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Show MARKET CHART SAYS SLlPiT ENDED Pendulum Has Not Beached Suf ficient Swing to Hold Its Usual Record. Several weeks ago in theso columns thcro was a discussion of the prohablc market irend from tho Indications of the market chart showing- tho swing of tho pendulum through several years past. A study of this chart demonstrates that tho swing of values has been very regular from year to year, swinging from low to high and back time and time again with tho precision almost of a delicately adjusted ad-justed Indicator with uniform distances to cover hi a given time. The article mentioned took the low point of 1901, carrying It to tho high mark of 1902, then back lo the market depths of 1903. from which camo tho boom Dilces of 190i5, then tho panic quotations of 1907, and tho recovery to the altitudes of 190ft. Aftor the latter mark was made tho pendulum pen-dulum began swinging down grado once more on tho slump period through which the big markets are passing at this Instant. In-stant. Tho question' is now what will happen. Judging from the experience of the past. The averago price of tho big slocks on July 2S was by no means at the low point established in 1901, 1903 and 1907. For instance, iho average musl drop 11! points to reach tho low-water mark of September Septem-ber 2S, 1903, and It must drop 19 points to reach tho low record of November '21. 1907. Will tho pendulum keep on swinging swing-ing until the low prico records of tho pas. be gained, as It has swung In the .isl, or has tho upturn come In tho spurt witnessed wit-nessed this week In Now York and Boston Bos-ton to crcato an exception to the unswerving un-swerving chart rocord? During the years past there always were limited lluctua-tlons lluctua-tlons between the high and the low records, rec-ords, but the general trend has been uncompromisingly un-compromisingly up and down. The existing exist-ing spurt may bo a meaningless -fluctuation, and sentiment Is that It means nothing noth-ing more. ' There aro several items still remaining 10 he cleared from the path of progress marketwlso besides copper difficulties, which latter now soem pretty well taken care of, and which arq likely lo depress the markets. The congressional elections are soon lo take place, while there are appointments of supremo court Judges to bo made who will pass upon tho so-called so-called trust cases within the next few months. These may operate to maintain the steady and stern purpose of the market mar-ket chart, which many aro watching. |