New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-11-14

Wall Street has been wishing for
dull stock market, for in dulness
there is safety. 1t is getting its
wish. Trading yesterday was even
more inactive than the day before
and the market in general moved
listlessly, mainly in response to the
speculative commitments Of profes-
sional traders. There was little
public participation, and it was re-
garded as encouraging that the de-
clining tendency Of the prices did
not induce liquidation in important
volume, thus indicating that the
public has gotten over the recent
scare. Perhaps the most important
liquidation during the day was for
foreign account. 1t was stated in
we'll informed quarters that Swe-
dish and Dutch selling had been
rather heavy. Just why those coun-
tries are selling their American
holdings is not known. One eXpla-
nation frequently heard is that they
are preparing to enter the war and
are getting out from under in adj
vance. That is merely a guess.
however, and there is no definite
information to support it.
Not long ago naval officer who
is interested in the stock market
wrote to his broker for advice. He
wanted to know what was going to
happen to business as result of the
war and how security prices would
be affected by the readjustment.
The broker made a painstaking
study of the situation and then sent
this reply: "To attempt predic-
ton as to the future of business or
of the stock market is like trying to
Law a course through an uncharted
sea. in a heavy fog, and without a
compass" He was right, and also
very wise, for since we entered the
war almost every one who has
ventured to cast the horoscope of
business has made a dismal failure
of it. For instance, many persons
confidently stated that within three
or four months after the United
States assumed an active part in the
great struggle we should have a
great initiation, which in turn would
produce feverish speculation in
securities and a great rise in stock
prices. But more than seven months
have passed, and, instead of a stock
market boom, securities nave been
liquidated in almost unprecedented
volume and prices are at the lowest
level in years. Then there were
many who could see nothing but
disaster ahead if the government
should undertake to fix prices for
basic commodities. Such action, it
was argued, would inevitably lead TO
a great curtailment of production,
when every one knew that the vital
thing was to keep output up to the
maximum. Nevertheless, the gov
eminent fixed prices, and the calam-
ity which was so commonly predict
ed is strangely delinquent. Stats
tics recently published by THE Iron
Age" show that pig iron production
in October was much larger than in
the months Immediately preceding
the fixing of prices, and, further,
that it is tending to increase. And
now come the October statistics of
anthracite shipments, making real
ly surprising exhibit. Shipments for
that month amounted to 7.110,950
tons, establishing a new peak for
monthly shipments, exceeding those
for any other month of record by
61,913 tons. They were / per cent
greater than those for the preceding
month and 81 per cent in excess of
those for the corresponding month
last year. 1t is too early yet to say
definitely that price fixing will not
eventually result in reduced produc-
ton, but developments thus far give
no indication Of a slump in output.
Certainly demand has not been re-