The Washington times., 1907-12-15
BULLS ARE BUSY
IN MANY STOCKS,
ARE EFFECTIVE
announcement of PreSi-
dent on Third Term
Occasions Squirt.
General Business Con-
ditionS Are Considered
More Substantial.

NEW YORK, Dec. H-The past week
has not been especially favorable for
the bulls in stocks They have tested
the market again and again, and while
they have been able to make some little
headway here and there the final clos
ing is materially under the closing
prices o. a week ago. II is difficult
TO understand just why there should
be any permanent betterment OF prices
generally save because Of the low range
now current. II may be that the de-
clines have discounted every unfavor-
able influence, and yet. the daily recur-
renee of unfavorable Influences seems
tn knock a prop out here and another
there, until the wonder is that prices
are not lower.
AS matter OF fact. there will prob
ably be no material Improvement in
the market until after the holidays.
The chances of a betterment then de-
pend on the disposition of investors TO
place their dividend and interest funds
back in securities. At the present time
The cuts In dividends and the passed
payments, or rather passed dividends.
must aggregate close to Sl3. .000, 600
Some Of the railroad companies and
industrials that have declared their full
dividends have been criticised for
not outstanding their resources and
strengthening their positions at the eX-
pense Of the stockholders.
Public Understands.
The investing public understand this.
and there have been few companies
that have declared regular dividends but
what have seen their securities break
unless supported. There are roads that
are making money enough to continue
Industrial companies in the same fix.
The banks are gradually strengthen
ing their position and this is necessary
before there can be any permanent re-
cOveries and elimination Of the posi-
bihties Of recurrent disasters The
bank statement shows the enormous de
felt as compared with previous years.
Granted that this deficit has been dis
counted also. but It must be reduced be
fore recovery can be well grounded.
Those who have predicted the speedy
return TO currency payments have been
disappointed and money still commands
q premium. Banks I'm the West are
getting nearer the special payments and
CanCeling clearing house certificates. but
then the Western banks have not been
carrying the burdens that the New
York banks have.
Soda Water Spurt.
The announcement by the President
of his determination not to be a cam
didate for reelection was the occasion
Of soda water boom on the market
that carried the list two points higher
on an average, and the leading railroad
stocks as much as four points. but il
proved only a fiZz-boom, just 10 impress
upon the public Wall Streets gratifca-
ton that the President would pass uu
the reins of government for good and
all on the expiration Of his term For a
few moments the bears were thoroughly
scared and jumped in to cover adding
to the strength.
Then the bottom slowly dropped out
gradually the market became normal
and the reaction brought prices to about
Mherc they were when the fizz-rise
started.
Later in the week. and right up almost
10 the nnal close, the trend was to a
ioWcr range The bears would make
their plays here and there throughout
me hst and the effect would be no
tced elsewhere. There were occasional
rises, as the shorts would start I'm n
cover, aro then the market would sac
again and become dull. During no
week there was but one active d9v
TenerSi business is more hoDofuI nm:
there Is no consolation in the clearings