The Evening statesman. [volume] (Walla Walla, Wash.) 1903-1910, 1909-12-09
HESITANCY Is NOTED
IN STOCK EXCHANGE

company prosperity, but there Is pos
sibility of their spreading and injur-
ing business, besides more or less i'm
pairing the net earnings of roads af-
condition, and the commercial outlook,
as well as the industrial, is generally
promising. The chief complaint heard
is the growing cost of conducting bust
ness; and the outlook is for diminished
profits in the coming year unless prices
can be forced to a still higher level;
a contingency which in many cases
will be impossible, for consumers are
already rebelling and economizing.
On Monday last congress opened.
The outlook is confusing. The tariff
is out of the way, for the present a,
least, but the question of regulating
monopolies and preserving competition
threatens to be one of active discussion
during the coming session. A return
of confidence in this respect can hardly
be expected until the sentiment Of con-
gress is more clearly defined. Presi-
dent Tafts message was looked for
with special interest: and While he
must be expected to keep his prGn-
Uses and maintain the Roosevelt poll
cies, it is probable that he will 90 so
with as kindly hand as the situation
will permit. Recent exposures con
corning the sugar scandal are exceed
iagly unfortunate at this time, since
they serve to stimulate the public dis
like to great corporations.
The Nicaraguan troubles. though UNI
settling are not serious and can have
no permanent effect upon this market
Money promises to be firm. at least
during the ba 'ance OF the year The
condition of the associated banlsS is
improving somewhat, but gold exports
ntinue, and demands for new capt.
tai are steadily increasing. Our treas
u
OF improvement in revenue; and unless
a change sets in for the better before
many weeks the government will be
obliged to take temporary measures
and issue bonds or short term notes,
the new corporation taxes not being
available for another six months. Gus
toms revenues are still uncertain oW-
ing to the working of the new tariff,
and internal revenue has been adverse
ly affected by well known conditions.
The artificial character of the present
market is still very apparent. Inves-
tors hold alOCf, and outside specula-
ton is en- a limited scale. The short in
terest in the market has been consid-
erably enlarged, affording good buy
ing element on pronounced declines,
but it is still plain that the large own
crs of stocks have not succeeded in
satisfactorily distributing their sur
plus holdings in spite Of their concert
ed efforts to prevent the market set
Ting down to a more natural level. 1t
is true the general situation is one
that warrants hopefulness and contin-
ued activity; but the stock market long
ago overdiscounted these conditions,
and the drop in some of our best issues
of Is to 20 points has been more due
to realization of this fact than to
the actual output Of new securities.
Caution is still advisable in all pur
chases it being questionable whether
the market has yet touched bottom
Much will depend upon the attitude
of congress The London market mus:
also be watched since the British gov
eminent may be obliged to borrow
heavily owing TO the temporary sus-
pension of revenue arising from the
Budget crisis.