The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1908-02-16
TRADING IS DULL
IN STOCK MARKET,
PRICES UNCHANGED
Professionals COnfinedto
In-and-Out Deals
During Week.

NEW YORK, Feb. l5.-The same DIS
cOuraging conditions that have prevail
ed in the New York stock market for
weeks stiH exist. There has been no
change for the better. Ire hope that
conditions might mend in order that
business on the exchange might be once
more normal has not been realized.
IL Is a case Of the same influences
keeping out the public and cOnhning
the professional element to in and out
trading for the profit to be made in
scalping. There are signs Of liquidation.
securities coming cut from bankers
Wearled with carrying the load; from
Disguised holders OF securities tired Of
waiting fer long delayed recoveries,
tired Of having points and fractions
clipped Of the value Of their stocks
and bonds day after day and ready
20 get out and stay out until the cam
Paign of 1857 has been gathered 10 IFS
fathers.
Campaign on Now,
This campaign is on right now, IN
the halls of Congress-not so much Ia
the Senate as ia the House It is a
campaign that is shrouded in mystery
as 10 the outcome and with auJipathy
toward corporations and the concentra-
tlcns Of capital through and by which
two-thirds Of our industrial corporations
are controlled
Capital has been jolted so hard that
Il is nervous. 1t is afraid OF receiv-
ing more drastic messages from the
President. although quite satisfied that,
as ar present constituted. Congress will
Tot do anything TO retard general re-
cCvery.
Money is easy enough. but il is not
more money that is needed. II is suf-
fcient confidence 70 cause a demand for
American securities at prices that are
Certainly at bargain counter figures. Not
money, bat confidence that VIII start
the mills and factories going again. that
viii find the market for the product
Of American labor and keep that labor
employed.
Rich Men Have Nc Money.
The rich men OF New York haven't
any money" This was the story OF
an interviewer. 1t may be d fact.
but they have securities. They have
had them for many months and have
bren unable 20 liquidate them. Now
they prefer, II possible, TO hold them,
and the fact that money is so easy
NAV rrev ant much further liquidation.
Spectators who have raidsd the mar
let during the week have been sur
prised at the scarcity Of stock in the
loan crowd
side OF the market IS an assurance OF
occasional rallies whenever the bears
undertake TO cover, but once their or
ders are illed the market is bound TO
sag back again, because the position
Of the bears seems unassall4ble-
Shorts covered Tuesday evening IN
anticipation OF the holiday, and they
then found stocks In light supply. On
Thursday, after good start the mar
without exception the low prices Of the
week prev allied at the close on that
That these declines were serious is
evidenced by the subjoined table,
Bullish Movement.
A sale OF bonds in New York Friday
proved t. be a decidedly bullish argu-
ment. TIE issue of ~ per cent munich
pal bonds was oversubscribed six times.
This was taken as a sign of renewed
confidence, but unfortunately the 4, 3.
and per cent bonds listed on the Ex-
change here cannot be sold on anything
like a ~ per cent basis.
After the bond sale was announced
prices moved up a little more sharply
on sentiment purely and then they
turned down again this morning when
the support of the shorts had been
Withdrawn. They had filled their con-
tracts and then quit. with the result
that prices turned the other way, but
while part OF the advance was main
tanned, the closing was just about as
weak as posi- bic.
Conditions IN the market are not fav-
orable TO a recovery When they viii
be. is a question. Railroad earnings are
bad The Street appreciates cuts ia divi-
dends better than payment Of old divi-
bends. The chief stability OF the stock
market today rests on the low range OF
prices, as they are nearly low enough
for the worst that can develop in the
next few months.