The Washington times., 1908-03-01
RAILROADS HOLD
new YORK CHANGE
TO LOWEST LEVEL
Political Uncertainty Also
Has Depressing In
tluenCe.

NEW YORK. Feb elf you are
looking for the reason why the New
York stock market is again grinding on
hard-pan prices, take a glance at the
railroad earnings in another column,
and YOU Will notice that the reports Tor
January have fallen far short OF the
poor record made Ia December IL was
the hope OF the market That December
would prove the worst month OF the
year in railroad earnings. and status
Iicians whose duty il is 10 taoulate
these figures for the Interstate CON-
luerce Commission expressed surprise
that they were as bad as they proved
10 be- A loss Of per cent ia the earn
ines of the leading roads, when we
have been encouraged TO believe tndl
business was picking up, IS anything
Brsdstreef saws that business has
recovered from the point OF greatest
depression." We ind confirmation OF
this sentiment in the large NUMBER on
buyers who have recently visited me
New York dry goods and grocery Hldt5
kets. we find il also in the increases
orders for steel and iron products dtu
general recovery OF business lh inc
West and middle Western sec'h rs
Public Is Wary.
There has been so much abuse fred
at the New York stock exchange, SO
much malignant abuse, that the general
public has come to look upon the mar
ket with complete disfavor. But thls
condition cannot be other than tempo
rary The public has ever peen Hchie-
sustained advance Tor TWO WtNh2
wrOuid bring the market thousands OF
orders from the pubic, suItelIed VIII
FaOney, Just waiting Tor a turn Ll4S
e7arket was really on The mp grace
when the Presidents message took Lle
last fota OF strength out OF H. ScoIe5
of trades were closed Immediately. anu
more later on, until. Tor the last IlloilJH,
the public has not been a FACTOR Ill ''ie
nor have the insiders, as the banking
interests are generally termed Eltgii
the market any particular dLLelltloli; -
cent now and then, so that II mas peeH
ahnormaIly dull and LETT 10 It's own re
sources. day after day and week alteF
week. -.. amino
the last week has also been somethlns
OF a surprise. The bears did nov seem
disDosed TO take advantage or me OF
portunfties offered, and conIenleu t-e4li7
selves with scllplng pTOulS mere anu
there throughout the list. The sirens th
of the market on opening ana otlst
days OF the week, mp TO the clo-e Sl
business onRFriday, was rettliS ttlilal r
able It was an indication lllat. inc
hears were OF the opinion that the mar
Eet had discounted conditions, ana lll1L
81 thew could manage TO scaip re-"
dollars here and there WlLlot{ eA - ~
ing their lines to any extent, theE were
liking up to the possibilities or tAe
situation.
The Weeks Influences.
The influences of the week, aside from
the reduced earnings were found III the
victory Of Hartman in his contest with
Stuvvesant Fish for control of the
Tsvy Work. Central the receiVavship or
q Gould road, and threatened similar
proceedings for another. the stheIdl
depreciatOry talk Of railroad maBhate9
i'm discussions of the evil effect that
The enforcement OF the nlne-hOuF-ld"
for teleg caphers viii have on the roads
the reduction of wages mere ana LlleI G.
Including a 10 Ue- cent cut from Presl-
dHIt NTsIIen down in the New Haven
line In the latter part OF the week
story that may or may not L4In
out TO be based on fact, 20 the eIIecL
that Southern Pacific would De en-
Joined from paving the dividend on the
stock Of the company owned Dy lle
Union Pacific road. Law ana equity
are two different things, but law mas
made the bold statement IhaI the OIlloii
Pacific can hold Illinois Central stock
and vote il; therefore IL would seem as
if equity might decide that Union IA
cidc was entitled to its dividend on
every share of Union Pacinc IN IT'S
During the greater part of the week
the market presented strong 'front.' 10
the assaults of lhe bears. AS a IlaltSI
Cf fact, the bears saw a chance 70 scalp
a few dollars on the other side or the
market. because Of the tlrmer tone IN
Amalgamated Copper ana omeIleI'
which seemed 10 show better slTensJll
and they. with other 1ndustrlals' as
-uuled tIG leadership for day or
The next changes in the market were
very small UP 10 Friday nlglt; mere -i-l.,
were slight net advances at THIS unle,
and NE order Of the market nearly
eyerv day was IN the dlFecuon or q
slight gain I'm the morning hours, eiIIeI
wholly or partially lost before 'he
on Friday the market really showed
some strength. Moderate gains, SeheI
ally Of fractions, attended the traulng ~
the general list, with the industrlals
showing better tone than the rams,
Heretofore during the week the al
vances and declines, within the narrow
est kind of range. nad beeh AIMS loa
equal with strength In the morning ahc
weakness and reaction IN the AFTERNOON
Support Is Lacking.
The closing Of the market emphasized
tie tact that there is no organized sup
port back OF stocks-that any time thai
the bears make a front attack they car
break chips from prices. Union PacihC
was the weak-lng of the closing SEES
sion. 1t lost points; St. Paul aul
Southern Railway lost ana l'2; an,
the list from = to IL points, altnos
without exception The steels have bet
ter support. when necessary, than any
stock cs the li-t, and the bears are no
al All given TO taking liberties VIII
these shares.
The bank statement was rather unfa
vorable. bat tEis was expected, as con
ditiOns have pointed IhaJ way. th
Withdrawals Tor the purchase of th'
New York city bonds and the Unite,
States Treasury Withdrawals cOuspireI
20 reduce the supply of currency, DS
the market Is not suffering from stress
of money shortage. Political uucer
tainty and poor railroad earnings ar
the sore spots with the market,
COTTON TAKES RISE