The Washington times., 1908-12-06

While Traders Are Very
Nervous.
NEW YORK, Dec s-Professional
traders are very much at sea on the fu-
ture of the stock market, and while they
are willing TO take chances in following
any well-directed movement, they are
very nervous, and ready to turn on a
seconds notice, go out and wait for
further and more positive indications.
Many commission houses and others
are figuring on a decidedly active mar
ket after the January distributions.
when something less than s150Oo0,OoO will
oe paid out over the counter on in
terest and dividend disbursements Time
was when this annual distribution pre-
saged a January rise, which was re-
peated in July on the semi-annual pay
ment period. OF late, however. the re-
investment of these funds has been
somewhat problematic, and the market
hes received back but a tithe OF the
distribution.
Public Bargain Hunters.
The public has become bargain hunt
ers. For years II waited for the panic
OF 1907, and when prices were grinding
on the bottom, when the NIorgans and
Rockefellers were compelled to stand
under il, the public invested its money.
on the ground floor, and has since
largely hduidated a big profits, save
where permanent investment was de-
sired.
The result is that the big men of the I
street, the pools and the Hartman
clique, are again carrying the bulk OF
the stocks and the public is waiting pa
tiently for an opportunity 10 get in
again on lower levels.
Wise traders are not to be iured into
the market by sensational movements
in cats and dogs and it requires but
a study of the sUbtOined table to show
that much Of the latest movements in
the market have been in stocks on
which much speculation was recently
INDUCED in as to their ability to stand
the pace and meet dividend and interest
payments, with constant reports of de-
cresses in earnings and which we're able
to keep UP by neglectinE the upkeep OF
their tracks and equipment
But the cats and dogs" have not been
alone in this neglect. The decreased
earnings due to poor business and legal
exactions under Government control has
made it necessary that operating ex- |
eenses be cut to the bone. With better /
business the railroads should show bet /
ter earnings and expend more on equip
ment.
Not Hurrah Sign.
When the fact that railroad com
many has been able to borrow enough
money 10 finance its obligations for an
c>ztended period, as in the case Of the
81. Louis and San Francisco line, it
doesn't look like the part CT wisdom 20
use this as a bull argument unless the
stock has sunk 20 low levels on the
pr7oba bHity Of drastic action on failure
to secure the funds. The same comment
might apply in reason to the Roc Is
land Company.
Gould Stocks.
When Eve Gould stocks are traded
in during one week to the extent of
over 100000. shares. there must be plain,
uuvarnished manipulation, and the wise
man will certainly ask wherefore and
why?
What matter if there is TO be a hold
ing company? This could simply mean
some further issue of securities, some
and while the SPECTATORS, and room
traders generally will follow any move
r7ent on as great proportions as this
has been carried on, they VIII not go
home long or short, and vii; not take /
more than fraction loss, while ever 1
ready TO convert gains.
1t is hardly possible that the Gould /
revival was for the effecs on other !
stocks, with a view of making a mar /
llet on which to sell, and It presented |
the appearance more of bull pool try
ing TO make the turn, and get away i
with it before the drastic result Of any
such manipulation had wiped out all 4,
the profits,
Everything seems TO point 10 . lower .
market before the holidays, unless there 1
should be some Unforeseen reason for q
movement the other way. The reinvest-
ment OF much money waits for cOnCeS-
SiOns. II Is hard 20 carry the Hartman
stocks much higher-they bull with diff
Guilty and the buyers meet liquidation
easier than at any time in the last year,
and il the public is TO be brought into
the mnrket the concessions viii help
more than anything else to bring them
in.
Money Stffening.
some heavy bono placements lave
taken place recently, and all these tend
10 Slllleu Ine money market 2 uttle- il 1
is easy enough now, but the concentra-
tion for January payments and the be
ginning of a gold export movement at
this time or the year. with the public
drawing on balances and the heavy ex-
penses which railroads must make on /
equipment end track will probably cause
higher rates. Moreover the loans are
expanded 20 where cOnserva tism may
dictate restriction.
RumOrs
Wall Street is stiH manufacturing re-
ports. II finds that rumcr will make
the puzzled traders take a chance. |
Among the latest that found denial
after sharo SdNance as q result Of
the tale was that Erie would retire its
preferred stock Nothing Of the kind !
even considered, came back quickly.
There seems to he some truth in the
story that AIT. Hartman is going on
the New York Central board OF di-
rectors. but the stock market has prac-
tlcally discounted the story. Hartman
has a reputation Of being great
as a railroad msEnate.
He has set the pace with his Western
rooIs he oId I