The Washington times., 1911-12-03

i
| NEW YORK. Dec. 3.-Stocks ruled
generally heavy during Wall Streets
business week, and despite some recov-
cry In the general list today, specula-
| tive sentiment appeared to be comewhat
more depressed than Of late, which Is
saying q good deal For this no particu-
lar cause appeared In the news develop
ments. for the money situation was ig-
nored. nor was anything of novel ma
ture advanced by way of explanation In
brokers' offices. That. perhaps. is not
strange. for dealings were almost wholly
/ Of a professional character. AS good a
reason as any may be found in the in
| tensified dullness Of business in commits
sion house circles for 1t Is now recog-
nized everywhere that the upbidding of
prices, which followed the filing of the
Steel trust suit. has failed utterly In at
| tracing a public following.
Speculative WaH Street appeared
| weary Of old. familiar rumors, and one
heard little or nothing OF the "segrega-
| ton" of Union Pacifics assets or the
distribution" Of something or other by
Louisville and Nashville. Reading, and
Lehigh Valley, and like tales, which
were circulated for the sale purpose,
basis for recent manipulation. Possibly
some stock was marketed on the late
movement by speculative holders on
their discovery of the decided limita-
tons of public interest. Yesterdays re-
covery, 1t may be noted. was associated
with the confession of the Mcnamara
brothers. which, II was argued, must be
beneficial to corporations since 1t was
harmful to organised labor. Net
however fncnnQfHarQ
and little Importance was attached to
the market Of the week.
Better Business Conditions.
In other than purely speculative cir
cles. sentiment, IL anything. was better.
This. in large measure, was due to the
views expressed by delegates returning
from the convention Of the American
Bankers Association at New Orleans.
Unless the 1.5O0 bankers present on that
occasion, representing every section Of
the country. have entered into some
general conspiracy to misrepresent the
ter than the financiai district has been
led to believe. Profits, admittedly, are
not large, nor is 1t claimed that busi-
ness Is booming anywhere. but It is
asserted most positively that as a result
of q comparison Of notes among those in
attendance at the convention that the
volume Of the country's business is
aCtually large,
The leading trade authorities amply
confirm the reports which the banking
delegates bring back from New Or
leans. It IL held that recent activity has
not only been we'll maintained, but that
It has shown marked Improvement. and
II Is estimated, even, that in a few
lines there Is a slight disposition to
anucipate future requirements instead
81 limiting purchases to immediate
wants. The increased purchases OF loco
motives. cars, and rails by some Of the
leading railways has had a stimulating
effect on the iron and steel industry, and
from the copper. dry goods and leather
Industries. while general export bust
ness leaves little to be desired.
Wall Streets Condition of Mind.
Oh Though there can be no possible ques-
ton as to the sincerity Of the bankers in
reporting an improvement in industrial
conditions, pessimistic Wall Street
either ignores the reports entirely or
makes light Of them, or insists that It
is merely a temporary bulge" arising
out Of depleted stocks. and that when
Congress gets under full headway and
the tariff revision question is being
threshed out that business will relapse
again. In dealing with the speculative
market at present II really seems as
condition of mind. But there is one
thing about this matter which no one
can lose sight OF. which is. that the
temper or tendency of Wall Street is
tendency or temper OF general bust
ness. In other words, 1t is the financial
rather than the commercial market
which which gives the accurate forecast of
With the near approach of the Con-
gressional session Wall Street discus
sions turn again in the direction of
politics. On the whole there is less con-
policy on the part Of the Democratic
majority In the House than was mani |
tested last week, and a reason for this
is undoubtedly found in the develop
Committee Of the United |
States Steel Corporation. OF course
brokers may attach too much import |
anoe to the Littleton episode. but the
something like the cracking of a radi-
cal whip. Naturally enough, II by offer |
ing any suggestion which opposes a
cut and dried program a Congressman
out to a corporation there are not likely
to be very many who will cheerfully as
sumo that risk.
The Presidents Message.
Wall Street is. Of course, interested in
the forthcoming message Of President
Taft to Congress. but there is less ex-
pee fancy. perhaps, than on some other
occasions in consequence of the Presi-
dents frequent deliverances upon the
trust ard tarifr questions while on his
recent speech-making tour. and in the
various other statements and explana-
lions of poli'ies and PRINCIPLES that nave
been made. At the present writing
there sseIns TO be no disposition to AT
tribute very much of a market Influence
to the message ono way or the other. |
hut It would be a waste of time to |
theorize on that matter, for the doc |
ument Is coming shortly. and will de- |
termine the point far better than any
ones guess
So far as the rank and file Is concern
ed. fully as lnurh iuterest attaches to |
the TCrthcOming reDOrt ~ tha lJodi.y