The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1903-01-25
HENRY CLEWS' WEEKLY
REVIEW OF FINANCE
Prospects Of Higher DiTi-
dendS Remote.
GOOD STOCK At HIGH PRICES
Despite Widespread Prosperity 0ptim-
ism Absent From Wall Street
General Conditions Improve

General Conditions Improve
NEW YORK. Jan o4.-CIews' weekly
financial review SAYS:
Now that the rise following easier
conditions in the money market has had
It's swing. the stock market shows un-
disguised hesitation. To par prices con-
~picuousIy higher some new SEimuiaut
is necessary. and ID is plainly NOT just
now in sight Good stocks AZ nresen.
prices are TOO high 20 attract large new
investors. though held WITH such firm
ness by present owners as TO exc lHde all
ideas OF forcing them down The best
stocks are sustained not merely by pres
ent prosperity assuring existing dividend
rates. but also by the merger plans of
vast extent. whIsh move slowly bur are
eventually. expected To ada tie the sta
biIiry and value Of many of the big rail
wa properties
The prospect of higher dividends on
high class railroad securities are eE-
aeedlngIv remote. Many Of these are
already paying better dividends than five
years ego. but any further Increases just
now are out of the question in view o.
The increased cost of operating and the
vast sums which viii be required for eZ-
penditures to keep these companies iu
line with modern requirements. Thus il
happens that large proportion OF the
stocks. formerly regarded as among the
most substantial for speculative pur-
poses. are being steadily Withdrawn from
the market and shut up in strong boxes,
there to stay. probably. until some big
deal bring them To life again OF crisis
happens which forces realizing on the
best material There remain consequent
" two ether classes OF securities &c
which stock market activity must be
confined those Of roads which, with
growth Of the country. have risen into
strength and prominence and the indus
trials which are sim 20 be considered
an uncertain and undesirable element in
the speculative situation. Neither Of
these. however. otter any special attrsc-
lions 10 buyers just now. Dividend pros
poets in that quarter have been amply
discounted and the indisposiJi0n Of !n-
veslors 10 buy at The existing level de
prives The market Of o very substantial
and desirable element or support
1T is somewhat singular that with the
.-s5. and industry If the country sim
running at The top rate OF speed, the OF
tImistic spirit which such conditions us
uasIy induce IS not 10 be discovered In
van sf-.a- Thor fs y universal r,..rf-7
-n-- rho .-rrrr-r-- 10 in Tor auotha~ sir
-,.~--f- at 4a--- ,f -,-,f business and
+z-,-.e- 7.s r-5-es ....
-f..-.- l5,-- ---;--s-.~--,- s. .,,r..4... MN
-.--=~.,. f,e,c-4 -.s- t-,, +fa- .9-s
--.-. ,-,.7..,-,--. %, .-s,-,- .,.,-r sf.r-..s.
hut cold nazs5raf=r7 I'm quarters where
Ne have ber7 acr-ls-orre5 IN baa- moth
ing Inns the r9s8af Of ogs fn3i=m2 some
of the reasons are these d. pra=rarf.-5
ra. baan amr1r- # moi er-.ifsra-,nf4.--
-. b5gher Interest rates due TO absorb
rfo1 of money in new arferDrfses mako
STOCKS relatively dear. l35 excessive lr7-
zzrzrrfr;r,- Of new schemes ana rrrg--
,4,e1r lacking ny, of funds is dfsapproveI-
a. ,orooratfon rqofi.s ar. 5za1fnfr- OK
inc "a Increased s-ner-z-- az large
masses or rrud5rezred securities are hzrg
over the market abore hr5re~s- views. 1Fl
IA. big mo, have VAST merger .r1s,s Fl,
,,-ograez which r,--sr v~sfr for 5e.fzs.-,
~, ~. ,-or-f.-, s..-.,.f,f..- -ss. sr-..-s-.-
~. s+s-,,g IF 7,c7zfr.s, ,.o--r.o-srfgre MA.
s,,cb influence ar ,g-r-.- a rr,1I ,.s7,rgs.-..
ssaroz fr-r,oz=iF,1z How 4,-,s- r.rzze,,- IN
er-fs win fser caunor he tcr4 The Nor
Ea- has 1areIy bean fraal-frs The record
for Inactivity hear na-rr o- zrrans,rs
might 7nruzs some lie into The r.ar3-a.-
hyt with stocks and credit SO highly con