The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1911-12-24

garded a. fairly typical OF the senti-
nnent prevailing in Wall Street that the
Stock Exchange closed its final session
of the week on Friday, the last before
Christmas Day, without any celebration
whatever. This IL practically without
precedent, at least within the memory
of the present generation of brokers.
Festivities were not omitted in the sor-
rowful winter of 1907, following the
panic. nor was the holiday season is-
nored In 1899. though money went to 1856
per cent. and prices went to pieces just
one week before Christmas Day. On
that occasion the brokers captured q
couple Of hand-organ men and made q
pretense of being merry even II they
were not 30 actually.
The visitors galleries filled up on
Friday, as usual. with strangers who
came to witness the high jinks," but
they were disappointed for there was
no appearance Of the "bazoo band with
outlandish instruments, no brokers in
fantastical costume, and none of the
horse play Of former years. Some one
tied a piece of crepe to a Christmas
wreath and hung 1t on the Rock Island
post, and the brokers acted very much
as though crepe enshrouded wreaths
should have been displayed elsewhere.
The reason for this was not difficult to
ind, for no one makes a secret of the
fact that 1911 has been a hard year for
brokers.
Highly Professional Trading.
Naturally. when depression of senti-
ment Is made as apparent as 1t was on
Friday, It is not to be expected that
the story Of the business week will
prove an entertaining tale. Business
fell away materially in volume and with
only one or two notable exceptions, net
changes in conspicuous issues were In
considerable. averaging a shade lower.
Dealings were SO highly professional.
however. that little or no Significance
attached to price changes. Practically
the only thing disclosed by the market
of the week was the fact that the re-
ported Improvement in general industry
and the recent price advances have
failed utterly In arousing public inter-
est, or In bringing new buyers into Wall
Street. Fl" . tr.r.f' .-'' ,.'
So far as actual commission house
business was concerned the market OF
the interval was one Of the dullest
since the low-record days Of early sum-
mer. This does not show In the totals,
in consequence OF the concentrated pro-
fessional operations in Amalgamated
Copper. Lehigh Valley; READING. Union
fair aggregate volume Of reported deal
ings But the bulk of this trading be-
gan and ended within the four walls Of
the Exchange itself, and the dearth OF
actual business, such as originates In
the commission house. is revealed only
when one studies the meager transac-
tons In standard stocks like Atchison,
Baltimore and Ohio, St Paul, New York
Central, Pennsylvania, and countless
others, the daily sales Of which repre-
scented totals of few hundred or a
thousand shares, or so. When the pub
lie Ia in the market activity Is dis
tributed, not confined to four or five
issues.
Looking for Public Response.
For prevailing apathy. Of course. some
influence may be traceable to the inter-
ferences OF the holiday season, but, as a
general rule, II business is good and
the speculative spirit raging, the Christ
mas and New Year holidays offer no
impediment to active buying and sell
ing In such commission houses as have
been taking the hopeful view of the out
look, based on Mr.. Tricks prediction OF
future, activity in iron and steel and
improving industrial conditions In 1912.
there appears to be no marked change
Of opinion. Several such brokers admit
ted, during the week. that they were
doing no business at all, but they were
confident that the public would buy a
little later on. w..
These men asserted that they were not
discouraged as to the outcome and they
insisted that the market was acting no
different than other markets, at the In
ception of a bull movement. One was
always fought by the traders at the
outset. they said. and as to the public;
1t never comes in anyway until bull
movement has gained considerable
headway. This, as a matter of fact, is
true enough, and the absence of public
buying now Is by no means conclusive
But 1t does seem as though there are a
great many obstacles In the way OF con-
fident speculative operations for the
advance, chiefly In the nature or pofti-
cal uncertainties and the like, with
which every one is familiar.
No Stimulating News.
There was very little in the news OF
the week earring upon, securities In
general. Neither the formal announce
ment of the abrogation of the treaty
with Russia or the Presidents mes
sage on tariff revision, urging the re-
duction of the wool duties. caused d
ripple of excitement in the Wall Street
market At the present time. probably,
Iothing was to have been expected ~
these developments, but they are both
rather important matters. and they NAV
be heard from again: the tariff revision
question assuredly will come up when
Congress gets actively at work after
the turn OF the year. Whether there IL
anything to give concern In the report
that Russia contemplates something In
the way of tariff war with this coun-
| try, growing out OF the cancellation oil
the treaty. remains to be seen.
So far as the general list was con-
cerned developments having a bearing
upon specific issues We're similarly voil
| Of influence. For instance, the appoint
ment OF receiy ers for the Wabash road
| had no adverse effect upon the market
as a whole. and very little on Wabash
1 in particular. Similarly, the outpourina
| of runors of "melon cutting" ny the
Lehigh Valley road, which resulted ~
| a sharp advance In that stock, ended
/ where II began. so far as influence was
concerned, with Lshigh Valley. AT
| odd feature of these "umors rests In the
fact that though the report was definite
| that some plan to Civ" valuable benefits
| 10 I,ehigh shareholders would be an
nounced on Wednesday. the rumors
were Just as potent later in the week
after the board had met and adjourned
without taking any action on the mat
| ter, as they were at the outset.
i