The Washington times., 1909-01-15
Cheapest Money

NEW YORK, Jan. 15.-There is little
OF a positive character TO the stock
market. but what there is appears 10
be more in the direction Of better prices,
many bears having changed front on
the theory OF better business, larger
employment OF labor and. increased
freight earnings. On the horizon is
tie decision OF TIE Supreme Court Ou the
appeal OF the under courts inter
probation OF the commodity clause In
the rate BILL which the court decided
as unconstitutional The case viii be
argued before the Supreme Court on
Monday OF next week. Just when the
decision viii come is unknown. While
the theory Is held that the decision will
be IN the nature Of an affirmation or
the lower courts ruling. the TeversiOu
OF The Consolidated Gas case has been
iG the nature of lesson 10 the Street.
Despite the rather light volume OF
trading the market displayed consider
able irreEularity in price fluctuations.
Union Pacific huctuated within a range
of a point; ST. Paul, "a New Yorl. Cen
tral, point; Reading, Us points. and
most OF the active stocks on the list
for half 10 three-fourths Of g. point.
1T was a case OF backing and filling.
opening strong. going off, rising again,
and backing once more.
Much interest centered iu the story
that Edward Hartman had been sue
Cessful I'm his negotiations for the ac-
QUESTION OF the Vanderbilt interests in
the New York Central Railroad Com
pany, a tale generally believed. but
questioned in many circles
The declaration Of the regular diyi-
denCs on Baltimore and Ohio common
and preferred, had a favorable influence
on the market and the Street believed
that the Canadian Pacific would make
E0Od terms with the Wisconsin Central
shareholders for the control OF that
road control which. II acquired, would
give the great Canadian road an entry
mo the Western field and direct 10
Chicago, eventually, a. it would be nee
essary TO form a connecting link be-
tween the main Canadian Pacific line
and the northern terminus or the Wis
C0Isln Central.
The iudustriaIs, especially Copper and
smelling. were easier. and there seemed
bat little disposition 10 do business In
these stocks. Railroad equipment shares
were 1rmlY nelu4 with reported large
commitments for rails and other equip
Ineut. Steel common held its own, asl
did well TO do that.
There was but little short covering
lEueeQ. the bears have been very eau
Jieus FOR some days mast. They have
operated SDauugiE and 5calpel sUl.
profits, rot hanging on with any teuacity
Snd most orders have been with stop
less end small profit attachments.
Tile Chicago, Milwaukee and ST. Pau
Railroad Company now proposes a bond
issue 10 assist in paying for the Paci1c
coast extension. At the time this was
planned III was stated an 5-5,ggJ000 new
preferred stock would DO the work Dut
estimates are not safe 90 count on 3D.
railroad or in canal construction.
AS the session progressed, the eaIl.er
gains were lost and prices reeeueI 20
about yesterdays closing TO slightly be-
lew There was neither temper nor vi
tality TO the list IC was a case OF lhe
market drifting and vet the bears did
not dare 20 make any serious play a..
iT. thus indicating the feeling that l-
was not a safe market ID take liberties
with even Dr. there WASH. much ginger
showing ou ihe surface