The Washington times., 1911-05-07

NEW YORK, May 1.-THE Ma!
bulge" which old hands in Wall Stree
were discussing as a possibility a weel
ago. did not develop to any pronounced
degree in the stock division. but bono
| trading expanded materially. and price:
in that quarter ruled strong during th'
! interval, and, as a rule, advanced. This
gave a great deal of encouragement t
| the men who cling to old traditions
| and, by all odds, was the most encour.
aging feature of Wall Streets business
week.
Perhaps the speculative wing of the
security market would have done better
but for series of unfavorable happen
fngs which the professional element
! sought TO ignore at first, but which
found reflection in decided irregularity
in the general list before the week s
end. Prices started off briskly on Mon
day, after the Supreme Court announced
two weeks recess. without rendering
a decision in the antitrust cases. Even
respite SO brief as this was hailed
with delight by the traders, and they
set about bidding up stocks and forcing
short covering, under which prices
HnONSu higher.
Wall Streets Price Changes.
The little recession on Tuesday dis
turbed none of the old-time traders,
who saw in 1t the proper workings of a
bull market"-the low day." so dear
to Wall Street traditions-to which at
tention was directed in this column a
week ago. But. according to commits
uEA 1,A,
sponse to the movement, and though
prices made good recovery, the fol-
lowing day-Thursday-saw a sharp re-
action, which undid much of the i'm
provement in the general list. Although
some of the specialties were taken in
hand again and worked up, irregularity
was the feature of the closing days of
the week, with some nervousness mani
Testing itself over the character Of the
Mexican, news.
One swallow, We know, does not make
a summer, and one week of uncertain
and irregular price changes at the out
set of the month does not, of necessity,
indicate that the financial market will
not experience its May bulge" In
fact, all things considered, stocks did
very well. There was. to be sure, some
the general list. under the
cover the up-building of specialties,
and this seems to be borne out by the
fact that ma jority of the active stand
the interval or left of with only slight
fractional gains, but this selling had
more the appearance of profit taking
than OF liquidation, which would indi-
cate that the recent advance had been
largely a professional maneuver.
In the news of the week there was
enough to make men cautious. May.
for instance, started off with a full
quota Of labor troubles. including strikes
among the shopmen on the PennsyIva-
MIA railroad, machinists In and around
the Metropolitan district of. New York,
plumbers In Philadelphia and Toledo,
carpenters In Auburn, n. Y,
and Los Angeles, Cal. and structural
iron workers in Toronto. Numerous
others of lesser degree were reported.
such as the strike of the kosher bakers
In New York and Of the retail clerks
in Syracuse.
OF course. these are small affairs COM
pared with some OF the historic disputes
Oh the past, such as have involved many
great railway systems. the anthracite
and bituminous coal miners, the steel
workers OF Pittsburg, and the New Eng
and textile mill operatives. but they
served TO remind the financial district
1f the labor problem which comes in
Tor great deal of Quiet discussion at
he present time among prominent mer-
chants and bankers and corporation |
ng trouble, for the spring of the year
always brings something of the Kind. |
and serious strikes, as a rule do NOT
lccur In times Of business contraction. |
nevertheless, the fact remains that tie |
abor situation is a pregnant topic OF |
oday.
Industrial Trust Investigations.
Following close upon the heels of the |
Nay Day announcement of labor trou-
'les, came>a matter to which the rank |
md file In Wall Street paid more atten-
ion. namely, the favorable report of |
he Rules Committee of the House of |
Representatives Of the Stanley resolu-
ions calling for a Congressional investi- |,
;ation of the United States Steel Cor
,oration to determine whether 1t is
perating contrary to the provisions of
he Sherman antitrust act Similar
esolutions In connection with the Amer
can Sugar Refining Company and the
american Woolen Company, naturally
uggested the thought to the financial
hould find in favor Of the Standard
iii Company and the American Tobacco
company, the industrial trust question
night continue a disturbing factor.
Developments like the foregoing, un-
etting to business, were probbaly
mong the things which Wall Street
when it swapped horses in
nidstream, and voted the Democratic
icket last November. 1t did so motor
ously and avowedly, because 1t wanted
o rebuke somebody who was not can
idate for anything, but who, by pro-
eeding against industrial and railway |
according to the prevail
ng Wall Street theory, had disturbed
he financial business. Now that the
of the unsettlemenJ to gen.
raj business from tariff legislation and
he like, it's views of Democrats and
is similar to that of Mer-
utio in his final opinion of Capulets
nd Montagues: "A plague O. both your
ouses."
Hating General Business.
Some reference was made a week ago.
nancial district. 1 was reminded of
till another during the week. after
caring some particularly gloomy views
n general business conditions expressed
Y a very prominent drygoods mer-
hant 1t is that Wall Street begins to
lex I'D and take heart when the mer-
hant and manufacturer are feeling the
ull effects of commercial depression.
such should prove to be the case
pom this occasion, as in the past. then
ome turn for the better in Wall Street
ught not TO be so very far away. for 1t
undeniably true that merchants. par