The Washington times., 1912-01-07

VIEW TURK, Jan. tine present
state Of Wall Street opinion. which is
both confused and divided, found q
fairly accurate reflection In the security
market of the week. In other words.
the trading was marked by highly ir-
regular price changes, advances being
followed by declines and these, in turn.
being succeeded by recoveries; and such
changes occurred not only on succeed
Ing days but also two or three times
during q single session. On the first
business day OF the week and year the
market started of with a rush, and this
was hailed as q happy omen by the
trading element, but the Improvement in
the general list WAS not well sustained.
When standard issues gave signs Of
WEAKNESS or heaviness the traders re-
sorted to specialties. or manipulated
favorites, to keep tho market active,
and under these tactics 1t closed strong
yesterday.
Naturally enough the demonstration
at the outset was attributed to the sat
isfactory conclusion of the annual set
Elements and to the generally hopeful
and encouraging opinions Of the In
dustrial future as expressed by various
high authorities in the yearly reviews
made their appearance over the holi-
days, and the story of the achieve
ments of 1911, when set down in figures.
made far better showing than the
average stock broker expected. I'm
questionabiy, because Wall Streets
business has been practically at a
standstili for months. brokers have
gotten into way of thinking that all
| has hop
persisted in this. view despite the EVIL
dence to the contrary found in the ex-
cellent bank clearances, railway earn
ings, and other indicia Of trade.
Public Holding Aloof.
A somewhat better sentiment was
created, undoubtedly, by the year-end
optimism and some Of this remains
despite the irregular and unsatisfactory
course of securities during the interval
However, no very great Importance need
be attached to the price changes. for
the dealings were chiefly, or mainly,
professional Bonds were somewhat
more lively, but in that department &C
tivity converged largely upon the issues
of the recently reorganised traction
companies and the movement had more
the appearance of a manipulation to
! establish market for new securities
than Of investment buying. In fact
the outside public or the personal in
weston played very little part in the
dealings.
No doubt. the failure of the public to
respond to the up-bidding OF prices
checked some enthusiasm on the part of
the trading element, but 1t IL doubtful
IL any banker or bond-dealer really ex-
pected things to start up Immediately,
or simply because Of the change Of one
digit in the figures which record the
name or number of the calendar year.
1t would constitute q denial of Wall
govern price changes. A speculative
market, without question, Is Influenced
temporarily favorably or unfavorably BY
sentimental considerations: but It takes
actual, material developments to impart
a definite impulse and create q sus-
tanned movement I'm either direction.
What transplred between December 80
1911, and January 2, 1912, in the publica-
ton OF the annual reviews, was OF a
sentimental character, dealing with past
occurrences, and though helpful, this
was not calculated to revolutionize the
stock market.
The Restraining Factors.
The do-nothing attitude of the general
public toward Wall Street, as has been
quite clearly demonstrated in recent
months, arises out of no inherent fault
or weakness of the security market it.
self. 1t Is attributable, either wholly or