The Washington times., 1910-01-09
MANY INFLUENCES
CHECK BULL MARKET
Trust Cases, High Money
and Rock Island Fluke
Prominent Factors.

NEW YORK, Jan. S.-The first week
OF January has come and gone, and the
expected January rise proved u be a
reverse decline Of more OF less impor-
tance. The big disbursements usually
counted on TO give the necessary i'm
petus for an upward movement Ialieu
10 make an impression To a close OBJ
server Of conditions the situation has
many peculiariJies. We are on tne
rhrehoId Of a year wherein the closest
ana best judges can ind nothing IN the
outlook but a great rush Of pToutaole
business The outlook for the harvest
is even more encouraging in 50 Tar a
s4u he Judged al TINS time. than last
year-s- railroad earnings are inereasli9
with practically every return >ipaoe'
steel and iron IS moving IN vast volume
and general business Is at It's zenith
and vet stocks hesitate and refuse 10
follow in the wake of news OF fe44
HulIfsh tenor, such as would have En-
couraced z H Hartman 90 make plans
for great movements
There's a ReaSon-SeveTai-
There is always a reason. If ose
doesn't exist, the beautiful imagination
Of Wall Street viii supply the deficiency
and generally make Il look Ike the real
goods Before the late message reached
congress, Wall Street shivered WITH
fear-openIy, although secretly 1eellI5
that the business administration
would not place rails before the onward
march Of Republican prosperity " heI
The message came out and was found
20 SAY nor recommend any LhlHe 'l'o'
would he detrimental 70 an honest cor
q "a
me HssCo in Rock Island
T-u-T77Cstioua bly, this faux pas created
general distrIst IN foreign mdTtS' dIlu
TaF the matched order business as Z
means OF manipulating an l4elN nc ~ a
.1.-ffZe movement and attendant lT5eT-
eSr Is b- no means an unusual olt-, 4, A
v7S simply case OF lCiludE 1itS-L,
,Trfs suovr and storm and a mlSCaIEia' a'5t
of .pIans II may have caused a SecEt-
ffoTl of anger and jealousy II may nay s
mt friends 10y the ears ana yet uAe
interests in Rock Island are not lkely
10 take any serious view OF tLs - -
or 2 few hundreds Of thousands OF dOt-
Iar IN a friendship that has mace nlli-
lions for the parties thereto S1ofeoNeft
rho other end Of the trio OF X. l. mas
mates have SpeCuldjed as 81 oiu III
Cq-D1nS know only too well
II is the stock Exchange LlaI mas inc
hurt 10 look after These thlnSS sHC1u
not become public property If they dc
the tenIerfOot IS likely to look 10 some
-her game for a chance with his money
One More
PERHAPS the real cause of the down
rr1rn in stocks may be found in the fact
that the holdings Of securities are con
routrated lust where they were q year
ago with some more or less important
changes Of course they are carried
and are being carried at q good proflt
nut there is n growing feeling On the
street that these holders would Ike 20
stand from under their burden Ins5
have stuck well 50 far but the IillIllLe 2
one big rvcl starts 20 nQUidale lne CT
feet Wa be serious and others VIII Iot-
low TFt there = 2. chance aud q 5000
one mat the pools VIII hold, and should
conditions assume a more IaN OF etp-e -
U-cr tr.a~ viii Try once more 10 iuteTerl
The p-.bIic, which = now noSinC around
the mar1et with more interest Tnan EaS
been shown for some time,
Wall street usually takes two, three,
or more EIfeSSes at the cause or the du---
ness the weak zneSS- or tne advance
Just AT this time 57e should De per
777frrpd 10 offer more than one cause for
the declines Of last week. for the lndT-
ference OF room traders whose opeIa a
srrFp --1 6uTErUT pLE'1o1 .EEL 90 =."-
rrrtr-7 The Tobacco case nov before
rre supreme Court the STANDARD ON
case. also ND 90 the highest court for
adjudication Justice Harlan writes
these aIlv-and the able
fu-ist asked some questions IN the To-
5acro case that would seem 70 ind a te
rHa- he was I'D 70 date, as well as OF
che old school These cases vii rave q
CiStiucL bearing on the market
Money Rates VIII Be High.
Money Is a factor. There are many
very rich men who add 10 their wealth
ny buying stocks with borrowed money
making q large part Of their profits
from the excess Of dividends over cost
og money from banks and trust coT1pa-
-,e
kind Just now Money rose to "A Per
cent early last week. and got to 81
before the close. This created uneasi-
ness. as il was the first year in a decade
when January money passed above nor
mai rates 1t must be conceded that
1910 IS going to be year Of high rates
or honey and therefore a year Of faj
incomes for banks and bankers The
promise Of enormous business and man
Uf2ytuTITsE aCtIvity-nOw a fact, not 4
D7omise-calls for large sums Of money,
ana the surplus fOr security Speculation
y not as large Then too, our trade
balance is not encouraging, and there
. danger Of gold exports in the near
loans.
Labor sEftatous and agitators are
anotIs2- OF the happy seasons menaCes
10 the stock market and its future The
direction Of Iabor's best at this time BE-
ing the United States Steel CORPORA
ton. 4 real market leader. that CannOI
oe Affected without widening infu-
cnCe-
Some SOlaCe.
When these various reasons. all oi
which have more OF less influence, are
considered, the reader viii wonder that
stocks are as strong as they are that
the declines nave noC been more serious
Despite the effect that each exerts
there are many who believe that higher
prices are uoSSible- even uraba bile II
The near future. Values have gone
down materially from their high. there
is some comfort Earnings are going uz