The Washington times., 1911-10-15
WALL STREET STILL PESSIMISTIC
DESPITE VISIBLE IMPROVEMENT
Looks Movement the Run ShorDsturbances
World Over Create Observation-Disclosures Buy Well Secured
TustPr All Important
Special Financial Represe


NEW YORK. Oct. 16-security prices
ruled firm throughout Wall Streets
business week, and at the close prac-
tically all active issues reflected mate
rial Improvement. but II cannot be said
that the performance was Illuminating.
Dealings contracted further in volume
until today. when there was a squirt Of
activity. but they lost none of the
professional characteristics which have
been such q pronounced feature OF the
recent trading. In the opinion of Wan
Street observers generally, the market
rejected little more than the activities
OF three or four larger operators work.
Ing with q group Of floor traders to
force short covering. In this they were
fairly successful. but the matter went
no further. for the retirement Of the
bears was not followed by much. II any,
new buying from outside interests.
Perhaps this recovering movement
may proceed further, for liquidation of a
general nature Is not In evidence, and
the belief prevails that the outstanding
short account Is one of considerable
proportion. Whether such Is actually
the case or not Is difficult to say. The
surface Indications are clear enough on
the point. That is, an active borrow
Ing demand for conspicuous issues like
Union Pacific. Reading. and Steel. In the
loan crowd. would indicate a heavy out
standing bear account, but precisely this
condition prevailed before the July
break. At that time 1t turned out that
much OF the stock had been borrowed
against shares actually sold, and held
back from delivery as part Of a market
maneuver, and some of the borrowing
demand now may be due to a similar
operation.
Worldwide Disturbances.
The movements Of the week certainly
gave no line on the attitude CT the
community toward securities or toward
the vexatious problems that cloud the
future, for so far as stocks are con-
cerned the public continued a negligi-
bic quantity. Beneath the surface, per-
hcps. some change may be working in
general conditions, but no one seems
able to detect the process or determine
the Tendencies, AMI the general belief
Is that traders operations and technical
conditions are likely to be the control
ling factors in the market for some time
to come. 1t Is noted with much inter-
est, too. that very much the same con-
ditions prevail in London and on the
continental bourses. as the cables re-
Fort dull, professional, and uncertain
markets abroad. seemingly reluctant in
recovery and lacking In initiative and
public participation.
1t Is not wholly surprising. when one
stops to consider 1t. that all the worlds s
great markets should be hesitant, for,
as one prominent financial authority
summed up the situation during the
week. 1T would be difficult to find in
modern history a parallel for the wide
sweep of disturbs noes. political. Enan-
cial, and economic. which have been
raging over the world. In China, fioo Is
and uprisinGs; In the principal countries
Of Europe, war and threats Of war,
drought, strikes. and food riots; in the
United States, a recurrence of anti
trust activity and unsettled markets for
securities. as we'll as for steel. cotton
coffee. sugar, and many other products
In short. the forces OF nature and man
have contributed their share in produc-
Ing condition Of unrest that WIS end
remains strikingly universal in scope
Some Economic Adjustment.
In situation such as this. one
authority. Andrew C5rnegie. sees moth
ing but ultimate good resulting from a
read1ustment Of natural forces: while
another. James ]. Hill. declares that
There will be more idle men than ever
before this winter" Between the two
an ordinary person may take his pick.
out 1t certainly seems as though when
men Of allen races. in different hemi-
spheres and under widely varying CON-
ditions Of life. rise ur to assert their
demands. as by some given signal. that
it must be something more than a mere
coincidence. The suggestion that this
widespread unsettlement and well-nigh
universal unrest Is the working Of some
economic law. as not vet clearly under
stood. is certainly gaining in force
among thinking men in the financial
district.
It is perhaps idle to grope for an
explanation when the whole AFFAIR Is so
enshroudcd In mystery. but men who
ton are comparing the world situation
todav to that whi,h prevailed during
the third and fourth decades of the last
century In Europe. That period was
msrEed ma drn BY the Ghartist uprising uprising and
the revolutions which swept France and
nearly every other Continental country
in lS4S. Great suffering resulting from
the introduction Of machine for hand
france. the demand for consultation
in Germany and elsewhere: labor
unions and socialism. all played a part
In those disturbances. Now. some men
wonder II the tremendous recent pro-
duction Of gold. the cheapening Of the
processes Of it's mining. enormous Gov
ornmental and municipal expenditures
and tremendous capital fotations. to-
cether with the demands Of organized
labor and an expansion of socialism,
has not something to do with the
present worldwide phenomenon Of un-
rest.
:. Antitrust Activities.
Here and there. now and again comes
some little rift In the clouds through
which a raw of light struggles. There
were several such during the week but
for the average Wall Street man the gen
eral situation seems so entirely dom
mated by uncertainty and loss of conii-
dence that favorable happenings are
void of infiucnc Many devlopmnts. to
b sure. wers of n character with which
the Street has long been familiar. For
instan''e. the United States Suprem
Court resumed ITS sessions after the
long vacation on Monday and i'm
mediatsly set about to Interpret the
sherman antitrust law, Just as though,
Tor tie last two years. Ii had not been
striving to interpret the statute with
the STANDARD OIL and America N
Tobacco COMPANY ccses.
The court resumed activities with the
law In taking up the argument on ap-