The Washington times., 1909-01-31
European Liquidation May
Result in Gold Exports
This Week.
COMMODITY CLAUSE
DECISION DREADED
Probably Continued lnaCtiOn
Would Suit the Hsrri-
man Clique.

NEW YORK, Jan. 8.-The policy oE
mastery inactivity held just as long as
possible, and then something gave way
the market had to go one way or the
UIher, and being disiuclined to press for
sun higher prices in the face Of condl-
lions that would proba bly, have resulted
IA liquidation Of holdings of actual
stock, the powers that be- caietiy Z. j..
Hartman, took from under his sup
porting orders and, left to it's natural
influences, prices have sought lower
level
II this decline shall continue yet fur
there. il will be well for the general
market. There are many observers who
have kept out, waiting for this reac-
lion for months and months. There are
others who were not good walters who
have taken their chances in the market
going in during December, ard even
with the advent of the new year, IN an
ticipaIion Of the usual January boom.
These latter and the room traders who
have made much money following the
Dull market of 1908 have wearted of the
narrow range Of fluctuations during the
current month, and il needed but the
break OF last week to make them dis
couraged and 10 get their stock on
kale, with whatever loss or profit it
showed.
Bull Pointers Act ReveTsely.
Conditions have not been to the liking
81 even the optimist. Hawley bought
Chesapeake and Ohio. and the promise
of a per cent dividend made the stock
very strong. but it was evidently bulled
Tor the purpose of making . market
and an enormous amount OF stock was
sold. 2lS,O20 shares for the week just
ended, and the price dropped from 05il
70 Gllz.
Hartman went Oh the New York Cen
trail board OF direCtJrS-an event that
WAS expected to result ia sharp recov-
cries, indicating the master dominant In
New York Central affairs. The stock
broke from 1888 TO I25Str and Mr.. Harri-
mans maneuver led many to believe
that his advent on the board Of the
old reliable New York Central might
mean a clash Of interests
Burlington bought, some time ago,
Colorado Southern. Last week this
stock broke from 613z to 81, with 1880
Shares sold.
The very things that have been tOuted
as the best possible for the future of
the market, the things that removed
selves Jared the list with their weak
ness.
Canadian Pacific. through the 500
LINE, bought Wisconsin Central, always
r. trouble maker with the older lines
IN the ChicagO-Twin City trade, and the
stock dropped from as 70 81.
Bull Movement Not Over.
There are few who believe that the
bull movement Of 1903 has eliminated.
The combination that purchased stocks
en- the panic and that continual raised
The average range during 1893, has lost
little or none OF Us virility. Il IS still
sn possession Of millions Of actual
profits. and hundreds Of thousands OF
shares OF stock purchased many points
ander present quotations.
But with business recovery badly de-
layed by tariff revision, with the iron
and steel trade on a So per cent pro-
duCtiOn basis, with the public pFeIeFrng
bonds 10 stocks and showing disposl~
ri0u 10 keep away from the latter as
long as the present hIEn range is main
Faiued with fake rumOrs and pTedic-
IIOns that result In nothing, n does not
seem 10 be the part Of wisdom TO stand
under the market and take on mole
stock or 20 try 10 bull IT,. il has Dulled
bard all this month.
Some Encouragement.
There is some encouragement iu the
increased railroad earnings, and ia the
fact that the idle car report for the
first time I'm thirteen weeks the idle car
list actually shows q decrease Between
October 30 and January the uumber
Of idle cars ON side tracks increased
bv g5z,o0g. Since then 10 January ID
has been II. 900. This Is one OF the best
features OF the railroad situation
DESPITE uufavoraDle conditions the
shares OF the Southern Pacific Railroad
company have been forced TO The nigh
rst prices In their history, iH Ike man
Her Union Pacinc and many other
stocks have passed INC hlEA po-.tt o.
. The year 1s5I-befOre the clock struck
- ia the October panic. The present
hank surplus IS lower than IL was a
wear ago, lower than 10 hes been since
1880. and but for the sloWness ID manu- .. l.l
featuring and general business this re-
serve would bC still further reduced.
This very duIUess leaves mucG money
Tor the uses Of Wall street.
Tariff Delays Business.
- zampie of the manner ia which
Inc forthcoming tariff revision affects
business IL is but necessary 20 quote
the following comment on cotton goods
business from a local publication
cit IS not believed that the tariff on
cotton goods viii Dee changed in the
coming revision. bat Until the changes
are agreed upon and t.e schedule adopt
I'd by the Ways ana Means COMMITTEES
and made public. there VIII not be- any
resumption OF activity in the cloth oi
yarn markets al first hand.
A loss of 1--WE points Ia Reading duf-
5ne tho last week, tells its own story
A decision. is expected a week from
Afouda1, Od the commodity clause OF the
Hepburn act. IT, is before the Supreme
Court or appeal Not whisper can
wall street obtain on the probability
of the decision. It's faith in its own
predictions was Jared by the COusOll
dated Gar decision. the first blow that
turned the tide Of the market ia tle
downward direction. An adverse dec--
sion iu the commodity clause matter
would give the market another serious
Jolt.
Europe Liquidates IN Readjustment.
tt remains TO Je seen whether Europe
has adjusted her accounts In the losses
Dccasloued 10y. the Italian quake. SucE
vast resources can not be wiped out
as was stated al the time. without az
recting the financial situation the wOrlt
A., over. and Europe has been selling Amer
lean securities and drawing against th'