The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1909-04-04
STOCKS ARE TOPPY
AT PRESENT PRICES
Even at That Commodity
Clause Decision May Cause
Some Improvement.
MANY RAIL SHARES
AT HIGHEST VALUE
Some Facts and Figures of In
terest in Considering Future
of Market.

NEW YORK, April Ale would have
been daring indeed. who would have
predicted the sudden squirt into life
and active of the stock market a week
ago. From a quietness that amounted
almost TO sleep-walkiug, a pTice-move-
ment, that was narrow as some creeds,
the market ran away with itself. hav-
ing all appearances of a wildly and
excited bull movement. Just when
people were beginning 10 look for
maintenance of the status quo
until TO the passage OF the tar
IF law, the settlement of the trou-
bles OF the steel companies and the
symptoms of real revival in business,
the market kicked up and started on a
four days rampage. rested with good
downturn on Friday. and then gave
an exhibition Of the way they used
10 do things when higher levels were
desired, on Saturday.
Churned the Shorts.
1t was a surprise to the street; it
startled the shorts and gave them such
a churning as they have not had since
the early days of the panic recovery.
And it startled everybody that knew
anything of conditions, And from all
sides came the query:
Twill it last? VIII next week be a
repetition Of 50 to 100 per cent increase
I'm activity and an average of points
in values? And the doubtful asked:
What on?"
IT is a difficult matter 10 judge the
future of the stock market even for
one week. Prices are high. some stocks
are higher than they were in the boom
year, 1897 Some are at the highest
point on the recovery from the panic.
All are selling at toppy prices. The
tariff is not out OF the way, but the
chances for its early enactment are
good, bu. not in its present shape. Per
on the theory that the duty would be
restored on ore and some little raise
would be mace on the schedule. 1t is
admitted that business is a little better
Railroads are showing better earning
capacity every day, adjusting manage
ment and expense account to the new
conditions as to rates etc. but still pro-
testing and endeavoring to secure from
the national lawmakers some conces-
sioHs.
Hartman Returns.
Mr.. Hartman has iourneyed across a
continent, and Wall Street has given
him the kind OF a welcome he most
desired-a hurrah market Hill and
Hartman are both optimistic Both
are great believers in the future OF the
United States and 50 Is every American
but the stock market has propriety
discounted more than the recovery in
business cOnditions-almost discounted
the return Of the good old days of 1867
that have been missing for more than
eighteen months.
There are some railroad stocks that
promise TO be worth more money with
each succeeding year-Some stocks
where the mana cement Of the property
Is such that, in time, the wise investors
will have locked away the greater part
OF the capital stock 10 the creation OF
more Delaware and LSCka wannaS, Bur
linctons, etc.
. Perhaps Union Pacific. Southern Pa
cifiC, Great Northern, and Northern Pa
cific may never fulfil predictions OF this
character, but they certainly give prom
Use thereof, and il does not seem prob
a bic that$any genuine bull movement
can get under way in which they are
not the leaders OF following close up
70 the band wagon.
Market Toppy.
But the market at the present time
seems a little toppy An increase Of
100000 I'm loans during the past week
is indicative Of the expansion Of the
maTket-indeed, some banks are said TO
have increased their holdings Of securi-
tics, because Of inability 20 make their
money pay in other channels. That
there was an increase Of 100000 in
Aeposits, Offset the loan increase But
the surplus reserve at this time is but
$l3.9l5.S25- as compared with $40 800
year ago
The passing Of the Balkan war cloud
helped the upward trend last week. The
reduction il the Bank of England rate
OF discount followed. Hartman came
Il "a
commodity clause. Big operators scent
Ell the latent short interest and whipped
il into covering
Steel Common a Surprise
Steel common was the surprise OF the
Street when il touched SIS, lacking rs
OF the high Of 1905. and Z above the
high OF 1851, despite cut prices and slug
gish trade.
Tomorrow we may expect a decision
in the commodity clause. IL will affect
the market-if favorable. even though
IL has been discOUnted-it will hurt lt II
j. Is adverse
Figures Do Not Lie
Here are some figures that should be
Of assistanc 20 the trader in cOntem-
plating the future Of the stock market
They show the high prices Of the stocks
ramed I'm the years named-the 1903 fig
Ures being recorded last week.
Note the New High Records.
1859 1905 1907. 1906
AmalGamated ....-. 1872 SS2s I2I7s 1874
Amer. Smelling. Sgis 105 Is IA
Atchison ....-....-... lOSiA lOlH 1857 1907
e.. VI. x 81. P.....15ys l52lz 1J7Is 1885,
Erie .................. - 20 4Fz J07s
Great Northern. 1854 1899 3iS
y. Y. CeuLTal.-.....l51a4 1Z6 1919 1854
Northern Paciiic----lfJ1z l51&4 1879 232lz
Reading ..-.... .-.--.l57is 1874 1895 164
Southern Pacific. 1227k 123Ia 95H 97iL
Union Pacific. ......lSTi4 1875 1S3 1855
L. s. steel ..---..-.. u 5Sa4 J03s 5Oi4
Under existing conditions il certainly
does not seem probable that the bull
spaSm VIII carry the general market
much higher, unless generally improved
conditions develop quickly.
CURB PRICES FOR THE WEEK.
Not