Evening star., 1909-01-24
TICKER A TANTAE|zER
Nerve-Racking Proposition for
Marginal Operators.
o. K. FOR STOCK OWNERS
Market Now Resting for Country to
Catch Up.
HALT CAUSES THE SETBACK
Fate of the Erie a Feature on
'Change-Interest in the Hep
burn Bill-Traction Schemes.
HALT CAUSES THE SETBACK
Special Correspondence Of The Star.


To the tens of thousands of traders who
nang over the ticker and watch the black
boards the market has become tantaliz-
ing proposition. To the hundreds of
thousands of actual owners of stocks. the
market IS acting all right. II is neither
iInbued with panics and alarms or with
undue enthusiasm. 1t has just natural
!ly settled into a state OF quiet pending
isuch devc opments as may send prices
UP Or down on long sweep. Since the
beginning of the year the average fluc-
tuaticns Of the leading industrlals and
railroad stocks have been within a range
iof about points. The tendency has
been mildly downward ON the general
list. Surface app aranceS have made the
market seem weaker than the record
makes it.
AS matter OF fact, the stock market
went too fast, and is now hating until
| the re Il OF the country catches UP. This
halt means a reaction. of course, and
that is what we are getting. The set
back in stock prices. while severe In
few things, is disappointingly small to
IL large number of sold out bulls and
chronic bears TIE gamble now IS vii
there be a still further rece sion before
the next upturn in prices. or VIII the
market hang around the present level
until the word go is given aga n. On
this point there is very even division
of exp, TT opinion In Wall street.
Those who keep closest watch on day
by day market developments and condi-
tons, and who are supposedly In close
touch with what Is gong on, display
surprising variance as to the facts. On
,he one hand. there is d finite and posi-
tive information that the street Is sill
! ull of stocks, awaiting absorption, and
also that it is full Of stop loss orders
just under ruling quota ions On the
other hand. we are advised by those who
claim to know all about II that the great
mass of stuff that came out during tn
| last half of December has been licked
up by investors and that class known
as inveSlOr-Sp, Gu atOrs.
Job Lot Fellows Stocked Up.
1t is we'll known that there mas really
been a good deal Of stock bought by the
job lot fellows. who buy five to s-venty-
| five shares each and take them away.
How far this has gone there Is no means
# ascertainment. One thing which Is
coming into evidence increasingly is that
large majority of commission houses
| of important caliber are lenders OF mon y.
They would not be lenders II they were
carrying considerable amounts OF stock
This may be taken as fairly good p 90
that the street Is not overloaded with q
floating supply.
Another piece of evidence which comes
out is that great majority of specula-
tive accounts are much more heavily mar
gined than usual 1t is not at all un-
common to find the general run Of ac-
counts in a brokerage Office to be protect
ed 25 and 80 points. With this sort of
backbone the bears do not meet with
much success in dislodging shares. Pro-
ttection of that kind is a bulwark that is
able to resist with entire equanimity ordi-
mary attacks.
1t is considered by many people most
surprising that the market has not
reacted further, in view of the generally
unsatisfactory business conditions. There
would be something to this idea were 1t
not for the prevailing belief that the dull
ness in business Is merely a period of
waiting until Congress gives the public
an intelligent idea of what 1t intends to
do on it's tariff. 1t Is not at all likely that
the country will await final vote on the
new tariff bill before making up its mind
what is in store, but until 1t gets line
on impending action this hesitation Will
lexpected to take the lead in anticipating
and discounting tariff legislation.
| Storing Up Energy.
| Here the market may halt for month
or two, seesawing back and forth within
narrow limitations and storing up energy
against the day of renewed vitality. The
market forecast most commonly heard is
that everything will be settled in busi-
months and that thereafter there will be
a straightaway period of advancement OF
prosperity. which may continue without
serious break for two or three years.
All that is needed to fulfill this fattering
promise Is another year of bounteous
crops.
1t has pleased the street to imagine that
1.-The fate of Erie Is a feature OF highest
importance. For several weeks the Erie
management has been trying to persuade
1.-The public service commission to grant It
authority to issue $50 10000 in new bonds
to pay off floating debt Of about half
that amount and provide funds for the
completion of improvement and better
ment plans under way. The commission
is willing to help the road out to the ex-
tent of such funds as may be needed on
the property. but is reluctant to give aid
to Wall street high financiering
| A great row has been raised In conse-
quence of this position and all the news
agencies and influences at the command
of the big people behind Erie are being
used to roast and dragon the commits
sion That body seems to have the
strange and foolish idea that it was cre-
ated to prevent the injection OF unneces-
sary wind and water into existing capi-
Italization. 1t acts as though 1t thought
lit had a duty to stockholders az we'll as to
the vultures OF the street It will prob
ably wind up by giving Erie. Delaware
and Hudson and other companies such
money as is really needed and no more
All OF which makes for substantial val
ues.
Interest in Court Decision.
Great interest attaches to the forthcom-
Ing decision of the Supreme Court OF the
United States involving the validity of
the commodity clause of the Hepburn bill.
The decision will have an especial bearing
on the anthracite and bitun,inous coal
troads. The controlling elements in these
several roads are making a hard fight to
save themselves from the nee Ssity of
divorcinG themselves from tt ir coal
mines. There is Il strong minority inter-
est IN some Of these companies, how .ver,
which earnestly holds that it would be
much better FOR the roads to get out OF
the coal mining and shipping business
and confine themselves to the transporta-
ton OF other peoples tonnage. The un-
mistakable drift of sentiment is against q
: monopoly of divisions of the coal bust
ness by railroads. If the anthracite coal
trust FOR instance. were obiie ad to get rid
OF its coal properties the result would
. most likely be in distribution OF assets of
| fabulous value. Stockhold rs OF the vari-
Gus railroads which own the coal mines
could come definitely into possession of
their equities by being given certificates