The Washington times., 1908-12-20
DECLINE IN STOCKS
MAY Be CONTINUED
Conditions Are All Unfavor-
able to Any Further
Advance.
TARIFF REVISION
CAUSES HOLDBACK
Public and Professionals Are Chary
of Following Attempted Move
ment of Bulls.

NEW YORK. Dec. 2O-It is within
the probabilities that the declining
tendency TO the stock market will he
continued until lower levels have been
reached. Conditions are unfavOrabie to
any further advance except under the
application Of the lever of main strength
by one T. H Hartman. and there are
indications that even this dynamic force
is becoming rather tired Of the situa-
tion, and would find the task Of being
the Atlas OF the market much easier,
If the bears were allowed to run riot
lpng enough TO establish a large short
interest. 1t is Just possible that the
tightening OF the screws Of the money
market i'm this city and In London may
make IT a little harder for the pools
and combinations TO hold on 70 that
which they have accumulated
Tariff Revision.
Tarir revision talk. and the certainty
that there will be a revision, even by
its friends has caused wOuld-be buyers
who can hold back orders TO do so,
and this has given the prosperity
movement a little check. as evidenced
ny the return last week Of 5000 cars
to the idle equipment list
In the advances that have been con-
tinued. almost without one generous re-
action since the panic, the manipulators
have had The assistance Of large pro-
fesslonal following which has been will
Ing to follow along taking profits once
in while but going in again when
the trend of the upward movement was
resumed. and also Of the public buying
I'm the inception OF the bull movement,
which continued untIl the profits be
came SO tempting that the profits were
taken i'm.
Both these elements are rather chary
Of an advance al this time. Moreover,
the coming of the holidays when money
is needed has induced much selling out.
Bankers UnfavOrable-
There arc also Indications that bankers
are rather inclined TO look with dis
favor ON the continuation or the man
ipuJatiou 40 This time Loans have been
called quite freely in certain sections
during the past few days. although not
ou the pools and ciiqUcs.
Coming at this time when the CAPT
tai stocks OF dozen corporations are
being sold over and over every few
DAYS. the investigation OF the affairs OF
the Nc~ York stock Exchange by a
commission appointed by Governor
Hughes. has been vet another induce
mcut to a iet-up in the market
PrcSidcut-eIccJ Taft, in a speech in
which the policies of President Roose-
Welt were given his Endorsement, jolted
Wall. street even beyond the opinions
held by the President. The latter. in
his message, held to the opinion that
railroads should be taken out Of the
provisions OF the Sherman antitrust
law. and that the law should be so
amended. advising the giving OF larger
powers I'm the control of railroads to the
Interstate Commerce Commission.
Ar Taft was not 50 sure that he
wanted the antitrust law amended,
and his speech on this topic gave en-
-agement TO the bears.
No Improvement
Business conditions IN other countries
have not improved on every hand
comes the cry for more money. Great
Britain has yielded to the demand for
old-age pensions, and as a result s125.-
O0oO0o to $l50,c000O0 annually must De
raised. England. Germany. and Rus
Eia all need enormous sums for their
naval programs. The story is that ia
pan has capitalized the past, present.
and future with p jauntiness that has
thFliE1 Ailt stAltAllEhl4On anu ulslAubL VI
other nations France Is accumulating
gold with rapidity, end the United
States. with the memory OF the panic
fresh and green, has a big treasury de-
felt while Congress expends millions
FOR buildings that are not actually
needed, and the expenses Of the Gov
ernment are always and ever increas-
ing
OF the ultimate future OF 1903. IN the
United States. the chances are good for
prosperity. The big crops of 1908 will
attend to that. and the start might be
well under way. but Tor this tariff un-
certainty which viii not be settled for
the next four or five months. The task
OF Congress in this line of legislation.
while facing the need of the nation Cor
moro revenue is a trying one. With
the urst Of The new year, millions will /
be paid out by the industrial, railroad. !
ana other corporations in interest and /
dividends.
As to Reinvestment.
VIII the bulk OF this money be rein
vested in the stock and bond marketz !
II the reader can answer this question. |
tie problem is easier, for the stock
market viii move up and become the
haTrtman-way again. But the public |
has been cautious and doesn't like a |
market that IS likely TO turn on it on |
short order Moreover, the public can
be tempted by concessions. lust as il
has. heretofore, been tempted time and
again by a sustained bull movement |
But the bull movement, while sustained. |
has been labeled plainly, manipulated. |
and the public is chary.
The bank statement, reported by the |
associated banks yesterday. shows a
loss OF NLOo0,O0O in cash. Offset largely |
by reduction in loans. Looking bacIs |
20 September 20. Just about three |
months we fnd that the surplus of the |
banks on that date was S50,O39, 900. YES
terday It was Slo'o09,OOo. The decrease
has been steady, week after week True |
me reserve compares with a deficit a 1
year ago Of SSl.15i 900. but stocks are
very much higher today than they were
then-the panic was cleaning up-the
Ff.4 Nrfe fE