The Richmond Virginian. (Richmond, Va.) 1910-1920, 1911-07-17
MARKET OFF on
NEEDED VACATION
NERVES ARE SHATTERED AND d.
GEsT1vE APPARATUS Is SAD
LIZ OvrRwOnkED.
NOBODY IS WORRYING
STOCKS ARE STABLE AND CASH
IS READY ron INVESTMENT
WHEN PROPER TIME
COMES.
tBy Thomas G. shotweIl.)


NEW YORK, July 1.-THE week
closed with It's fruitless effort TO at
tract public attention. its nerves shat
, tered with the long wait for the
Standard OH. Tobacco and Union Pa
ciflc decisions, it's digestive Appara-
tus overtaxed with the great volume
of preferred stocks and bonds it has
! been forced to consume since the first
of the year. The stock market IL
taking a vacation. The period of
tstaxnation Is perfectly natural, and
through the wild activity OF the next
year with credit to the country.
There II just enough activity to
keep the market alive. 1t IS a sad
condition for the brokers, who have
lover-sxtended their office machinery,
but every industry becomes over-ex-
tended at times, and the steel trade
Is one that 10 suffering worse than
the brokers Just now. The com
is lack Of commission business. No
body can complain OF the stability OF
the market. The investor 10 not suf-
fering nor II the speculator. Nobody
whoae presence will be desirable In
tho stock market 10 being injured.
Tens OF millions Of idle money are
| available In the banks for market
activity when the proper time ar
rives, and the gold mines Of the world
are adding fresh millions to this sup
ply every day.
Cheering Development
| One cheering new development Is
of Justice at Washington. 1t may be
political move with double mean
ing, just as other Investigations have
been, but ut least this one L. attract
ing public attention to the enormous
sum sauandered on Investigations.
The steel trust investigation cost more
than 100000. ana it brought out no
| more information than could have
been obtained By the purchase OF q
picion is growing that Investigations
are designed chiefly to furnish en-
pioyment for persons who have per-
formed political service and for
whom there are no regular places in
the national government.
| Not only are the public funds be-
ing squandered In these useless in
lvestigations. but the best energies OF
the best business men in the coun-
try are diverted from their regular
businesses. their presence being nee
public, which owns the trust. II be-
Ing trffled with by its servants At
Washington, and some day will learn
that ultimate wisdom does not necss-
sarily dwell In high official places.
After Campaign Material.
| Every day furnishes new proof
that the politicians are working for
campaign material rather than for
the public good. For instance, the
suit against the Union Pacific and
Southern Pacific was started for po-
litical purposes The government lost
In the recent decision. 1t has not
announced an appeal but will wait
until there 10 some excitement, and
then probably will make a big noise
and prove it, alleged fidelity to the
public's interest by making = theatre
cal announcement Of an appeal.
| Another instance Of the sincerity
| of the politicians In found in the
announcement that the international
Steel Institute. recently organized In
Brussels. will be investigated to see
whether the laws OF the United States
cannot prevent combinations In other
countries affecting prices in this coun-
Try.
For several years there Sas existed
an admitted conspiracy in the coffee
trade to which American bankers
have been parties. Yet not 4 thing
has been done by the Department OF
|
coffee conspiracy Is not q wrongful
thing. but II the government wants
conspiracy already made and in full
operation with PROOF OF guilt here u
one easy to find.
| Resting Quietly, ..s..s.
! April. May, June and July have been
sQuandered by the American Congress-
doing . piece of work that should
have been done In ten days When
Congress met on the 9Th Of Aprff
every member knew exactly what the
country wanted done In regard to re-
ciprocity. Not ono word has been
said In these four months that has
thrown q particle of new light on the
uhject. and there Congress sits para
lyxing buainess and squanderine pub
lie money In the desperate hope or
finding come campaign issues.
During the stock. markets vacation
the big people are resting quietly,
making NO attempt to liquidate Sc
curities. but believing that just a.
soon ~ the crops are out OF danger
business will gradually revive ana
the market become more and more
active until there develops a broad
speculative campaign equal to any