The Washington times., 1908-01-26
Bearish Influences.

But the very stories OF closed mills. of
inactive equipment to the extent Of "A
PEI cent of the equipment OF railroads.
OF closing factories ana reduction OF
working forces-t5IG d week age just as
strongly and in as convincing "A manner
as they are today, ignored thcn, arc
potent factors Of today. Moreover, there
is assurance that the Goyernmt ut is 70
start a crusade on Mr.. Hartman in
vOlying the conditions Of the Union
Pacihc-SoUJhern Pacific relations.
These are some OF the influences that
nave caused prices 10 sag during the
week under review One of TIE cher
reasons for the decline. however, IS
found in the fac that scores and hun
drads Of traders on the long side OF the
market, who had followed and also been
pyramiding on the advance. tried to take
their profits at one and the same time
Stop profiJ-loss orders were numerous.
and on Monday the bears started gun
ming after these orders with the result
that numerous other orders at ma
teually lower prices were uncovered and
ultimately dislodged.
Stock Has Been Distributed.
But back of it ali. and perhaps more
responsible for the declines and the
dullness Of the week, was the fact that
he bankers Of New York had distrib-
uJcd their securities and were out OF
the markeL-OUt as traders and out as
manipulators Mr. StiIlman and Mr.
Schiff have braVed the dangers Of the
ocean in mldwinter for rest and recu-
peraLion after a strenuous period, serene
in Jheir confidence IN financial cOndl-
rIons, and out Of the stock market for
the first time in years. J. PlerponL
Morgan will soon follow, and this IS an
other evidence Of the fact that there
has been a distribution of stock on the
strong market, further relieving the
pressure on banks that have carried Sc
curiues over the panic, ana mat the
dear public and the professional eIe-
ment has the stock on hand now
The reactiOHary movement has been
ACCOMPANIED by the most complete dull
ness. while at times the uCkers would
not record sales at ole-a-mlnuts pace
The most marked decline Of the week
has been in Shelter. There were ru-
mOrs of cut in the dividend, but the
meeting IS weeks away, and, While the
break had much effect on the rest OF
the market, The TumOr may have been
brought about for sentiment and eff
feet on other stocks. Il was effective.
and so was the market pressure put on
heading This stock suffered the most
decline just as il had the greatest ad-
vance.
Future of the Market.
The future of the market depends
largely OF the business, and TO d GER
tain extent on the political outcome.
Moreover, it IS known that changes are
dreaded, and especially by Wall street,
provided it is q change that threatens
severe and drastic measures against
corporations and financial conditions
There is encouragement in the fact
that money IS plentiful in the agriCul-
tural districts; that the country has en-
lOyed years on years OF great manuIdc-
turing and agricultural prosperity, and
that labor has been employed most gen
orally and at large wages.
The news that comes from manutdC-
turing towns IS Of shut-downs- II IS
accompanied by a story OF idle cars and
idle men.
Financial Situation Excellent.
The strong financial situation follow
Ing on the panic. as might be expected
from "a release Of moneys and res
torstion Of confidence, the reduction in
the rates of discount on all foreign
banks, and the certainty that the worst
is over. viii. just so soon as the politi-
cal atmosphere is clearer. become an
iuHueuca for the letter. Stocks always
show the first indications Of impending
dunger- They We're Oh the run While
Vet the merchants Of the country re-
ferrcd 10 IL IS "a rich man panic.
Conditions viii begin To improve in
the stock market while the revival in
industry and commerce Is yet preparing
itself
Present market prices are still in the
uanic row and the man who buys stocks
and takes them or from the market
will. in the long run, make a handsome
profit.
That there is still a long line Of
shorts outstanding IS evidenced by the
fact that the bears are not able to
press their advantages on a very slow
ard apparently tired market Ike to-
days, when there We're some rallies.
even with inconsiderable trading.
The following quotations show the
closing prices Of today and Of one week
ago on the stocks named.
Jan. %. janis.
Copper ....-...........-..-... 1852 5Z12