The Washington times., 1907-12-22
January Disbursements.

January Disbursements.
Another unfavorabIe feature in the
immediate present is the concentration
of money in the banks and trust COM
panies anent the payment Of something
less than $500 100000 Of money in dlvI-
dends and interest with the advent Of
the new year.
This disbursement IS usually calcu-
laced 10 be responsible for the January
rise, because OF the fact that the usual
habit is To reinvcst a large part OF these
returns from investments. In all prob
ability much Of this money will find its
way into the market again, but prob
ably larger percentage than usual viii
pass into the pockets of owners for
living expenses.
1t is not at all like.y that Congress
Will take the slightest action on the cur
rency question unless the people Of the
country rise UP and demand it, so di-
versihed are the views Of the law
makers on the financial remedy.
The Bright Side.
The undertone Of the market was the
result of the declaration of increased
dividends on the part Of the Lake Shore
and Michigan Southern. the Michigan
Central and the Pennsylvania com
panies- This and further because OF the
fact that the market showed steadiness
for day or two. Then again gold con-
tinues to come from the other side,
the aggregate imports on the movement
exceeding $1OO,OO0.0OO. with more to come.
Crop movements will soon be over and
the return flow Of currency from the
West and South TO the financial centers
should not long be delayed, although
Western and Southern banks Will hesi-
tate TO send money to New York and
Chicago until the banks Of these cities
get on a cash basis.
Shorts Cover.
Finding the market showing some
thing like old-time form, and not yield
ing to their attacks with the readi-
ness that it has been for months. the
hears started in 10 cover theft lines,
and the close OF the week finds the
short lines very much less than they
have been for months.
This very fact IS cited by close OBJ
servers OF the prevailing conditions as a
source Of danger. IN that il removes the
support OF the market on weak spots
The marnet is largely professional
room traders who viii jump whatever
way the market weather vane indicates.
They waited for a few days and then
Joined the bull movement.
There is considerable profit-taking
and reactions are generally I'm evidence
before the close Of the daily sessions.
Union Pacifc's Fine Showing.
The decision Of the New York courts
that S0-cent gas is unconstitutional, the
excellent showing made by the Union
Pacific in the matter Of earnings
S2.655.OOO over the earnings Of the pre-
vious year. after deducting over 10000
COO for bettermcnts, also helped to
strengthen confidence. For the last ten
years Union Pacific has earned over
and above dividends S1l6.OO0OOO. The
pamphlet report shows that the Union
Pacific was a large seller Of stock on
the down grade and at much above
present prices. Wise people were sell
ers on the big break. They all tried
TO sell at the same time and the result
was the break.
Union Pacific sold 17.1O0 shares OF St.
Paul. $500 shares OF Northern Pacific.
$500 shares Of Great Northern. aud
1920 shares Of Great Northern ore
certificates In the last six months of
1906 the total holdings Of other stocks
reached $103 $4,000.
There are 1,G40 miles of the tracks
OF the Union Pacific that are not COW
cred by any mortgage whatever. The
original Investment in Northern Pacific
yielded the Union Pacific $34, $4,000 plus
S20.oo0,OOO of Hin shares in the treas
ury at this time. The company still
owns 2,O5S,O00 acres OF land and is alto
gether promising in many other ways.
The Union Pacific is a monument TO
Hartman financiering-som fierce
and aggressive. but conducted with good
judgment, and avoiding as many pit
falls as the most able flnancier.
There comes a time when the best fan
to read the signs on the wall. as during
the recent severe panic. ,UniSn pa