The Washington times., 1909-11-14
STOCKS NOT LIKELY
TO GO MUCH LOWER
Conditions Unfavorable to
Increase in Speculative
Movement.

NEW YORK, Nov. 1L-Conservativ'
observers of stock market conditions
ars inclined to the opinion that stocks
will not go much lower. This negative
view does not carry with it the sug
ges5lon that much progress wlll be MADE
in the direction of higher prices. Senti-
ment on the Street Is more favorabiS
inclined and the market may and prom
sbIv will have some small rallies, but
there can be no substantial upward
naoversent of Importance until the money
markets change for the better not only
here but abroad. Financial interests
the world over are cautious at this time
and opposed to speculative expansion OF
all kind, while doing all in their power
to advance business prosperity
II should not be forgotten that Con
sress will assemble in a little over two
weeks. On his prolonged Western tour
the President has been made TO fee
over and over again that mat section OF
the country was and is great admireI
~ theodore Roosevelt, that the policies
which the former Executive stood toI
are still held as logical, desirable and
vital. giving Mr. Taft ideas at variance
with the suggestions that he must have
in1bfbed in contact with the business men
Of the East.
IT is but natural. then, 70 suppose thai
the message that will 90 10 congress
~, its assembling will declare allesi-
,nce 70 the Roosevelt policies. That
corporate regulation viii be a promi-
nent feature OF the recommendations
ana railroad legislation viii also play
a more or less important part IN the
message. is generally believed. II must
he remembered, also. that President
Taft has a pleasant little way OF fore
ing the hands of the lawmakeIss as
exhibited in the fight for free hides ana
Tbis NAV have some effect on the
reiuvestment of the heavy January dls-
bursemenfs, while it is but natural that
the prepa rations for the payment OF
This enormous sum will be another drain
on the banks. temporary, as the NIL
Hons will quickly md their way back
10 the banks. Moderate rein nyestnlent Is
certain. but whether IL viii be or sum
cient volume TO bring about the usual
January rise" is d matter Tor time TO
settle
Labor Troubles Threaten.
AS usual in times of prosperity. labor
troubles are beginning 10 crop out here
higher wages, this The natural sequence
of the continued increase in the cost
Of living. This is an unfortunate fact
the index number now being 300
against 1.SS5 in 1897
London is pessimistic, and conditions
at home and abroad are not 10 Ihe
liking Of the English investor -..-
The fortunate feature OF the sltuatlOI
in tho local security market Is the lacH
of excessive speculation. Most of th'
leading Wall Street houses nave ions
since assumed a negative attitude ad-
vising the sales on all strong spots
and taking Of profits on breaks Infs
advice has become chronic simply De
cause manX houses have preferred t
make expenses on modest operations
rather thar permit their customers Il
take dangerous chances in an uneasy
market.
Hill Stocks Tempting Investors.
There has been more or less liquida.
ton here and there IN the list PrObabl5
this has been noted in the Hill stocks
more than elsewhere. It should be abou
over so far as they are concerned tol
their value has been reduced 10 where
they are especially tempting as invest
Eaents Hartman realty is being dis
posed Of and it is not unlikely that tbs
FiH stocks that have been marketed 50
freely In the last two weeks are from
the Hartman strong box.
Operations have been largely in spe
siaIties The copper stocks have beer
given new impetus by the reiteratiOI
OF the story Of a coming combine pro
NOTED and managed by J. PierpOnt Nor
gan, an always successful Op5EtOF, who
would have but to indicate 70 com
nand unlimited capital. The best rise
occurred hut yesterday and the Street
viii watch the operations OF the current
weak with much interest.
Pittsburg Coal
Pittsburg Coal has been much 10 the
fore on the ticker. the operations being
especially heavy and the rise notable
Officials Of the company are much puz-
zled over the rise Of 25 points in the
preferred and Is on the common. Rumol
has been busy with the story that the
steel Corporation is to buy It; the Penn
sylvsnia Is also reputed as anxious tC
annex II. The movement has not been
based on earnings. A TumOr of payment
on past dividends on the preferred stock
was also heard. The company paid
preferred dividends OF : pei. cent, 1900 20
1905. 81 per cent on 1905 and nothing
rise and The opportunity TO liquidate al
a profit.
Here is the record for the years, esti-
mating 1893 and 1910 earnings. with price
range.
Preferred. Common.
Earnings High. Low. High. Low.
iisoS- S05.656...... 7siz u z9s. 10
NJ