The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1909-02-21

for They have been holding off looking
for, the best that might be possible after
The tariff law had been enacted, neglect
ing roads and equipment, and they had
to be protected before they would place
orders, protected against cuts in prices
that would make them look foolish for
buying in advance OF the enactment.
Now they are protected" Il is quite
probable that there viii be large In
crease of orders in the immediate future
and perhaps the aggregate OF small
profits Will more than compensate for
the loss through large prices and small
business.
Advance Forced.
The fact still remains that the stock
market during nearly an entire year
has set a pace entirely at variance with
the condition OF business generally, an
unnatural and highly manipulated mar
ket without regard TO depression in all
lines Of trade, "a market that was jack
ed up day after day by Hartman and
his friends by main force, and on easy
money. Economic conditions we're dis
regarded and panic losses were wholly
recovered in short order, the while
business again received slight set
back.
Many OF the men who assisted Har-
Timan in his bull campaigns have prob
ably taken their profits and are out OF
the market, waiting for a break 10 get
in again. Hartman himself has prob
ably made a market for much OF his
holdings. From the very inception ~
the long bull movement, which has not
made much progress during the current
year, there have been many followers
OF the Hartman on the market Il
they have not taken their profits they
have made mistake
May Only Be Resting.
II is within the possibilities that the
Hartman bull movement is but taking
a breathing spell. That the very fact
of many bonds being ready Tor market
viii force his support Of the rails at
this time, that the support that has APP
peared in the stocks Of the Steel Cor
poration whenever necessary, may step
IN now and check any further famlliari-
y on the part Of the bears.
But il must be admitted that the mar
ket is strl far from the high points
from the high of the year-and that
they were carried there artifcially or
the strength of Union Pacific, it's cash
box, its plans and aims and on many
things that were not counted in its
plaus-fake rumors, that have been
bit and to be denied with the small
gain added 10 the earlier advances.
Last Mondays advance was certainly
framed up over the Saturday holiday rs
giving London many orders, by the
Fortunate action IN regard to Eric
bonds. and by standing under a Whil1
az the opening but IT. WAS market O.
rquidate ON. and many found it such
10 their profit
evidently the financial interests OF
This city took some notice Of the boom
Monday. That they then and there Est
sown omit and called some loans IS
evident. Moreover some borrowers
took their profits, got out Of the mar
<ct. and paid of their loans. E.crn,
IN rhC associated bank decreased about
S1,np,pp1.
Break in Deadlock.
There Was no question but what tho
last few. DAYS have Witnessed a genuine
break in the market. a break in stock.
that have been very steady, = breal
in the deadlock that has kept the maj
Eet moving IN \ narrow, unsatisfactor1
manner. moving gr and back again
GOWN and up-baciuuE and 6liiUE in q va,
that has Disguised professionals an'
cmptied The seats Of the sitters i'm th'
office Of the commission and brOkcTaE
houses
JULIUS s1uOAAb w III
That this movement has made its fui
progress downward is SCARCELY probable
u is likely that the toboEgan will Turn
IEh n slide for some Of the second class
stocks that have been inflated witNOu
cause OF rcasou-s1-ltc Of tie GOul,
stocks that have been bowed up in al
effort 40 communicate strength her
and there 10 other stocks. ana other
that have been boosted ln an effort f.
hold up prices, while attempting BON
sales The bond issues 10y Souther'
I1rlilr, tIcS3 pee Ike and OHIO. EaitimOT
auC Ohio. Missouri Pacific, and Othc
roads have been marketed on TN
strength OF the stock market, but thes
bond issues are not bun arguments
Baltimore and Ohio has found the 20
no progress in last Mondays uDWar'
movement and II did make losses oil
yesterdays decline.
NJ. Hartman has not been hear
from. Hr may stand unuer the rail
in an effort TO divorce them from IN
iUdustriale. but any effort i'm this direC
tiDu SIS likely 10 Increase the burden Do
IS carrying 80 the chances greatly taVO
Il TWO sided market from tl.is time on
with the bears much encouraged an
ready Tor a@gTesElDu now aud then
when the conditions look just right
Indications point 10 more leRltlmat
fluctuations la the list, less manipula
ton and more action with many peOpl
who have been out Of stocks nearly ST
months OF a year and who have bee
waiting for "A reaction, watching IN
blackbOards and thinking
Lower prices are likely before tn
turn toward recovery.
The wage cutting period. IL IT devei
ops, viii be dangerous 10 industrial con
diuons, and IN effect generally.