The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1908-03-08
OUTLOOK BRIGHTER
IN WALL STREET,
SHARES ADVANCE
Knickerbocker Trust Re-
opening Order Taken
as Harbinger Of
Good.
Policy of Steel Corpo-
ration Strengthens
Financial Situa-
ton.

ton.
NEW YORK. March S.-wan Street
was in a better mood today than it
has been for many weeks. The order for
The reopening. Of the Knickorbocker
Trust Company has created consider
able hope that Il is the beginning of
the end Of depression. as its failure
practically marked the beginning of the
panic OF October. since which time with
The exception OF the period Immediately
following the January rise, the market
has been hOpelessly weak and devoid
OF bright spots
During the week the financial men
and those directly interested in stock
exchange matters have experienced two
very distinct moods and of the two,
the mood OF today, is much the pre-
feTable.
In the early part OF the week the mar
ket made some effort 10 rise above
its surroundings, feeble efforts and at
tended with very little success But
the effort was d brave one in the face
of conditions that existed. II was so
well defined that the shorts hesitdted
about their position and even covered
quite freely here and there. moreover
they ceased their selling and helped
along the little recovery.
Slide Down Hill Again.
BY Wednesday noon the market was
hack in the slough OF despond Mem
bers OF the stock exchange and lines
fight. They mad received so many hard
knocks here and there that they were
Indifferent and expected nothing but the
worst. and didn't care in what form 1t
came. They figured that the wave of
reform that had put liquor interests out
OF business in many Southern States has
back OF &c the impulse OF a movement
10 stop gambling. and that IL would not
recognize the difference between the
bucketshops and the New York Stock
Exchange, where every transaction
made not only contemplates, but actu-
ally demands an actual delivery Of
stock and payment for the same in dol
lars and cents.
The Hepburn bin was the last straw.
and the possibility Of its passage was
seriously considered. T. was shown that
it would mean the ending. and that i'm
mediately on enactment. of the exchange,
as London would have a handicap ad-
vantage of $50 on every 100 shares Of
stock traded in. including all expenses
for sending she order over the Atlantic
or, rather, under il.
Accusations Follow PanIcs.
It has been the record of all panles
that the aftermath nae been sccompa-
MED by reforms and accusations. and
also a determination 10 punish the cause
Of the trouble As usual. all panics
make their first appearance in the fnan-
cial center. and almost invariably i'm
the stock market Capital is very ner-
vous. and the rich mans panic" was
on before general business would rec
ognize let-up at all Hence punitive
measures are being directed at the ex-
cnanse, and margin ira 1ing-the life
Of the Chicago Board of Trade and the
New York Stock Exchange.
The absolute Indifference Of the pub
lie 10 the bargain sales, when 10 and II
per cent incomes may be bought on a
par basis anC when such stocks as New
York Central, Pennsylvania, and Great
Northern-heretofoTe considered good
enough to leave 10 dependent widows
and orphans-Were utterly neglected,
discouraged the "Street3 and made the
financial interests pessimistic.
Western banks, Southern banks, and
Northwestern banks, accustomed to
send their money TO New York, when
there was no employment for it at
home, complained because Of inability
10 get currency during the panic, and
their kicks have aided the attempts At
punitive legislation.
In the last few days the Street has
started TO breathe a little easier The
chances for the Hepburn bill ever
reaching the stage of enactment is con.
sidered very poor the beginning OF i'm
prOvement in business all over the
country, the decrease Of 50 per cent in
failures during February. as compared
with January. the reduction OF the
Bank OF England rate of discount 10 g.,
per cent. followed by a reduction in the
rate OF the Bank Of Germany, easy
money all over the country. and the low
prices for stock. all tend 10 lead feeling
into more hopeful channel
Steel Corporation Helped.
DIgsrust seems to be receding. The
manner in which the Steel Corporation
las stood back of its securities has been
p great help TO the rest of the market.
WIFI us GLlOLlilDue "a llLdllLdLlOn il was
expected. when the drop in business
came as il did. that the bears could
smash it 10 low prices again. but il has
been invulnerable and its stand is a
strong feature of the market today The
wise financial policy that has retired
stock whenever bought TO sustain the
market has reduced the supply until the
shorts hesitate 10 take any liberties
with II and content themselves with
getting out lines elsewhere
One of the disturbing factors in the
market has been the condition Of the
Gould stocks. Had the troubles in
Missouri. Kansas and Texas, Western
Maryland. and other Gould properties
occurred a few weeks ago. they would
have had a serious ehec5. Just nov
they have had little effect
The Copper stocks have helped the
better feeling, although there is little
-a01rtRnity for hiRhar nricss for the