The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1909-01-03
BULLS IN CONTROL
Of STOCK MARKET
Earnings of Hartman Roads
Serve to Start Another
Advance.
BUYING BY PUBLIC
Is NOT EVIDENCED
Prices Are Not Far From High of
l907-ConservatiSm
Advised.

A0NlSCA.
NEW YORK. Jan. Sand SIN stocks
continue 20 move ia an upward direc-
ton, hesitating now and then, with
moderate reactions but with new highs
daily occurrence. And still the print
ing presses are turning out bonds 10
replace maturing obligations, and re-
funding operations so on. w hen the
market seems TO hesitate when ii is
weak and apparently ready to turn the
other way again some opportune news
develops and gives a new lease OF life
10 the bull movement During the last
few days the Union Pacific and south
ern Pacidc's earnings were $50 satisfac-
tory that they acted as au elixir TO the
Whole market just al ATT hen lt
was scting rather weary.
To give an added impetus TO me
strength, it was announced that NIr
Hartman might succeed Mr.. Depew as.
chairman OF the board of directors Of
The New York Central, and the staId
old Vanderbilt line actually made a new
high record for the year on this cheer
ing Information. Verify Hartman is a
mascot as wei as a magnate.
Rumors Plentiful.
a sharp advance ia some one stock.
but needs a rumor to turn it to stiu
higher prices and the uumor factories
are working overtime. Traders are still
willing 90 follow the market. because
10 hesitate 90 do SO would be TO lose
an opportunity and yet tie great ma
FORTY of room traders and professionals
themselves against any loss by placing
stop orders on all commissions and gen.
orally evening up day 10y day and week
by week.
The opening day Of the year 1903 gave
little indication OF public buying OF
stocks. 1t may be that the dividend and
interest disbursements have been largely
reinvested on borrowed money 10 be
handled hereafter with the money Of ,heI
buyers it may be that the heavy trad
ing ia bonds has been in the nature
OF reinvestmeut-
Public Watching. !
the public referred 10 people who
crowd into brokers' offices whenever
the market shows a sensational move
ment one way or the other, is not do
ing much AT this time. A reaction is
The one thing that is most expected and
desired on the theory that prices should
20 on that they are toppg. and that
q healthy market condition demands
concessions 10 inspire new business.
Opinion is also favorable 10 the theory
that betterment in trade has been dis
counted; betterment in earnings aad all
ether Improvements as we'll.
Effect of TtaIv5V Tooq
II may not be part OF the Dorfrv ~
the Harrlmaus TO loosen mo ON the mar
ket just now but conservative mon
are beginning 10 think that IL lis but
ne part or wisdom &c wait 10 observe
ihe euects or the loss OF so much OF
Italy's resources as were DESTROYED in
The cataclysm of Sicily The worlds
great INTERPRETATIONS of nations viii
HatdiE permit of such disaster with
our a disturbance lu fiscal conditions
Money Conditions Suggest Caution.
Money conditions are beginning to at
tract the attention OF cautious men
our own Government iE running behind
at a serious pace on the prevailing
theory Of ACKNOWLEDGEMENTS. while the
Bank OF England. the monitor Of the
world financially. has but 81 per cent
reserve as against 255S per cent al this
time last year. The actual surplus ina
New York Associated Banks has been
reduced 10 SI8,25s0 1G. while the loan In .
crease for the week was S2S.sS5,2la
Money indications certainly warrant
caution.
Railroad Earnings
Railroad earnings iu December we're
SO per cent larger than Ga the same
month Of les ard ID less than for De-
canber, 1905. Foreign commerce is not
a. an =atisfactoTE the latest returns for
This port showing a loss of SgIgIOJJ in
exports and N,IAo3J in imports Stocks
are today not more than s. OF S. a share
under the highest point of 1901
Bank exchange outside OF New York
were but 81 per cent greater than
year ago, although iu this city there
was an increase of So per cent due
largely 10 the enormous speculative
movement.
The sales of stocks last week totale1
i..d6.765 shares lu five sessions, and sas
-iaon bonds, other than Governments. /
I'm the corresponding week last year but
fl45h5,JiD bonds were sold The euor-
nous activity il bonds seems TO maI-
cate actual Investment or private and
banking capital iu bonds.
The one favorable feature of the situ8-
lion from "a financial standpoint De- easy
money and ir rs always "a factor worth
counting ODD. SiEty-aay loans are quoted
at q per cent
Steel Business Decreasing.
Tie condition OF the steel and lra..
business is causing some little concern.
IL IS claimed that the big Steel Corpora
tion j. uorI-ing IT'S mills 90 but 81 perl
cent of capacity. The announcement
that there would be- u9 advance iu the
common dividend tEi- year. and mono
next unless business improved checked
the tendency OF. Steel common to adj I
vance, and turned b. the other way. /
placing H. iu tse same class as SmcIt,r (
rs "a brake ou the general list. although I
Smei-er did much better last week
Enormous Business.
Enormous transactions were recorded /
ina Union Pacific. Reading, Pennsylvania. /
copper Smelling, Steel common. Inter /
Met, and Sew York Central The
Gould stocks have not been 10 the fore
as much as they were ten days ago. the |
old-timc leaders being counted on lui
carry the list 20 higher averages, The /