The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1909-01-24
FUTURE Of STOCKS
RATHER UNCERTAIN
Policy of Hartman Clique
Seems to Favor Mastery
Inactivity.
MARKET NOTLIKED
BY AVERAGE TRADER
Generally Believed That Current
Prices Have Discounted Fav-
Orable Events.

Orable Events.
NEW YORK, Jan.> 2A-Wbat of the
future of the stock market This is the
question that is always paramount on
Wall Street; the subject that - always
under consideration. There is a very de-
cIdcd difference of opinion, but unfor-
tunatcly the alignment OF the forces
is not such as to tend toward a broad
active market such as differences Of
opinion lead 10. Everybody is trying TO
lind out the intentions of the Hartman
clique, and while more OF less inclined
TO expect AN upward turn, as a natural
sequence OF the fact that this master
IuI combination still exists, look with
doubt on a market that has such bear
ish eaTmarks as were shown time and
again last week.
Story after story has been told and
iu the telling lie after lie has been
nailed.
Inactivity has succeeded activity. and
moments when the ticker showed an
fnclnatiou 10 rest and inactivity have
been succeeded by bursts Of activity.
Lessening in Volume Of Trade.
But there has been a material lessen
ing jim the volume or business as a re-
suit of the indispositiOu OF the market
10 move radically. The bulls have been
disappointed i'm the limited advances.
and the ease with which the market
goes on again and the bears have found
such limited comfort i'm their opera
Uuus for a month past. that they have
learned TO do nothing much, scaIpinE
little here and there following the
market as best as they can for small
profits Action Is the one thing wanted
by the board watchers and when the
9Th
Ell things more interesting, or at least,
refuse 10 be tempted ID take a chance
I'm the market
Want Steady Market
And yet there are indications that it
would suit the maEuajes who are prac-
ticalIy controlling the market 10 keep
an inactive. but little changed market
the rule for many days 10 come. If
they can keep prices see-sawing, moving
up a little and back a little. keeping the
bears on uettles and drawing just
enough following 10 make their rallies
look good, the situation would uuqUes-
JOuably be 10 the liking of Hartman
and his friends IL is inactiOu that they
Nant-nO losses to amount 20 anything
while they recognize that II Is difficult
10 force higher prices under existing
conditions.
Discounted Bstterments.
ss1e rise in 1903 has more than dis
counted au improvements that have
taken nlace-whiIa the plethora OF
money is iu itself but another evidence,
i'm the lack OF demand. that business Is
more or less curJailed. From the West
the Lld0TalO. the reports as TO business
conditions are encouraging
Pittsburg Gloomy.
Futs5urg Is gloomy despite the fact
that 5000 more men are to be put 10
work in the morning at the Homestead
mills of the United states Steel Corpora
tion. The hope of the steel mills IS iI
the building operations of the country
where activity is noticed and structure
shapes are wanted 10 is but a question
of time. however much delayed. WhcT
tie railroads must buy rails. when tnf
equipment companies must receive thei1
Duet can DE delayed but eventual s
the orders must be booked and nIled
Therein lies the strength Of the whole
industrial cTgup-tlcTCIu iz check %
Heari-I tendencies ia the rails. foI
neither branch OF tHe STOCK HltlN'l go
move web and be independent o. a
break iu the other.
Taun an Influence.
Influences OF the futarc stiU center
around Washington iu the tariff bill
and fn tho forthcoming change I'm the
head of the Government This latter
event wan Street celebrated and dis
counted iu the pre- ami post election
advances The tariff bin now being
gradually whipped 5ntu shape by tho
Ways ami Means Committee Is on uU-
known quantity. but lr IS known that
only tine necessity for revenue stands
tu the way of real revision TO which
nc Prosicent-c.eel is pledged. When
This bin I- tlrosleI out into law with
E.z unlmaraHia changes, there is 10
..# 81 q. 4H -
become effective. and after that there
may Hu may not HU revival of ln-
austry affected until after the effective
date.
Rumors are being worked overtime ON
Wan Sfreat-rUwuT- that give the bulls
and bears "a pleasant surprise both l
the affirmation and lu the denlal-fo.
The latter usually follows as IT. Oh.
IH the observation-disclosures directors of
New York Central stoTE-tne sale of
The Missouri Kansas and Texas rumOl
and rhe New York Central story con
corning the Iatter's purchase of South.
oru IacIae stool. held boy Union Pacific
steel Story Wanted
Tuesday OF thi- week viii tell tale
f.~ which tle market is aualyusIg wait
ue-tGe -sofy of the United States Stee
Corporation for the last quarter-ant
more than that the story OF untitled
orders on hand January J.
steel has acted much better 80 the
last FEW DAYS. The spectators were
getting rather familiar with me com
mon stock and smuggling IT. waen tae
support developed and 10 rose rapidly
TO 55ls. while the preferred. becoming
almost % I8esed-away STOCK turned iu
liEa for the year and for lts history
us.
The market has JOS. SIS public a.
has and g. hasn't The public Us uylu1
hglGs not stocks. The reason is simple
Tile public doesn't Ike "a purely maulp
mated stock market and So has come u
the point where ll wants safety via
modest returns. rpT the investing publ,
Las learned IiH lesson.
There gro many WHO believe that Q
sharp rsnrftaa ln the market Wouif
bring lu Is good demand fpr stocps from
HHesuIatgI- HHG investors vino have
made Uleir profits ard ,1kal them 30
and Gre waiting lor reaction 90 pIa
fHr IFS. again.
'rhai -toek- should move .u except bl
manipulation. does not rreil quite nat
IraI Iu view OF I4- fact l.alr IHr r,5On
cry FROM industrial depression i= boo
limited and chat ihi- fact holds gout
go the worlds industrial field