The Washington times., 1911-12-10
BEARS HAVE BEST OF SITUATION
AFTER WEEKS BATTLE IN STOCKS
Presidents Message Non-nauenta
hveMoney Situation Is lnterngCanadian Finances Influence
4. the Cash Los-Traders Moving on Restricted Lines
ny JOHN GRANT DATER
specasI Publication

NEW YORK. Dec. 10-Reactionary
tendencies, which were apparent dur
Ing the preceding interval of trading.
devNoped to q degree even more pro-
nounced In the stock market Of the
week. Prices declined all along the
line, and at the lowest quotations,
which were recorded Friday forenoon,
losses ranging from to points.
Despite these rather severe losses, from
which there was partial recovery.
there was nothing to indicate that the
The volume Of business was small.
ACTIVITY was poorly distributed. and the
explanation which found the greatest
favor In the Street was that the move
fana rep represented nothing more impor-
by tired and disappointed holders.
In the Presidents message to Con-
sress. Wall Street found no inspiration
either to buy or sell securities. This,
character OF the message was known
In advance. and when II was published
the rank and file In the Street were
unable to discover any expression Of
opinion with which they had not been
made familiar in recent speeches, in
tervieWs. and statements OF Mr.. Taft.
Upon another occasion, perhaps, the
Presidents emphatic approval OF the
Tobacco e. snSo sompanys dissolution plan and
=
might have set the market boiling, but
somehow or other Wall Street cannot
grasp the idea that other Industrial
trusts may be able to arrange dissolu-
as the tobacco company has accom-
plished that end.
Antitrust Discussion.
This view of the case was rather
clearly shown by the attitude OF the
mn ~tS -. L.. ~
pearance Of Frank vanderlip's contri-
button to the Industrial trust discussion
contained in the outlook. Traversing
much the same ground as President
Taft, or. at least, dealing with the
application Of the Sherman anti-trust
the National City Bank took anything
but an optimistic view. Mr.. Wander
lips estimate Of the Sherman act may
not be that Of the country in general.
opinion Of Wall Street when he asserted
that the inadequacy of the antitrust
statute to correct the situation was the
Substantial cause for the hesitant and
disturbed state Of mind now universal
among business men and capitalists"
Neither President Taft's message nor
Mr.. Vanderlips article in the outlook
on the Sherman act contributed any
thing actually new to the discussion.
views; the President holding the law as
Interpreted and applied in the Tobacco
Company case to be wholly reassurinE
country's largest bank proclaimed 1t as
universally disturbing. Moreover, Mr..
Vanderlip engaged In the unpleasant
the most serious situation that has ex-
listed In generation, or since the as
sault on the gold standard after the
panic Of 1889; It was. Of course, this
Wsss usa nst r shs Nan M ysns.s
lips remarks as possible hint Of the
attitude Of the important interests as
ISOLATED with the City Bank.
The Money Strain.
Rather oddly, 1t would seem. the re-
markable bank statement Of Saturday
week, which reflected the most unusual
loss Of SEC. 500, 900 in cash and forced the
banks OF the Clearing House Associa-
ton to a deficit of $6,146,0O0 in their re-
factor in the declining price tendency
Of the week. Yet. that banking re-
sources are by, no, means abundant and
that the loss Of specie and legal tender
may be due. has created a temporary
strain in the money market, Is clearly
indicated by the flrmness In the money
rates. Call loans ruled throughout the
going above the higher rate. and time
money was materially stronger. From
ruling quotation Of 81 to per cent for
sixty and ninety days and I per cent for
four five, and six months money, rates
advanced at the close Of the week to 5
per cent for thirty and sixty days. and
to ~ per cent for three, four, fve,
and six months loans, and short-term
loans were difficult to obtain.
That no particular influence for the
reaction in stocks was attributed to the
money situation Is due. doubtlessly, to
the professional character OF the