The Washington times., 1911-06-25

fortnight or so ago, had discovered Jus
bearings or found its way out Of the
maze in which it appeared to be lost.
Stocks moved In the same aimless FASH
| ion that characterized the transactions
| Of the preceding interval. The improve
ment Of one day was Cancelled the next,
| but reaction was succeeded in turn by
| recovery. This process continued up to
| Saturday, when leading issues received
adecided stimulus by the decision of the
United States circuit court at st. Louis
declaring legal the ownership of South
ern Pacific by the Union Pacific road.
The undertone of the market was dis
| tinctly strong in the earlier days OF the
week, but dullness was intensified. Both
in stocks and in bonds there was a de-
cided contraction in the volume of deal
ings. In fact. II you were to accept the
statement of the average commission
house at the par OF the utterance and go
no further with the matter, you would
conclude almost, that no general public
stock market prevailed in Wall Street
at ALL for house after house complained
| of doing no business. and the attend
ance in the offices was nouceably
slim.
A Waiting Market.
OF course, such statements of dis
gruntled brokers are at variance with
the total of sales reported each day, but
business is very much pooled and
clioued, and unless a house has part
in a manipulation it does little or MOTH
ing. Aside from that, however, when
the financial district is blue II Is sunk in
! the very depths of dependency. and the
1 H. 20 n
upbidding Of prices which followed the
| trust decisions, or, rather, the speedy
| fattening out Of the market after the
very moderate improvement which the
decisions Influenced. has been a sore dis
appointment. In consequence, the de-
cision of the Hartman merger case Sat
urday priveded a CLEAN of comfort to
financial market which badly needed 1t.
One can scarcely appreciate how the
average Wall street broker has regard
ed this Industrial trus: matter unless he
has been directly upon the spot. and re-
| calls how much stress was laid upon
| the court cases as a restraining factor.
| There were other influences, to be sure
| which. according to the speculative ele-
ment, held the market in check. and II
one goes back year he will recall
that gold exports, and adverse trade
| balance. fears Of tight 3money in the
| autumn, the railway rate matter, and
1.-THE Congressional elections: all cut some
| figure in Wall Street calculations a
But over and above all these the
market places the industrial trust
I cases. As one after another the con
| tributing disturbances mentioned above
passed away. or the genera sltua.Ios os
placed upon the Government actions
against the Standard Oil and the Am
erican Tobacco Company as the chieI
and finally, as the sole restraining rae
tor. When these cases should be ad'
indicated and out Of the way, II was
held-no matter how they should De de-
cided-the market would assuredfy re,
ccive a stimulus and the public would
return to Wall Stre-s.
Threshing Old Straw.
The trust cases have been decided, ir
a wav at least. but the public response
TO this development has been similai
to that which followed the removal oi
other restraints. AL least there na'
been no such revival in speculation al
commission houses had predicted. Tha
is one reason why you find SO ven
MANY detected men in the financial dis
trict at the present time. There are, o
course. very many reasons why the Sc
crrity market should hesitate at thi'
time, as for instance. the crop uncer
tainties. unpleasant political tendencies
and unfavorable business; but these dC
net wholly satisfy the brokers. and they
have cast about for other causes.
Wall Street, naturally, Is paying du'
attention to the new influences or fac
tors, but the feature that disconceru
the average trader, when he looks ovel
lie hn
marked Improvement which mas taker
place, is the failure Of the public tt
respond enthusiastically to the solution
of any or all of the perplexing prob
lens. Thus one finds brokers debating
the question II the spirit Of speculation
is dead, and II business has left Wal
Street for good and all. or course thu
is preposterous. Nevertheless, one findI
such matters discussed quite freely -
many stock offices.
There has been little in the actual de
velopment Of the week to justify IN
ments Of a highly favorable character
but il is peculiar of Wall Street tina
when 1t has one of its blue spells, hap
penings which on other occasions woul'
Be disregarded, assume portentous as
pect. or such character during tn
week was the widely circulated repor
of an impending criminal prosecutor
of the United States Steel Corporation
by the Government, and the washing
ton developments strongly suggestive G
session prolonged until October, 70
. the purpose of a revision or the tar1n
much broader in scope than that IN
yelyed in the Canadian reciprocit
agreement, and embracing a revision o
the wool schedule.
Trust and Tariff Questions.
OF course, it is not pleasant for Wal
Street to have the Industrial trus
cases obtruded upon 1t again in tn
shape of a possible action against tn
Steel Corporation, and the ordered dis
- solution of the Powder. trust, but tn
decisions of the Supreme Court in tn
two great cases recently adjudicated
and that of the circuit court In tn
merger case Saturday, ought to stan
the Street in good stead. 1t doubles
will do sa IL an action Is ever brough
against the Steel Corporation. Wit
the opinion of Chief Justice White fres
In mind, It should be self-evident tha
the rule of reason will apply wit
full force in any new action. The "rea
sonableness'' of the restraint, IL any
will be plead, and naturally this wi
carry great weight with the circui
court of appeals, the judges Of whic
are not likely to invite a reversal @
. any decision by the higher tribunal b
finding a corporation monopolistic an
exercising a restraint of trade unless
9 Is clearly an unreasonable restrain
z The outcome of the merger case ma
| result in impressing this view of til