The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1911-09-03


ter for some time past. Prices, to be
sure, moved irregularly. and active
Issues experienced several sinking spells,
but these were mild by comparison
with the perpendicular declines of the
preceding fortnight, The list as a whole
displayed a firmer tendency which
merged into recovering movement, I'M
der which, at the last, many Of the
leading speculative issues regsined all
their early losses and something more
in addition.
No doubt the triple holiday, in which
the trading interval terminated, had
much to do with the course of the mar
ket. The three days suspension Of bust
ness had the natural tendency of curb
Ing aggressive bear selling, and Of in
f1uercing, also, a certain amount Of
short covering. This latter feature I'M
questionably was the chief factor in the
late rally. 1t cannot be said that Wall
Street as a whole evinced any great
enthusiasm over the upturn in prices,
for the movement was unattended by
important news developments or an
nouncements indicative of a definite
change in conditions.
A Hard Spot In the Market.
So far as one may judge, speculative
sentiment continues very much de-
pressed and the majority Of brokers
holding extremely pessImistic views re-
gard the firmer tendency which devel-
cped during the week as "a hard spot
In lfquidatiDg market" Such things
occur from time to time when an out
standing short interest becomes I'M
wfeldy, and in arguing that the turn
was OF that character, the be1rish
traders point out that there has been
no snappy rebound in stocks, such lis
usually marks the Termination Of a long
and extensive decline. Instead of that
on the present occasion the market has
become inactive upon all recoveries, or,
as the traders put 1t, 1t has turned
dead on the advance"
From the point of view OF profess
sional Spectator, dizziness on an i'm
provement after long-continued recess
sions, Is not good sign, fOr it'indi-
Gates one of two things-an absence Of
public interest or an lndisposition on
market" to work for a sustained upward
movement. At the present ume there
seems to be combination of both, for
the commission houses-or al least, q
Of them-assert that they are
doing practically no business, and the
extreme caution. Buying carefully as
they have been on a scale-down, they
appear as sellers on the hard spots"
and this distributive selling. in conse-
quence of the very limited buying from
other quarters, speedily checks inn
provement.
Labor Difficulties.
Whether the present rally will carry
further than those which have preceded
Il, is a matter concerning which one
mans guess is as good as another's 8.
Doubtless very much depends on the
over Labor Day, arising
put OF the negotiations between the
officials of various Western roads, and,
notably. the Hartman lines, and the
shopmen and other en-
ployes. Labor disturbances, actual or
rumored, cast their shadow over the
financial market during the entire week.
II the news advices are TO be relied
upon, difficulties or disputes Involve six
Dr. seven important railway systems,
and until the questions can be settled
Or the outcome can be determined bet
Ter than 1t now is, 1t seems Idle to look
'or confident buying operations.
1t would serve no very good purpose
% discuss this matter Of labor troubles
It the present time, for the serious as
'ect Of a general strike over very
,ily averted, and It is devoutly to be
hoped that such will be the case.
or at the present time OF lessened COM
nercial activity 1t would seem as
hough the employees had very little to
rain through insisting upon a recogni-
ion of the federation and very much
o lose by forcing that issue. As to the
fleets Of a strike on the security mar
ret, however, II may be noted that I'M
ess they should assume The proportions
# the disturbance of 1877, or OF the
trike of the Southwestern roads IN the |
their infiuenceNis not like
y to be very serious. 1t Is a peculiar
act that the moment a strike Is de- |
Jared all efforts are bent toward an
djustment of the difficulties, and upon
numerous occasions. as In the case or
he late anthracite coal strike, the |
tocks of the companies concerned have
dyanced while trouble was In progress |
n the talk Of settlement.
United States Steel Rumors.
In addition to the reported labor stu
Ltion, the financial district gave much
Ittention to the revival Of the rumor
hat the Government was about to in
titute proceedings against the United
states Steel Corporation under the
sherman antitrust act. That a bill Of
complaint has been drawn up by the
litely stated IN usually well-informed
ircles. and although no official confir- |
nation was forthcoming very many |
PERSONS were to be found who asserted |
Tot only that the report was authentic, |
nut who held that litigation would be |
ar preferable to a state Of uncertainty, |
Is now prevails. concerning the Gov
intentions toward the cor
,orations.
In the circumstances of these unpleas- |
mt and disturbing rumors, United |
states Steel held remarkably strong, |
red practically the entire amount Of
Is quarterly dividend. The resistance
which Steel common has offered in the
ace of aggressive bear selling has at
racted very much attention in the
treet. and, as one broker put 1t on
n who was selling Union Pacific; then
It me say there's another one In the
trength of Steel. Every one seems to
ave been selling II, but they haven't
cen able to bulge 1t this week" No
oubt. the improvement, reported in the
ION and steel industry is responsible
or the strength Of the stock in the face
{ disturbing rumors and aggressive
ear attack.
Foreign Selling Diminished.
In connection with the recent violent
ecline in Union Pacific and other Sc
urities, some reference was made In
mis- column last week to the part that
EUROPE had played in the liquidation Of
.merican securities. Attention was
lso directed to the theory, current in
lner financial circles, that Europe had
cen woefully misled as to actual con-
itions here and had been induced to
NY securities at an unfavorable mo-