The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1909-02-14
Better London Prices and
Erie Bond Authorization
the Influences.
PUBLIC STILL OUT
OF STOCK MARKET
Conflicting Influences Seem Like
ly 10 Limit Any Price
Changes.

market AFTER the three days OF teS-
EsJi0n from business. A number of i'm
huenCes argue for This trend. The
Public Service Commission has approx
ed the Erie bond issue. thus removing
a very serious problem from consider
alton, Tt was necessary FOR the Erie
10 finance q number of maturing bonds,
etc, ana had this bond issue been OBJ
iecied TO a situation might have been
created that would have been uufayor-
able 10 the market. Moreover, the
Japanese situation is not acute and
there is no real cause 10 look for any
disturbance in that direction. The peace
OF Europe les something that one never
can tell about-its likely 20 be shaken
any time, but just now English consois
are rising and being bought with a
persistence that suggests peace on
earth
Money Still Easy.
The recent call of the Comptroller Of
the Currency has demonstrated that
the banks of the nation are crowded
with funds, and as business is not such
as TO make its demands impressive, the
- chances are greatly in favor Of con
tinuatiOu OF the low rates that have
been such factors in the establishment
of the higher prices IN the last si1
months
another influence that will probably
movement az moderate proportions with
me opening tomorrow is the statement
@! Union Paclhc earnings Tor the lFe
months ending with last November
showing earnings on the common stock
of over 9 per cent for the months mol
Gated. and giving promise OF al least 10
Per cent for the year.
Union Pacific the Premier.
There is but little question that Union
Pacific Is entitled 10 Dre-eminenCe
among railroads, and that It's manage
ment has been successful in the eXr
IRENE Even i'm the times Of lesseuluE
earnings in other sections or the Coun-
rUy. Union PaCinc may Ue depended
upon TO keep up fair average. with
It's enormous cash on hand st is IN a
position to continue its aggressive cam
psign OF making entaugtng alliances
with other roads TO IT'S own benefit ana
. the glory of Hartman, uSl steT manlpu-
lafor and master OF the stock market
todsy- As no man has ever been before
--uucontested In his control.
This is the bright side OF the situa-
ton. This side has been under stocks
iCr year, and for months has been
holding them with dlscouraElng stead
ness 70 the speculative operators 10
whom action is the main thing IN life
Another Side.
There is another side, the absolute
absence OF the public from the stock
msrket-the fact that many OF the big
men OF the Street are out ana will not
come In again under existing CIrCum-
AtsuCeE-thc fact that the tariff IS a
stumbling block lu It's uncertainty 10
business generally and that millions of
millions 8f dollars worth o. orders for
equipment, rails, cars etc, are held
back Tor the dement's that may accrue
tTOm tariff revision. tt IS also a. facE
that the CIV for revision IS not 40 uT-
gent IS it was, bat the pledges OF the
party and the desire Of the President
elect 10 carry out this pledge viii be
followed uV material CLJS-but always
with the revenue I'm the eye of the COM
Uittee.
With the hurrah opening OF the year
1857 the wear Of disastrous ending,
money was ll pietLoric supply and the
public was iu the market for stocks,
mUcHir- The safe investments carry wing
and p per cent, with no promise of
beinE given mighty boost by the lIsT-
riuan. were not wanted. IL was stocks.
snd more stocks-aud then came the
dsiuEs.
Public in Bonds, Not Stocks
Ii is different now Somebody is hold
lnE up stocks they or me- as the case
1asy be, made Sufficient money i'm the
RE OF 1s0S 20 play with the market,
as suitetn their on his pleasure. But
the public burned and with scars on
tender portions %. their anatomv-thei~
hank accounts. dodge stocks after the
manner OF a burned child Iu It's treat
msnt Of ire
The { and 5 per cent bonds. the some
thing with collateral back DI b. I- the
aesiTE bic. Bends. bonds and more bonds
and the public Isl buETul bonds
Up 10 date the bond sales this YEAR
total &lS AI 90. rs compared with SIl6.-
$4,000 last year 90 date, and flh.Z4S.elJ
IN 1907, To date also. But iu 1907 rr-
bond sales 10 date were 53 fS4. 151 shares
Of stocks, and 10 date this year brt
VII
Aside from the public apathy over
stocks there Isl still the 'C1mmCdI1F
clause decision hanging over the mar
ker. n has been argued that an adj
OBJECT some OF the more prominent cOal
roads, but the chances are that such a.
ruling would result in a. downward
movement lu tine coal road shares.
Stocks Are High
While the contention that stocks
would probably sell higher seems Go pc
logically reasoned. il must also BE Zee
msmberzd that stocks ara nigh. thar
they are NOT r4T from tHe highest point
since the panic. and that ln this ad-
vance they nave more THAR discounted
aI improvements bHr the easy money
Conditions and even here the surplus
reserve rs very light whom compared
with r year aE0-uT1clicaliy 100000 10
>iar"H1"lj year ar0.
nf the President from the office that he
bias held I8F seven wears ana the advent
OF au Executive less strenuous. and, At
least. mot held do eumIfE ou Wall STREE.
ulll be- made tle occasion Of demon
~t-atlou lu the stock market. Therefor.
every one expects aU advance tu stocks
With such conflicting influences, with
arguments either WAY, with influence
working I'm both directions, the public
VIII continue 90 do tho wise act and
keep ont of stocks while keeUihZ on
buying bonds for investment
No Big Gains or Declines Probable.
The bears are suI OF the opinion that
stocks should break but they have made
little money ON their side of the play.
while the professional and seml-pro-
fesslonal traders vino have followed the
leaders have been able 90 turn some
profts-but always feeling that the
sooner the profit was turned TO bank
account the better
While stocks may go up. they viii nos
go far, While stocks may so down uu-
less the unexpected happens, they viii
not 60 far A dull. p waiting market is
still 20 the ukinE of the boss or the
street