The Washington times., 1911-11-26

activity, and when 1t comes to stability
there is no denying the fact that the
general list displayed a well sustained
power of resistance, but the volume of
business showed no increase, and ac-
tivity was poorly distributed. When you
compare the net changes or the interval
1t becomes apparent that Improvement
Of a marked character was confined to
very few of the usually active, standard
issues. Prices backed and filled re-
peatedly. and, although the list as a
whole averages higher, pronounced
rule.
In some respects the market was one
OF the most peculiar that Wall Street
has has seen ss,o In many 9 day. II leading
many OF them. not few-it was a mar
ket without buyers. You could 20 from
brokerage Office to brokerage office and
in hnd them practically deserted. and II
the firm itself, or the Office manager,
the reply was well-nigh universal:
mWhy ms,,n: .,lnaI the market is strong. phenome-
ness" If this had been an Isolated
case 1t would perhaps not be peculiar,
for one house may be doing business
and another not. but. as I have said, the
the largest houses in the Street.
OASSAuutlCU 0IOkeIS.
Among the rank and file OF stock
brokers the "two-dollar men," room
traders, specialists, and the like, who go
up town via the cocktail route" that
is, the group which assemblies daily In
Fred Eberlins Cafe across from the
Exchange after the close of business for
bracer or two and chat before pass
Ing to the subway station in the same
building, and then on home, there was
much mystifcation concerning the mar
ket. ''Who Is doing this?" everyone
asked. and no one seemed able to give a
satisfactory answer. There was no lack
OF conjecture, no dearth of guesses and
theories, but no concrete statement or
satisfactory explanation, and no identif-
cation whatever of the manipulative
source.
That the market was subject to ma
nipulation was self-evident, but 1t was
very adroit work and perhaps because
of the Nry cleverness of the perform
ance, the movement exasperated many
old hands at the game. 1t was de-
nounced as a rig as a "swindle," and
numerous brokers, who no doubt have
received many manipulative order in
the past, became exceedinly virtuous
and took the very ground that 1t was
markets was to be made the play thing
CT a group of thimble-rigging gamblers"
Finally, the performance was denounced
in some such general terms as above by
Friday, as much under the weight OF de-
nunciation of this character as arg
thing else.
The Test of the Market.
Whether the performance of the week
IL more reprehensible In it's inception
and execution than numerous others
that Wall Street has witnessed In the
past Is difficult to say, but 1t certainly
has been more criticised than anything
of the kind that recall for a period of
years. Perhaps II orders had been bet
ter, or differently distributed, the rank
and file would not have been SO re-
sentful Of the movement and so bitter in
their comments, for Wall Street always
likes to see the wheels go round even
IL they make no progress, but then the
average broker likes to have hand in
spinning the wheel and very few of
them shared In that operation during
the week.
Obviously the real test OF market
like that Of the week. If it has been
accurately gauged by the brokers and
critics. must come when the attempt is
made to distribute the stocks. 1t is not
a very difficult matter to mark up
prices on occasions, but 1t often Is eX-
ceedingly difficult to sell stocks on an
advance. Assuredly, II the present is
a market without buyers as many COM
interesting when the attempt is made to
public has manifested little or no i'm
terest in the affair, the money market is
or some unexpected development should
arise to disturb sentiment the real test
may be deferred for some time.
Absurd Market Agreements.
AS illustrative Of the wholly absurd
condition of the Wall Street mind. 1t
may be said that one Of the explana-
tions given for the rather sharp break
In Steel common on Monday was based
on the newspaper reports Of Mr.. Nor
gan's mishap at the centenary celebra-
ton at st. Georges Church on Sunday,
when the financier tripped over q has
sock and spilled the money from the
collection plate. This seems almost in
credible. but it Is true; the current Wall
Street argument being that the mishap
must betoken an enfeebled physical con-
dition of the country's premier banker.
II there was any reason whatever for
the decline in Steel stocks on Monday,
aside from profit taking, 1t was un-
questionably to be found in the court
action connected with the criminal pros
ecution OF the Chicago packers. This
injects new and unpleasant phase into
antitrust suits, but Wall Street rejected
an obvious explanation for a fanciful
conjecture.
Scarcely less far-fetched than Mr..
Morgans mishap as an alleged market
influence, was the circulation of a wide
spread report that very many rail-
ways-Union Pacific, the anthracite
coal properties, and others-were plan
ming large, new capital Issues, to be
pushed out in advance of the meeting
of Congress, and the filing of the report
of the Hadley commission, which has
been considering the question of rail-
way stock and bond issues and the
possible supervision thereof by the
Government. An unofficial statement
that she commission would recommend
the capitalization of railway property
at value naturally suggested the idea
that the hidden assets of various
companies-the alleged segregation" of
which has done yoemen service for
stock Jobbers for six or seven years
past-would be capitalized. and more
over, the gossip had it, that this would
be done Immediately. So far as Union
Pacific is concerned there Is the best
authority for saying that the whole
thing is a figment of the Imagination,
but that did not prevent a very sharp
advance in the stock.
For Political Conservatism.
Turning from these lighter phases
and features of the speculative market,
It may be said that in banking circles
there was a somewhat better sentiment
during the week, due to widely dis
seminated reports that the program of
the House Democrats was for a quiet
session: one which would reassure COM