The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1911-06-11

strong undertone which has been II
chief characteristic for some weeks past
1t cannot be said that any pronounce'
change was noted in the character o
the trading, but on the contrary pro
,fessionalism was rather more apparen
than in the preceding interval. Poo
and clique activity shifted rapidly from
one speciality 10 another without maxim,
a lasting impression elsewhere. So ia
as minor issues wre concerned, when
ever special attention was withdraw
the security again turned Dead blu
1.-THE advances were we'll maintained.
Mondays session made it quite apparel
that the market has not yet reaches
that stage where the public can b.
| brought In as an extensive purchase
of stocks, as the result of an upbiddint
of prices on Saturday. In fact, th'
commission houses admit quit franlil!
that the Monday mail. which in times
past was looked to bring in a gooC
batch of orders, as a result of sons
special demonstration at The weeks end
yields no better results than Tuesday,
or Wednesdays. or any other morning!
mail. for all are alike meager.
The Public's Attitude.
| Speculative Wall Street holds 1t is a
chief tenet of its faith that advancing
prices are Irresistible with the public
and in consequence the majority OF
traders believe that the outsiders mus,
in time yield to the markets blandish-
ments, but 1t is an open Secret that ur
to the present time there has been only
| limited response to the movement
| which set in with the Supreme Court
decision in the Standard Oil case, and
which was stimulated still more after
the decision in the American Tobacco
Company case. UnquestionabIy the up
bidding of prices forced some short
covering and converted many bears
among the professionals, to the bull
side. but the court decisions thus far
have brought very few old customers
or new recruits into the brokers offices.
The rank and file in the financial dis
trict have tried to cheer up on wha
many brokers' circulars and market let
tiers tell them is the final elimination
OF the industrial trust cases as a dis
turbing factor, but somehow or other,
the impression fingers that the court
decisions have not cleared things up
as they should Perhaps the specula-
tive element assigned a too important
position to the industrial cases as the
restraining influence on the public.
When one recalls for how long an in
terval these cases were held TO be the
sole controlling factor in Wall Street,
1t would not be strange II they had
warped the judgment of brokers, and
had diverted their attention from other
influences, also disturbing, which were
overlooked for a time. but which are
now asserting themselves as marked
factors.
Industrial Uncertainty.
Without doubt there might have been
a different story TO tell If the Supreme
Court had laid down some plan of its
own. as was expected, whereby the in
dustrial corporations could determine
the legality Of their organizations, but
that problem, as Is well known, is re-
ferred to the lower court, and the So
luton Is not to be expected for eight
or nine months. Aside from that, how
ever, Judge Gary has made It very
clear during the week that the indus
trial corporations do not regard the
problems pertaining to the great con-
Germs as definitely settled by the court
decisions. His remarks on what cor
poration managers fear, and upon the
danger Of the Government going too
far, even to the forcing Of ''destruc-
tive competition" bears upon this point.
Wall Street, naturally, Is by 40 means
unanimous as to some features of the
testimony of the chairman Of the Unit
ed States Steel Corporation, and the
majority of comments on the part of
Gary's advocacy of the Governments
fixing prices for iron and steel prod
ucts, which. from the financial view
point, is advanced socialism. Yet II,
under the antitrust act. competition
is enforced upon the corporation man.
ayers under the fear of jail sentence
for violation Of the law, not yet def
nitely interpreted, the action in itself
amounts to a fixing Of prices, and may
be ruinous prices at that.
Judge Gary's Testimony.
Judge Gary's testimony before the
committee proved an absorbing
topic of conversation in financial cir
cles throughout the entire business
week If the impression which has
gone out into the country is similar to
that which prevails in Wall Street, it
is believed that Judge Gary has done
a world Of good in placing the Ten
nessee Coal and Iron acquisition in a
proper light before the country. OF
course many other witnesses will be
heard upon this transaction before the
matter Is finally threshed out, but
those who know the precise facts Of
the case are confident that II will be
made apparent to everyone that there
was no such dastardly conspiracy as
Mr.. Gates intinated, to squeeze a trust
and thus acquire the prop
erty.
An overloaded pool, carrying enor-
nous loans in various banks assuredly
gave up the coal and iron property at
the price Of saving their credit. and
some part Of their fortune, and one has
but to look back to the various events
Of the panic of 1907 to learn that the
action in placing this overextended
group in funds marked the turning |
point in the panic. OF course. very !
much of the ancient history Of the |
Steel trust was we'll known to Wall |
Street, and, in q general way, also, |
we're the arguments advanced In just- |
fcation OF maintaining prices. Upon |
this latter point the financial district |
has never been of one mind, many per- |
sons holding that the price of finished |
steel products should follow the law |
Of supply and demand, like other COM
TO the present time price maintenance |
has done wonders for the steel indus
try in imparting a stability that 1t never
enjoyed in the old days.
Excellent Harvest Prospects.
The most important of the weeks de-
from the point of view of
was the publication. on