The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1908-01-05
BANKS RESUHING
CASH PAYMENTS,
PRICES HOLD UP
Street Receives Three
Blows, While Bank of
England Helps
Interest CenterSin Read
ing, Hartman, and
Hill Shares.

been passing slowly through an evOlu-
tion from bad 10 better. II has a con
siderable distance 70 go on the reform
movement. but it has made distinct
progress during the closing days Of 1907
and the opening days OF 1908.
Perhaps the most encouraging sign
on the horizo.: is the prospect of imme-
diate resumption Of specie payment and
the retirement OF clearinghouse certif-
Gates. which nave served their purpose.
In the West tne banks are already re-
tiring their. certificates and in many
places have resumed checking out Of
deposits on demand. The West IS re-
turning the currency that II Withdrew
for the movements OF the crops and
hoarders are putting their money back
In banks.
There was some attempt in the clos
ing days CT the Old year to mark up
prices as matter Of pride and for the
effect that sucI an Improvement might
have on intending investors. But it was
an abortive movement. as conditions
were unfavorabls to a rise and the
banking interests were willing to keep
the market near present levels.
Later in the current week the Street
received two or three severe blows that
threatened for a time TO start the list
on the road 10 a general decline, one
Of these coming from the Government
in the announcement that the Depart
ment of Justice would go deeper into
the relations between the Union ana
Southern Pacific roads.
Even more severe was the appoint
ment of receivers for the Seaboard Air
Line and the cutting Of the dividend on
Anaconda Copper from Sl.25 a share 20
% cents. That these three strokes did
not put the bulls TO rout was somewhat
of q surprise.
Resists Bear Raids.
The advent Of the new year failed to
see much Improvement in market COndi-
lions. Commission houses and brokers
complained OF the absence Of reinvest-
mentN orders and the market became
very dull, hut resisted any attempt TO
turn the scale to e lower range most
stubbornly. This very stubbOrnness
with which the market met the raids
of the bears finally turned the tide dur
ing the closing days OF the. week in
favor of the bull side Of the market
The bears could not force It down and
the professional traders, noting the
strength displayed, turned to the bull
side and prices were marked up.
This became quite the fashionable way
for the market 10 close and the bears
were depressed by the frequent after
noon reactions until they quit selling in
the morning and took to disposing OF n
little stock on the afternoon bulges 70
buy back on the morning slump.
While the changes that show some
ceDtions. unimpOrtant, the chief interest
seemed TO be in Union Pacific, the Hill
shares. and Reading. There was an
questionably a bull pool operating IN
this stock and they advanced prices,
though the stock IN common with others
I'D its weak spells, the final day show
Ing more easlness than the rest Of the
week.
The bulls received much aid and COM
fort From the reduction Of 1 per cent
in the discount rate Of the Bank OF Eng
land and the restoration to almost nor
NAL rates on money.
Pay 100000 Without Disturbance.
The Secretary of the Treasury called
for $4,000, O50 which the banks paid over
without disturbance. and they reported
on time today with the best bank state
ment that Wall Street has known for
months. The figures, shown elsewhere,
were received with confidence that a
restoration TO a moderately active mar
zet was not far away.
The volume Of business in the I'm
stocks was very large, those with Read
ing and Union Pacific occupying the
chief interest on change and furnish
ing a large percentage Of the volume Of
the weeks trade. Great Northern seems
to be a prime favorite with the small
investors. and specialists on change in
this security assert that the Odd-lot
buying has been the heaviest for years.
London has not done very much one
way or the other on the market Our
English cousins do not Ike the look OF
financial conditions and are holding off
or selling on strong spots and buying
IN weak places
Banks Advise Caution
The banking interests still caution
conservatism and evidently hold a rein
over the market. When stocks act Ike
going mp there seems to be stock for
sale. and on a dun market the pressure
is 10 a certain extent removed.
Margin trading has been resumed 20
some extent, but not very generally.
on some stocks brokers are willing to
accept ordinary margins, generally on
stocks selling under par.
While conditions are somewhat i'm
proved SO far as money. goes, and with
the banks Of the country generally,
there Is much that Is unfavorable that
must be taken into consideration.
Railroad earnings viii show de-
creases more or less serious. With the
large number of factories out Of com
mission and wiEh buying power reduced
by conservatism, freight cars are pill
ing up on sidings and the inevitable
result viii be decreased earnings. But
prices have discounted this to d certain
extent.
Factories Resume Operations.
Reports from various sections have