmakers Assemble
Early Next Month.
NO REASON FOR CROUCH
ARE AFRAID OF CONGRESS
BY II. ALLOWAY.
Copyright, 1911, by R. g. Hopper,

BY ii. ALLoWAY.
Copyright, 1911. by R. G. Hopper)
| NEW YORK, November 25.-wall
street approaches Thanksgiving in very
sober spirit. Things are not as bad
as couple OF months ago they Unrest
ened; but the record is different from
what can be regarded as inducing
ecstasy. 1t is not that quotations are
at materially lower level than hither-
to they have ranged, but the situation
is charged with so much uncertainty
that 1t IL difficult to And anybody In
satisfied humor. In the generally pervad-
ing downcast disposition there is the
curious feature that the bear crowd are
quite as unhappy as the bulls can be-
The truth is that for months and
months past any operation-all opera
| tions-must be epitomized among dis
| appointments.
They who have been aggressive on the
bear side Of the market are unable to
locate profits at the end OF their cam
paign. In many an instance the raid
ers started out assured Of quick and
large advantage; but final results have
been uniformly discouraging-for how
ever soft quotations may have seemed
while raiding processes proceeded how
ever readily. prices. fell down, there
have been few exceptions to the rule
that whenever interests short of stocks
| began to buy back what they had sold
| they. were confronted with a market
condition apparently absolutely bare of
stocks 1t was thus revealed to them
| that depression had been produced ex-
| clusively by their own sales. They had
created apprehension among investors in
no consequential way. People who owned
stocks had not been scared into be-
| coming sellers.
Investors Standing Pat.
Equally upon the other side It has
been disclosed to every manipulation try.
ing to boost quotations that just as
| soon as there was a pause In purchases
intended to be influential the market
forthwith sloped back to it's original
low level Succinctly this has evidenced
beyond cavil that In so far as outside
interests are concerned-in so far as
| the actual investors of the country care
one side or the other to be led into
| speculative transactions, those holding
| stocks being wholly disinclined to sell,
those who have already sold standing
! upon business and political develop
mentS.
| For the commission brokers, for the
professional talent which makes up the
change, this represents lack of Gus
ltomers-furnfshes the ample reason why
1915 Wall. street Thanksgiving has
blush cast
one event that forthwith excites interest
out Of the ordinary-in the unanticipated
declaration Of an increased dividend upon
Atlantic Coast Line shares, indicating
Of this particular system-apd indicating
| generally the certainty Of the expansion
OF southern good times. 1t has been well
appreciated that the south has been ex-
| nesswise, but Wall street was not count
! ing upon such evidence Of, this better
| ment as Is certified in, this. dividend
action.
Has Played Fair.
| Louisville and Nashville-AtIantic Coast
Line management has been so clearly
fair and square that its official vote ID
significant much beyond what would have
| been the erect had this dividend in
crease been announced in some other
quarters. Goodwill, earned through years
| of decent dealing with the investing pub
| lie, has marked this southern system
| for splendid prOminence. And 1t is not
lat all strange that there should have
quel to this one bit OF good news an
nounced this week-not only Louisville
and Nashville and Atlantic Coast Line
stocks gaining materially, but practically
| the entire list Of standard railway stocks
marching upward
Here was something different from
| forecast and promise And the whole
| market Is broadened and bettered, for
| though, still, Wall street does approach
Thanksgiving in sober spirit, there Is
distinct improvement in sentiment gen.
orally. Were 1t possible for some other
| similarly conditioned railroad to make
similar dividend announcement we might
have warrant even for expecting MAIN
tanned upward movement.
But there has appeared during the week
one factor which Is to be recognized as
qualifying any free and easy enthusi-
asIn-the adoption OF report as to rail-
way capitalization by the commission
headed by President hadley of Yale,
from whom has been requested comment
and recommendation for corporation gov
eminent This report will be found out
spoken against "watered' stock issues.
Its presentation to the public cannot be
without consequence. 1t will stamp with
disfavor some conspicuous prevailing
practices; 1t will urge reform even dras-
ticaliy. And in the end, II its teachings
are observed. and IL effective legislation
follow, there will be great good accom-
plished for the investment interests. But
IN the meantime 1t Is not improbable that
sensational debates may proceed along
sensational lines. cited specific examples
in capitalization being not unlikely to
disturb sentiment
Apprehension Of Congress.