Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-12-29
DULLNESS AS YEAR CLOSES
Underlying Tone of Depression,
Which Oracles Profess to Contrary.
BANKS ARE NOT PEss1MIsTIC
Realize Something Is Matter With
Stock Exchange, But Know It
Is Not From Outside.
BY n. ALLowAY.

NEW YORK, December 2S.-The year
closes with dizziness upon the stock ex-
change There is an underlying tone
of depression. Some oracles professato
the contrary. But evidences are too
manifest to be ignored.
Security market quotations do not
dump downward. The situation rather
is that the public holds itself absolute
ly aloof. Quotations hold sullenly,
rather than firmly. Truth is that while
outsiders are not buying insiders are
not selling. Both parties seem equally
indisposed to action. 1t could be claimed
even that there is a drawn battle-if
there were any battle elements any,
where discoverable. After New Year
there is d probability that something
like pronounced departure may begin
away from the present neutrality. 1t
would require vast amount of buying
to induce enthusiasm or create buoy
ancy: much less endeavor NAV be eff
fective upon the downward side, if there
pe out real suspicion that inside sell
ing is 1mminent-not that it would be
necessary for such sales to appear at
an or open record-a good robust sus-
p1cion would fill all requirements
Professional traders upon the stock
exchange-such as still Show growing
interest In the markets course-are
mostly bears of heart. They are i'm
pressed by the fact that every time
there has been reaction in recent
months powerful interests have forth
with marshaled support and brought
about prompt recovery. Thus except in
Few conspicuous instances the range of
current prices for stocks now is not
materially changed from where it has
prevailed right along. Everybody of
size. indeed, seems to feel it wise to
walt. dangerous to assume any fixed
positive market position. On some DAYS
ms Week total transactions upon the
New York Stock Exchange have fallen
below what is ordinarily considered
normal business for single hour
No Pessimistic Feeling.
wall street interests, particularly those
Identified with the most important bank
ing houses. have no pessmistic feeling,
Tor they have no pessimistic information
They realize that something is the mat
ter with the stock exchange. but they see
equally that the hard time obvious there
cannot be found elsewhere in the coun
try-that stock exchange brokerage dull
ness is not rejecting either disuuietude
or poor business conditions outside. Mag
n1hcent harvests. industrial revival COM
merctal expansion-these are the nota BILE
and governing influences.
Railway earnings increase, net ever
In larger percentage than gross and in
this appears barometer upon which
conservative people can rely, while, Incl
dentally. there is realization in every
quarter hereabout that the railroads at
the close of 1872 are not trying to dress
their windows and put on smiling coun-
tenances, their aim rather being to i'm
press the interstate commerce commits
sion and others in power that present
rates are too low, that advances will
have to be authorized. Yet the reported
figures present totals that are almost
without exception inspiriting and where
there is exception there is disclosure also
that something exceptional is temporarily
operating against some special property
As a whole the railway situation is sat
isfactory, just on the basis of what Off
cial reports of earnings show.
E1l6l prAcYann&a nns enl.&