Evening star. [volume] (Washington, D.C.) 1854-1972, 1913-09-14
Market Fairly Supported.

Correct as this presentation Of the sa-
lient facts may be. It cannot be denied
that visible and sentimental market con-
ditions are unsatisfactory. The invest
ment and speculation inquiry that fol-
lowed the big break that eliminated early
In the summer did not develop into a sus-
tanned bun market. 1t cannot be denied.
however, that there has been sufficient
support successfully to prevent disas-
trous reversion to former low levels.
Many uncertainties have been removed
and others are In process Of elimination
tariff agitation for one. The certainty of
currency revision is not yet fully assured,
and the postponement of a final vote on
the pending measure would not be re-
gardediin Wall street as an unmitigated
calamity. An analysis of under-the-sur-
face features reveals covert but powerful
opposition to the pending money measure.
An interesting battle Is on for financial
leadership In Wall street For a time
after the death of J. p. Morgan 1t was
hoped that the several factions would be
ment. No such arrangement could be
reached, however, and conditions at this
writing suggest an intensifit alton OF un-
friendly feeling In various quarters. Pa
cial rivalry is one of the issues and 1t
crops up on slight excuses. Discussions
are the order of the day. Personal and
professional jealousies are feature OF
the situation, and the unfriendly atti-
tudes of some of the factions is respon-
sible for a good share of current nervous
ness and u,certainty. The son and heir
Of the deceased Napoleon Of the street
has been disappointment thus far. He
has plenty OF the courage and self will
that characterized his sire. but few of his
mastership qualities. The street is now
lnn inc ole for lnp
Kuhn. Loeb & Co. and the Speyers have
leadership material and are gaining in ia
vor, although at the start both houses en-
countered hostility. New England and
the west have several financial leaders.
whose friends swear by them and predict
a wide and willing recognition Of qualities
approaching genuine greatness. 1t may
take years to develop the much desired
personality. Meantime the several finan-
cial centers win probably worry along.
Now Seeks Publicity.
The campaign Of publicity just inau-
gurated under the auspices Of the stock
exchange is q belated acknowledgment of
and apology for It's previous snobbish
mistreatment Of the public through a long
period Of time. The idea that the ex-
change Is an indispensable institution was
the religion OF the membership: 1t finally
led to open hostility and diminished bust
ness. Customers were eventually so thor
oughly incensed that they severed rela-
lions with the organization as far as pos.
sible. Traders were willing to pay fat
commissions for the privilege OF buying or
selling securities. and even to stand an
unfair interest assessment but there were
limits to the most Christian endurance.
The result Of continued oppression was
q sensational loss of business on the ex-
change and further reprisal In the form
of laws and provisions for the drastic
regulation Of the methods and practices
OF the organization. The attitude of the
exchange was for long period that of
DEFIANCE. 1t has completely changed and
at this juncture there Is nothing that
would be left undone by the organization
10 prove q complete change of heart. A
pu blicity bureau has been established,
and It is now engaged in the circulation
of literature to correct alleged wrong i'm
pressions as to the previous attitude of
the exchange toward the public. II Is a
Iaudable missionary crusade and may re-
store better relations between the COM
mission payer and the commission col
Iector. The notion prevails. however. that
the awakening was late and that the ad-
ministration Of discipline may be protract-
ed. Memberships have recovered in price
from $37.5OO to $0O,Oo0