The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1909-01-10
January Disbursements Have
Not Been ReinveSted
in Securities.
SOME DEVELOPMENTS
THAT ARE BEARISH
Lower Prices Are Predicted But
No Sensational To-
bogganlng.


disbursements lu January have been
disappointed Even such all aStuts OBJ
server as Dr. CleWs has seen no eyi-
denCe that this money has found ITS
Wav back 20 any great e&tent-ezCept
In bonds. and he comments on TINS
faature-the public keeping out OF stocks
and aCouirlng bonds Here IS the way
''fbe January investor is conspicuous
hy his absence, and the market Is con
Sequently lert in a weakened AID sensl-
tive condition"
Perhaps first and foremost in the
checking Of the recovery IN general
business must be placed the tariff aglta-
ton. IL Is quite within the proba biities
that this matter VIII not be settled and
out Of the way before midsummer. in
deed, many members of Congress have eE-
pressed the belief that it viii he nearly
August before the special session viii
adjourn. A pTotracted debate on the
tariff is 10 be deCTied as q dlsturber OF
business and for this reason the work
should so on quickly but unfortunately
IL IS not within the possibilities that the
rCvisionists viii al he satisfied and
amendments viii be numerous and long
discussed.
Two Serious Jolts.
Twice during the past week Tns
market for securities has been shocked.
Inc Consolidated Gas decision giving
the State of New York the right to Xix
feet was great disappointment 10 the
street. Many had expected a favora bic
decision, and the fact that there had
not been an tnuinE or the decision was
evidenced i'm the drop Of . points in
almost rs many minutes. with a more
serious loss later.
From tbs shock the market rallied
with considerable show of resistance
and firm UndertOne, indeed many stocks
i'm the secondary list held we'll right
through the slsshiug OF values else
Where The buying by the Hartman
Rockefeller combination was pro-
uuUnced, this checking the fall Wise
operators did not like the booming and
band playing In such stocks as Kansas
CITY southern Missouri Pacific. Mis-
souri, Kansas and Texas, Wabash. and
Wisconsin Central, stocks that have al
ways been considered IT least not
especially good Investments.
To was also noticed time and again
that the selling IN the leading rails Waa
IaiIly good, even while the lOW-pI1ced
stocks were making sharp gains, and
The doubtful ones accredited both move
uents to Mr. Hartman and his allies
New YORK Central took a strong squirt
on the theory that Mr. Hartman would
50 on the directory or at least name
fine president. When Vice President
great system there was a big slump in
The stock and then So rose again on
tie story. probably not based on fact
THat Brown. for wears Vanderbilt
man. was actually the choice CT Harri-
man.
It was probably the part Of wisdom 60
question this and the beans did when
they sold the stock down Tor gUOa
profits.
An Uufavorable Discovery.
1t is rather interesting 20 note tnat
the Hartman Investigation developed
she fact on Friday, that the Hartman
interests unknown TO the AtChis0u. To
peka and Santa Fe Railroad COMPANY
had acquired S3o,1p9.OJG stock Of the
company and demanded recognition on
tle board OF directors. H. II. Rogers,
the STANDARD OH maEuHte. and III. C.
Frlck were theYeupOn elected directors
Minutes OF the meeting or the board
OF directors were rUE In evidence at the
nearing showing that Hartman and
n-e associates had compelled the AtcE-
IEou people TO sell 10 the Southern Pa
rinc a road that the A-chisou was
building iu southern Arizona. a con
Meeting lHh in O. low-grade transcript
mental route mat would have proved q
serious competitor OF the Southern Pa
clio As part II the agreement then
made the ArcnlsOu agreed TO go into
par .heIsgip Win Lle Southern Pacific
lh null1luE into northern California,
where they had projected competing
ines This testimony confirmed strong
.Es may have something 10 do with the
closing slump lu the market, for slump
tleIe vas ana serious one a. that,
Win the minor securities as Wen as
the uld-tme leaders In the slide
Investigating Resolution.
The Senate resolution calling Tor an
i1v9stlEatiou into the requirement Of
the Tennessee Coal and IFon Coupsnr
1E the United States Steel Corporation
CsuEed some little uues =fress. although
hardly enough 20 be- considered q rerf-
ous factor fn sIa lu5- slump Steel
common. has been acting rather badly.
ana az one time fr looked ae 81 o Vas
lu Tor bad break. The consensus of
opinion seems 20 favor a serious ont 5u
Che tariff on most 81 the raw material
end many finished products or The trust
comp anles. John W Gates confirmed
Andrew Carnegie in his statement that
fue fErII on steel should be- cut. Those
who have been looking for an extra div
.leUd uu little steel VIII be diaappoiufcd .
a7 lae policy Of the directors rs toward
-guserEaUam and business viii have 10
improve materially before increased div I
IHe1os VIII be declared.
Equipment Badly Needed
One of the hrst official utterauees oil
President Brown was TO the effect that
the railroads OF this country would
have la spend millions 0u millions OF
Go. ans .ol equipment and trackage dur- |
.H- i.r present year iu this he but
recognizes t.r fact that the great rail
''at. ..-s.E Tue past year have been I
wing 10 tte limit lu expenses I'm order /
.1 the face uf decreasing earnings This
policy laE do for a time. bat tile equip
Iueht must 1c kept up and when the /
time comes l0f going into the market /
-3r n. money viii have 10 be raised /
some how Numerous bond issues are
rCEeloplnE day bT das, and the work |
n. the printing and engraving rooms is ]
ludiuE ready sale. bui this very fact
Is warning To- cautious traders on /
Wall street
The worst jolt Of the week the GasI
decision. was actually tine result of the
Streets attempt 90 discount "A SuDreu7c
Court decision Wall street has this
habit and has IL badly IL discounts
everything and ID must be admitted fbsf
81 makes few mistakes or me
unexpected. Gas has risen many points
UU the expected fav0rabIe setfIer1ep- /
of the matter - the court But there
was never leak and when the blow
came 81 hurt
a feature Of the bona market il fof,ud
iu tHe fact that London has been 3 (
heavy buEer. 1ut the balance KS gUlI n
against u-, probably because 10 IN II
has been O. seller of shares al the my \
prices of tine last few weeks. The gen II
sral opinion is that the Bank OF Eng u