The Washington times., 1909-03-28
STOCKS NOT LIKELY
TO ADVANCE MUCH
Existing Conditions Do Not
Warrant Continuation of
Saturdays Upturn-
PRICES STILL CLOSE
TO THE HIGH POINT
Influences That Are Likely to At
feet Future Values
Both Ways

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NEW YORK. March S.-There is
much mystery in what the future may
hold for the stock market. The unex-
pccted awakening yesterday developed
the fact that there was latent short
interest of considerable proportions,
and that 1t needed but a show OF
strength to dislodge il and start COW
ering on large scale. But however
much one would like TO see securities
work to a higher range of prices, IL
muA always he remembered that the
present prices are but a few points be-
low the highest range of the year, OF
1903, and the period since the panic.
and that this advance was, in meas
uTe, made on disCounting prosperity
and business recovery, that has not, at
least UP to date, developed. Then, 200,
d there is a suspicion that every strong
] IOint will be used to market some of
the stock that has been carried for
months, and that could not have been
sold at any time during the last few
weeks without breaking the market
many points
Look For Higher Prices.
And yet there are many operators
who confidently look for much higher
prices, not a few points, but many,
Nasing their opinions on the expected
recovery in business following the en-
actment Of a tariff law. There is but
little question but what the trend OF
opinion is toward, rather than against
the belief, that Congress will make
many changes In the direction of res
toration of old schedules, or at least
moderate raises from the proposed
schedules of the PaEne bill before CIV
ing. il passage. There doesn't seem 10
be sas much call for revision as there
" during
tests OF artisans and labOring men who
have just come to the realization or
the fact that lower schedules means
lower wages. are protesting bitterly
against cuts. This is, perhaps. one way
that the great steel corporations are
bringing home TO members of Congress
THEN protests against tiie Slashlng OF
duties on steel and iron.
Against this sentiment il is also fact
that consumers have been heard from
more freely than usual, judging from
the Hobbies that are at work IN WASH
ington. and the columns of the daily
press, which seem 10 TEEN with protests
against certain schedules on necessities,
that have been raised for protective and
revenue purposes. Just how far the
lawmakers will dare under the conflict
ing influences remains to be seen.
Public Out of Stocks.
The public is lust as completely out OF
stocks as II was three months ago, and,
so far as can be seen, the intent is to
stay out, although few weeks OF Sus-
tanned prices with such advances as
were made in stocks yesterday, might
he effective in bringing numerous orders
through commission houses.
Easy money has been the chief factor
in keeping prices where they are, and
money has been easy since the panic,
with no chance of a scarcity OF cur
rency, but with chance for higher
rates Just as soon as business makes i'm
provement and with a certainty Of di-
cUrity investments Into the channels OF
trade at rates much more lucrative and
inviting to banks and bank ers.
II is too evident to need Seiteration
that business with the various industrial
companies is very bad. Tie hand-to-
mouth policy OF consumption Is Still
going on, and the open ms -Set has
failed 10 call into being the + eral or
The only offset that can be offered 70
these conditions is found in. the fact
that these conditions can not go on con-
unuOuSly and that the time can not be
far distant when they empty shelves in
all lines OF trade viii have TO be re-
plenished-that the revival, when il does
come, Will come with greatly accelerated
speed, because Of the absolute necessi-
ties of the consuming public.
Mr.. Hartman IS coming home again,
back from the West. His private car
means much TO the Street and the
would-be bull hopes that the Hartman
Will cut loose and give another exhibition
or his power TO stand under the list
defying all influences 10 break the mar
ket The general opinion among the
banking fraternity familiar with stock
@Arket burdens. through the inspection
% loans, is that Mr.. Hartman is still
Union Pacific and its millions is prob
ably more generally used TO carry tEe
burden than the bankers.
Wise men, conservatives, do not look
kra- H.
ior tne market 10 make any radical
changes one way or the other until the
passing or certain contingencies. Until
the passing OF the tariff bill: until the
fnal adjudication Of the commodity
clause section OF the rate law, unIil
there are definite indications Of revival
IN business and until there are signs OF
the harvest the up-tuTns I'm the msrISe;
may prove but temporary. And the
stocks are still so strongly held and the
outlook for the future OF this country
tn business way, so gooc that there
VII probably not be any serious reac-
tion.
Steady Market Likely.
The holders of securities will be sat
isfed with a steady market. moving in
a marrow range with its little move
nltnts one way and the other pending
the settlement of doubtful matters
Last weeks market Just suited car
yiers Of stocks. During the greater part
OF the week the market was so dull
mat the ttollt EEHEApIiH were HDL ever
interesting, and IL was only when the
spurts came that brokers did enough
business TO meet expenses.
There is encOura cement in a little
better condition in retail trade, il the
fact that railroad earnings are begin
ming 20 show materially better earnings
than year ago. when the showings
were very unfavoTable
The market was quick 10 reflect the
settlement Of the troubles OF Servis
and the assurance that there would be
no trouble in the Balkans as a result
thereof Yet European markets are in
a manner unsatisfactory because OF
the deficits OF the treasures OF Germany
and England and the uncertainties of
taxation measures Foreign money mar
kets are satisfactory. The gold export
movement is about over and there has
been a perceptible weakening i'm sterling
exchange
II does not seem probable that the
sharp advances Of the closing day OF
last week will be continued during the
current week The gains yesterday in
some stocks were very large, and with
out any tangible reason therefor. A
continuation Cf the movement for any
length OF time. for two or three days
wlU1 develop hard spots that will salts
Il holders, and that will be used 20
frufdsfq hlOckS Of stocks Moderate re-