The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-02-18
every One Is Holding OF to
Know How Hartman Matter
Will End.
WILL NEXT CROP BE GOOD?
The Public Is Wary and Will Not
Invest, Despite At
fractions,
By LOUIS GuENTHl1I,,
Editor Of Isiunnclnl Norld.

Editor Of Financial World.
NEW YORK, February l7.-Ivcrv.
thing points for tho prcsent to prores-
sional market for some time to come |
until an event sets In to induce the
big interests to take u decided stand. |
AT present such an impetus Is lncKing. |
The market has rcgained confidence in |
better days. While n clear majority |
OF the traders, who nuke n living by \
catching clghthB and quarters OF a
point. n week ago We're decidedly bear |
ish and believed In lower prices. and
that tho market was Il sale Mt advances
of one or two points, more prof essonal
traders believe now that PRICES have
struck bottom In the slump during the |
first week of this month. The big In
tcrests conflne their market operations
to support their favorite stocks when
ever they drop In order TO prevent raids
by bears. but whatever they buy on
such occasions they unload again at u
slight advance.
e,elopnent Awaited.
In recent interview, Mr.. e. II. Har-
rlmen made the Dclphic remark that
the market in a month may start on a
big swing either way. Although the
first Impression OF this remark is that
their Interpretation Is that It the mar
ket will not experience n further good
reaction, II Will have a good sized re-
covery. yet Mr.. Hartman Is not the
man To coin empty and meaningless
phrascs. In his mind has probably been
the Investigation OF his lines by the
Interstate Commerce Commission.
which will resume Its hearings Febru-
ary 25th. II the investigation digs
deep and brings revelations TO light
that show by what methods and ma
! nipulations the gigantic stock acquisi-
tIOns by the Union Pacific have been
acquired. how 1t came that q few years
ago the Oregon Short Line, according
TO its annual reports. had 100000 shares
of Southern Pacific in Its treasury
which evidence brought out so far has
shown that 100000 Of those shares were
sold to tNilliam Rockefeller, probably
for the purpose OF smashing the South
ern Pacific pool of j. Kecne and how
the Investment department Of the I'm
ION Pacific operatcs-it may create
further disgust with modern finance
that has during the last few years
amassed fabulous fortunes for itself.
II everything runs smoothly and no
more questionable, transactions are
shown up the market Will get new
confidence and courage and force prices
z up. That there isoroom for a good adj
age reaction in priceB during last jan
nary amounted to 13 per cent, while
"A the average recovery so far amounts to
pc. cent, only. OF course. It cannot be
expected that the recovery Will be as
large an the slump has been. for the
buying power. Of numerous pools and
Of dozen or so rich spectators has,
Of the lnar,<et. i substantial advance
in prices VIII and cannot take place
until some encouraging Information re-
tainabie, and this viii N 'i be tho y case a
until late In March.
The Next Crop.
The continuance OF our prosperity de-
ponds on wnat has always been the
s basis OF the nations wealth--the crops.
AT present there Is nothing discourage
ing in the agricultural situation Tho
pesslmist KNOWS as much about It as
the optlmist Tho latter rather more,
for the recent heavy snowfalls in tho
winter-wheat States have been a Cod
send 70 the farmers, AS they protect the
seed against unfavorable Influences OF
moisture and frosts at this time OF the
year - -
General Favorable Influences,
What has enabled the market TO
gather UP courage are the approach
4 Ing end OF the present Congress and
the possibility that some sort OF a
remedial currency legislation will be
passed to increase circulation. Tho
currency legislation as Planned by the
American Bankers Association has no
earthly show. but the business world
Will BIO satisfied with half loaf, II 1t
cannot get the whole one II the
currency legislation, whose passage Is
expected, Will order the deposit OF
the government custom duties in ma
tional banks, Just as internal revenue
collections are deposited. 1t will put
considerable funds at the disposition
OF the national banks In the Eastern
and Southern ports, The New York
banks especially will not have to de-
pend on Western bank deposits for
temporary funds to finance markets,
syndicate and pool operations and
bond issues. Another important meas
ure that will increase circulation, II
Congress passes It, will be the per.
mission to national banks to withdraw