The Washington herald., 1919-02-06
STOCK TRADERS
SEEKING LEADER
Holland Says Lack Of Trad
ing Due to Big Mems
Absence.

fws are so blue that we are almost
black in the face" were the words
with which one who had been Of long
experience in the securities market
described the situation, or rather the
state OF mind which characterizes
those who deal in securities, and es-
pecially the brokers who transact
business OF this kind. No necessity
existed for describing the situation in
this brief way. Everybody who has
watched the quotations was himself
able to understand that something
Ike gloom and a good deal of leth-
ersy exist not only In the New York
Stock Exchange but also in similar
markets in other parts of the United
States Sometimes the question is
asked. is the securities market really
discounting the future as it is some
times said to do? II that be so, then
the future does look somewhat dark
and those who have confessed them
selves pessimists are hereafter to find
themselves justified in that feeling.
Possibly as astonishing a feature
Of the situation as any is the fact
that when the so-Called Bankers
Committee removed the restrictions
uLon loans which were established
late in the fall the presumption was
that there would follow Immediate
ly a quickening in the securities
market and all the evidence OF an
approaching boom would be Obsery-
cd. Nothing Of that kind took place.
II there was any effect due to this
: action it seemed to be depressing.
Some said that the report made by
the United States Steel Corporation
wis one of the causes for the con-
tlnUed depression of spirits. The
reports of this corporation have been
looked upon as one Of the best baro-
meters Of business. and industrial
conditions. The reply to this was
that the able men who are direct
ing the Steel Corporations Affairs
are not concerned about the situa-
ton and are in fact looking forward
as Judge Gary recently publicly
stated. to a period Of great prosper
lty. Some seem to be of the opinion
that the enormous burden of taxa
tiOn which has been imposed by Con-
gress in part explains the situation.
Whatever the cause the situation
| does exist and il cannot be reported
at this time that there are any in
tdicatiOns Of an elrly change.
Looking for n Leader.
Sometimes il is said we are look
lnG for a leader. Where are the
leaders? Where are the men vino in
other years took such action as in
spITsd great activity in the securi-
ties market. They have all appar-
emily gone into seclusion. William
Rockefeller. who seems to have re-
covered in part, his health. appears
not to be interested in the market.
Bernard EaTuch is occupied with in
dustrial work in Europe on behalf
OF the government. The Industrial
leaders or some Of them are now
either IN Europe or on their way to
Europe for the purpose of gaining
information upon which they can
act when they return, this being
especially true of the copper men.
OF course until their return it is not
fsNpected THAI there Will be great
activity at least in some of the in
duStTIes.
The best opinion seems TO be that
this country has already entered upon
the first stage Of adjustment and
that il may require some months be-
fore the pathway to normal. business
and industrial activity can be discov-
cred Therefore il Is reasonable to ex-
peCt that dullness viii prevail in the
securities market Some say that not
until the fifth loan, TO he known as
the Victory Loan, is absorbed. can il
be expected that normal conditions
will return.
A New Vanderbilt Career.
Brig Gen. Cornelius Vanderbilt,
probably soon TO have a higher rank
than that. is to be occupied with the
reorganization of the military forces
Of New York State. The responsibility
which is upon Gen. Vanderbilt is a
great one and il involves such mobili-
zatiOn or CO-Ordinating of the military
units in the State as will make the
State forces the strongest in the union.
Of all the VandeTbilts, Cornelius is
the only one who has taken promi-
ncnt and active part in other voca-
tons than that of railroad manage
ment and direction. His great-grand-