The Washington times., 1912-02-11
MARKET SHOWS LITTLE RESPONSE TO
j ASSURING ACTION ON MONEY TRUST
Even With Fear of Radical Probe Special Committee Removed
Heavy Tendency Search for Evil Practices Would
Dbpel Many Erroneous Prejudices-Cub SwindIer
DATER.
EsecaI Financial Publications

enced some recovery, but this was by
no means uniform The movement was
30 entirely lacking in snap and the
upturn was accomplished on such
meagcr volume of business that the
brokerage element and the speculative
rank and file proclaimed 1t "a very poor
recovery and took a very pessmistlc
view of things. In fact speculative SEN
timent reached, II possible, a lower level
OF depression during the week than
has yet been observed In Wall Street,
and in their discussion of conditions and
tho outlook the majority of brokers eX-
pressed very gloomy views.
There was nothing in the way of
news to explain this and 1t really
seemed to be due to nothing more than
tinued abstention of the public from
the market. This was made clearly
apparent In daily totals of sales of only
100 or 200 shares, or so, in issues like
AtChison, Baltimore and Ohio, Cana
dian Pacific. Louisville and Nashville,
and numerous others of high charaC-
ter which appeal TO miscellaneous
public. 1t Is probably no eXaggcration
business of the week originated within
the four walls of the Exchange. The
buying power in the market seemed to
have, evaporated entirely, and one heard
some stories of actual suffering on the
part of brokers. resulting from dull
business.
Some Favorable Developments.
Many of the actual developments
were of a favorable character as, for
instance, the conservative action on the
part of the Democratic majority on the
banking and currency investigation, the
reduction of the Bank of England dis
count rate from to 31s per cent, Il
reduction of 23, OO0, 900 pounds in the sur
during
of January and the advance from to
I per cent In the preferred stock dtvi-
dcnd of the Southern railway In addl-
tion to those some excellent railway
statements came to hand and, in fact,
there were a number of features
which. on another occasion, would have
exerted stimulating influence, but with
the exception of the copper report, they
fell flat in the market of the week.
one rather odd result of the depres-
sion of sentiment and the inertia which
seized upon the stock market was thG
active speculation which has dcvcloped
in cotton. There Ia no doubt that thc
very heaNy dealings and the 10 to NJ
point advance in the price of the staple
during the week was due, in part, 10 a
| joining of forces between some traders
usually active in stocks and the blG
| spot cotton houses which, for some
time, have been prominently on the bull
| side in the cotton market the Wal
Street men who joined the movement
are of that character VINO must SdTnbl"
; i'm something, and they appear to have
| turned to cotton simply because the!
can get quicker action there than in the
apathetic stock market. The outcome
| of the speculation will be watched with
| interest. for the stock men seem to dis
regard the lS, 600 bale crop, of which
/ 5000, 900 is in sit,ht entirely.
! Cotton and Steel Developments.
! In the staple cotton market the chiei
argument used to justify the rapid and
extensive price advance is that while
| the cotton crop is unprecedentediy
large, the quality is unsatisfactory, and