The Washington times., 1909-02-07
Unsettling Influences Likely
to Check Pronounced Up
ward Movement.
EASY MONEY HELPS
THE MANIPULATORS
Big Men Leave on Winter VaCa-
tionS-NO Big Short
Interests.


kete
The records Of the past may furnish
the indication of the future. They
seem to point a continuation To the mas
terIy inactivity that has been such a
marked characteristic Of the stock trade
for the last few weeks.
There are many reasons for consider
ing the outlook uufavorable TO the pro-
fessional trading element that wants
FIRST OF all action, and second action.
it has come t. be admitted that, IN its
present temper. the public VIII nave
n6thing TO do with Wall Street, unless
it is in the line Of selecting good bonds
for the interest they pay, and for the
ease with which they can be mar
keted.
But the chief reason for looking for
continuation of inactivity IS the fact
that 1t would suit the Hartman to
have things remain in statu quo until
certain matters that are pending are
eliminated from the field of consldera-
ton. And what suits the Hartman IS
mighty likely TO happen. He has shaped
destiny to his aims and ends; ne mas
carried the stock market to a price level
that was not warranted by cOndluOnsi
ne has strOked or dubbed bis compeu-
tors into submission and mas entered
locked doors without disturbing tae a.
mosphere to any great eXtent-and now
he is going to Mexico TO take a rest
perhaps, Alexander like, 10 see II JheTt
IS anything down there tnaL Is iedlly
worth while, anything OF real Valur
thaz can be obtained with a slice OF
Cni6n Pacific money.
Big Men Leave Market.
And while Hartman fits To Mexico
rerE III D Y
to market some millions of Erie bonds.
Frick has also gone abroad, not 70
study the Russian financial system.
IF these early departures from the
field Of action do not indicate period
OF inactiOn, then appearances are decel'-
full il is really surprising Ildt tlS
stock market during the past week re-
corded modest gains throughout the llsI.
Also that the practice OF the puliS was
TO rant in the last hair holr OF the ses
sion, and advance the market without
taking on too much stock. IN
The best thing that has been SAID
about the stock market In all-tne crit
-cisfns and comment OF the last wear ap-
BeaTed in q local publication lasI nlsht'
and was properly c0pyrlgnJed- IN d
personally conducted market. etc.
A Personally Conducted Market.
OF a. variety the stock market has
been personally conducted by the Iiar-
standard Oil representatives, for over
4 year II has been so conducted
that even the bears recognized the fact
and followed the up-turn Ike true bulls
but always taking pronts ana traillils
again and again. Iney recognize I Ihlte
that if the Hartman support was WITH
drawn from the market at this time
that it would sink OF It's own weight.
Bank Reserve Smashed.
There is another unfavorable develop
ment in the events of the last week
The bank statement was a surprise. iT
that il showed that the reserve was
shot to pieces and that instead Of th,
S2SO00,e50 odd OF Saturday. January 80
the1e was but a little over 100000
Money is stin easy because the de
mauds Tor fiscal Accommodations are
The decision Of the Supreme Court OF
the commodity clause is yet 10
come.
These are a few OF the things that th,
Hartman would like TO have eliminated
from the calender before cutting loose
iu the stock market again. And bacl
Of il ALL coming. and no one knows
whether The changes VIII be radical, d
tariff revision, but with the promise o
a radical cut lu steel and iron. Coupled
with this Us the uueasiuess iu steel aus
Iron circles over the existing prices aug
general desire 10 cut
Doesn't Look Right
Tt is not an encouraging sign TO SCI
Missoari Pacific Missouri. Kansas aus
Texas, Chesapea and OHIO. Texas Pa
cifc and other Gould stocks leading IN,
market day after day. il is rather ln
dicative of the difficulty in buFint
Union Pacific Southern Pacific. Read
ing and the old market leaders-thi
ease with which the second and thir
graders move up.
Missouri Pacific touched a new nigT
point AT 1879 last week. tt sold lowe
while earning 10 per cent and pawn,
E. But IL must be bulled because II need
financing IL needs some sI5,JG0,O00. am
the issue Of bonds viii probably D
nearly double this amount. And thu
many gains have finally been acc0uute
for-to assist iu financing indebtedness.
Missouri and Pacific needs $4,000 Z
pay floating debts, S5.J9000D for immed
late necessities and a like amount ia
uss in the near future. Missouri Pa
enc needs money and IS having rattle
hard shedding, therefore bull Missou1
and Pacific.
Five Points Loss in January.
The average decline in active rsIroa
stocks during January was about
points Some Of this decline was reco7
cred during the past week on III
face OF A.. the arguments preseute
above would seem 90 Indicate that I'll
market would probably have 2 TeactlC
OF considerable proportions before
started on the rise again II would see
70 any uninterestcd observer that III
outlook was not just as clear as tI
bulls would like
There may be in this market q bunC
or shorts. but there are none OF III
usual conditions indicating this stat
OF affairs, and that there IS not
due entirely 10 the recognition Of %
influence Of the Hartman. 10 the know
edge OF the personally conducted
character OF the campaign which
just nov slumberiug or manifesting
self IN stocks that careful cOuservatS
Of an estate would not permit 10 g
into his strOu~ box.
Conclusions.
Because OF the fact hat the manfpl
lators, with their fat profits gleane
on what selling they have done, hay
not let 30 their hold, the probabIlit
Of the continuation Of the unsettIe
unsatisfactory, disappointing. iuactiv
scalping market. A rise iu prices woui
not be iu harmony with The trend
evcuts-W6ich have NOT fn their feuume
alton. included war talk and gold ey
portaton figures.
on the other s.de-HarIimau ana cas-
money.