The Washington times., 1911-04-09
WALL STREET, WEARIED BY WAITING
HOPES FOR THE TRUST DECISIONS
Only Mondays During Noon HouF
of Traders Only Business Dng-Favonte Leaders in List
Deserted for Bonds
NJ JOHN GRANT DATER,
sveci., Fin.ncia Representative of the uasey Pubc.t

rest assured, but while they continue as
they are, II does not seem worth while
even to attempt to discuss stock move
| ments seriously. 1t is significant that
in the closing days of the week profes-
| sional traders practically abandoned
such issues as United States Steel COM
mon, Reading, and Union Pacific, In
which the pretense of a public market
was continued for months after the
withdrawal of the public from Wall
Street had become notorious. At last 1t
appears that even these trading issues
have failed to yield eighths or quarters.
and. in consequence, professionals seem
disposed to direct their energies else
where.
Upon one occasion, in the early
eighties, after a long continued interval
of extensive railway development and
commercial activity, it is said that the
late Jay Gould, in conference with his
advisers, was discussing a prospective
capital requirement Of a Western road
Mr.. Gould favored stock issue But,
Mr.. Could" said one of his associates
after a lengthy argument of whether
stocks or bonds, Or notes, would be the
best medium for raising the capital,
stocks have become unstable. There
boNc bCtu So IldIy ldTSe Issues that
the public will not take them"
oh, very well, them" replied the
Little Wizard. IF they won't take
stocks, give 'em bonds-bonds will do
just as we'll"
Low Priced Bonds.
This little story was recalled by a
veteran broker during the week upon
noting the transference of manipulative
activity tain
highly speculative character, and In
mentioning 1t he expressed a doubt as
to whether simulated activity in low
price and low grade bonds would give
any better results than similar move
ments in stocks. which turned out un-
profitably. The bond issues used for
the purpose bear no relation to invest
ment securities, and these latter, at the
present time, are not showing very
much more vitality than stocks. In one
particular only does there appear to be
any demand in Wall Street, and that is
In respect to short-term notes which are
really active with prices showing an
advancing tendency.
Very little attention was devoted tn
the new developments of the week. not
even to the assembling of Congress in
special session. In anticipation of a
strong message from the President fay-
oring the Canadian reciprocity measure
to work up little activity In securities,
which 1t thought might be directly af-
fected, like Canadian Pacific, Northern
Pacific Great Northern and ST. Paul.
but this was one of the movements al
ready referred to that fiZzled out, leay-
ing the market. by contrast. duller than
before. For instance Wall Street has
for years regarded 10000 shares as a
unit of activity for any stock issue. On
Friday but two issues rolled up total
transactions above that figure, of
with aggregate dealings Of Il, 40 shares.
and the other Missouri Pacific, which
was the most active security in the
days trading, with the meagre total of
Il, 200 shares
News and Rumors.
But these limited dealings do not pre-
vent the circulation of occasional deal
and rumor stories in the Street, and
one of these cropped up in connection