The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1910-01-02
WHAT Of THE YEAR
IN STOCK MARKET?
Better Trade Has Made
Money Higher Few Stocks
Garry Themselves.

NEW YORK, Jan. What Of the
year IN the stock market This subject
Is probably foremost in the minds Of
the great army OF investors, specUla-
tors, maEnaJes, financial Interests gen
orally. and Wall Street interests espe-
cisliy- What or 1902
The outlook for a good year In all
lines Of business IS excellent The add
81 wealth. of the country through the
production OF the soil Us greater than
ever. TIE tariff. the bone of contention
a. this time a var ago, has passed from
consideration except rs an aftermath
Of action and a possible revision OF the
future-nOt his year
With the stock market il IS somewhat
different The people are fast getting
used 10 q higher basis Of living eN-
pensez. but they have not assimiiated
the idea that there may be higher leJeIs
fer security values. lower returns OF
Investments. as expressed in higher
u-icss for stocks and bonds In q word
Tnonev. acts as II 1t was worth more
T 50, what erect viii Il have ON that
which produces moueE-StocN invest
lnents-
On the stock exchange conditions are
not greatly changed from what they
we're a year ago save ON certain STOCKS
Many roads have lncreasec oiFlceilHs,
7,rfces on the fndustrfaIs have advanced
-,s+a-5arr,- led by T. : steel But the
holdings Of securities lie today largely
where they did a year ago
Important Anti Developments
We have watched the legal develop
r7ents Of the year, the passing OF the
$4,000 fine, the sustaining OF me
commodities clause. tine sensational
pass the critic OF the Supreme Court,
the entrance Of Edwin Hawely as
factor Of importance on The railway
man the senzraIion of Rock Island
interests and ambitious plans OF the
AIoore-Pefd combination Of capitalists
More important than all these has
been the passing Of =. r. Harm
man, the greatest railroad maEuaJe o.
his age. the most daring, presumptucus-
and Vet cautious pIauner OF systems
and The most daring Spectator ana
ruzniuuIato- Of the market that It mas
ever kuOwn-even jay Gould and W
H Vanderbilt not excepted
All this Talk Of extension Or te--
eral powers of supervision Of control
Actual control Of public service board
n this state talk OF investigation nN
CONGRESS of operations on grain, cot
ton and stock eEchaDEes-aTG SIN
stocks are not far from Ine high lever
Of the yeaT-s-iu the bulk of the mold
E1ES lie In the same GETsES--lE'- Win
a new market leader. IN the person OF
the old genera. who has been 10 the
lore in every necessity for q genera
ton, J. PieTpCnr Morgan
Prices Are High
Prices are high There are pools I'D
everything The public Is out of the
market Speculative trading Is Of the
in and out variety for quick profits
limited losses and action
II there are 10 be higher levels for
money are there 10 be higher levels for
stccks2 The future viii have To- decide
IT, Prices moved Up q little all around
last week, some good gains but as
-71Ie the sentiment was opposed 70 an
advantage and the -aIDs credited %
a desire 70 make market ON Wf-ca
The fsct that holdings are so strongly
centralized in the hands OF large ma m
Cf7T Interests that Ihe public, the old
time public is without security hold
inEs, as The manner IN WlllCn Lfle mar
ket sustained the passing OF Mt HaT-
-f~7au the Sta.-zzrE Oil decision ana
the Rock Island mishap week ago
Had the public, the Eo2a, Ola pul-t- .
Of 1901, been in the market q Smash
world have resulted following any one
o. the three.
Increasing Use Of Cash
As = commentary on lie Increasing
Use Of cash In the ordinary business
channels, where II found little en-
uIoymenl e year ago, IS the indu6itahIe
showing OF the CIcariuEs Satfa62So-o for
the first quarter OF 1902, S351,535o51 for
the second quarter, Sf7f-555 for the third
quarter. and S1,s4t,57s,o') for the last
quarter. OF SI65.50oGl1so-'. exceeding the
r7ear5nCs Of 1905 by So, sfJ,Oaa0.0, and .
To1s cIeS~fnaz IN over s.. 10000 90. The
years record was the hlEl record .
Therein lies the cause or flSHeT rates
Fo- money rates that bankers S<lld 3
farewell TO Years age 1It winch nave
come back with prosperity
With such q general usa Of money .
can the market again command q suffi-
Client share OF funds 90 make easy .
Disbursements of s2zo.rasHH0 viii be F.
made At once on dividend ana interest
account Perhaps this viii find ITS way 4
hack and heID The market 10 an ad- .
EanCe-bur the best judgment Of Wall .
street fa-CTs the theory that every adj F.
vance AZ the present time is made for .
The purpon" Of distributing stock ny F.
interests that finds carrying them with F.
interest rates al > and e per cent -ath- B
81 burde1SuTC-
Has Il Been Discounted?
There IS no denying the favorable /
features There is no denying that rail- 4
road earnings have Shown an increase /
Of nearly IL per cent over last year. /
that many dividands have been in 4
creased, that idle cars are less numer- /
Gus
10 one can look aL the facts u one F.
case and offer the slightest reason Tor .
Coubtiuu the great Improvement in tle .
affairs OF the United States they can .
rot look into tho future and f0TeScC any .
5eI-up In ousiueS-5JIt Wall Street. with +
its old-tEule habit of 6iscounrnE things .
has discounted much Has il discounted .
alp
Probably vLe best thinG that could .
happen Wi Street would ne a c0o7 .
generous slump I'm values TO a basis to .
meet the new conditions in The money .
market There are few stocks in the .
list today that carry themselves
CIIRR DEICEC LAST WEEK