Evening star. [volume] (Washington, D.C.) 1854-1972, 1914-06-21
FINANCIAL CENTER
AWAITING EVENTS
Market Reported in "SoId-
Out" Condition and Bears
Minus Opportunity.
LITTLE STOCK TRADING
AND MONOTONY NOTED
Dealers Anticipate the Completion of
President Wilson's Antitrust
Legislation Program.
BY W. s. COUSINS.

NEW YORK, June 2O-There has az
yet been no appreciable abatement in the
waiting policy Of Wall street and the
stock exchange. though announcement
Is taken fro-l the fact that since April
20 an advance of about four points has
been registered in the quotations Of
twenty of the representative active
stocks. There is only one logical infer
ence OF such course, and that Is that
the market is in such a ''sold-out'' con-
dition that 1t is impossible for bear cam
palgns to carry out their purpose of de-
pressing values to lower levels, and there
fore that those stocks for which there is
legitimate demand are always in a
position to command advancing prices
Stock trading is still a very monotonous
and uninteresting performance, and there
ID nothing on the surface to indicate that
there will be a return to more normal
conditions. unless forsooth, it be the rem
der1ng OF the long-awaited decision of the
interstate commerce commission in the
matter of eastern freight rates; and even
this may be attended with such condi-
uonal lmposltlons that its effect upon the
general stock list will be negligible. The
best proof Of the present inertia of the
STOCK market can be had from the fact
that days trading very often reaches
the extent Of from $1,000 to 100000 shares,
whereas million-share turnover has In
times past been considered as not I'M
usual for an active session
The street started the week in antici-
patton OF further important decisions by
the United States Supreme Court. ana
looked for whatever comfort there might
be In that direction. None, however, was
announced. II the suggestion made by
the majority leaders in the House of Rep.
resentatives. that the appropriation bills
md
postponing until after election any. fur
ther consideration of the antitrust bills.
mad been regarded by the financial com
munty as likely to be accepted, it might
nave caused some display of enthusiasm
on the stock exchange over the pros
pect OF avoiding new business legisla-
uon at this time. AS it was, dispatches
from washington very clearly indicate
that the President is not inclined to en-
terrain any such suggestion The drop-
ping OF the antitrust bills until after
the November elections would partfeu
lariy interest the large number of neonIe
In the financial district who believe that
a1ter the elections it would be very dif-
ncuit, II not impossible, to pass the bills
now before Congress
"Trust-Busting" and Business,
In his usual talk with the newsnane,
correspondents Monday of this week
PRESIDENT Wilson continued to insist that
the present depression In business was
psychological" He stated that the ordin-
airy business Of the country was normal
and that there was also an unusual d.
velopment shown in some lines. The Presi-
dent made public some Of the methods by
which some Of the Psychology Of depres-
sion was created" These methods were
IN the form Of suggestions for writing
letters to the President and to the Senate
nfnk
these circular letters containing the fol-
lowing:
The granting of the petition of the
eastern railroads for a per cent rate
and development Of the country than all
legislation for the restraint Of monopolies.
Such a determination will result in a
movement forward, not backward. and
any contrary determination by the inter-
state commerce commission will en-
phasize the fact that Washington Is balk-
ing prosperity. The merchants of this
country are vitality interested. Business
must not be retarded. otherwise COM
mercial failures will increase. The con-
tinued senseless attacks by governmental
bodies upon merchants, impending as
saults upon railroads, industrial and mer
camille corporations. revision of the tariff
and currency reform. have resulted in
sinking business to such an extent that It
has thrown hundreds Of thousands out of
employment. reduced wages and decreas-
ed values In railroad industries and mer-
camille corporations to the extent of at
least $4,000. 100000"
Insists on the Program.
He also made It plain that there would
be no such thing as an adjournment of
Congress until the antitrust program Of
his party had been fully adopted by the
federal legislature. In view Of this policy,
1t is only logical to consider the cause
and effect Of this so-called campaign of
business depression. and to inquire into
the motives for such-if they really exist.
Granted that circular letters urging the
adjournment Of Congress- have been dis
tr1buted. and granted that certain bust
ness men have combined to seek for a
change Of policy in the trust busting
program Of the present administration,
is it not reasonable to believe that these
men are as sincere in their purpose as
the President is in his? May they not az
and intalfRenfly heliax,o