The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1910-01-30
Even Followers of the Situa-
ton in New York Are
Surprised.
MONEY IS EASIER;
LOANS INCREASING
Henry Clews Says That Agitation
Over Cost of Living Is an IN
favorable Sign.

NEW YORK Jan SG.-Eveu close fol
lowers Of the market viii be surprised
to notice the extent of the declines as
shown BY the net changes during the
week The recovery in the last half of
the week appeared 10 be Setter than il
really was.
It is q trading market, one that is
likely to go either way on the slightest
provocation, and without much chance
Of the provocauon's being in an upward
direction Their are TOO many things
sui to be eliminated from the situation
TO make clear saiiiu- On tine Dull side
OF cOure, these are known by every one
IN the market. an may be summed Up
as chronic illness. from which there viii
be relief until the Supreme Court op-
crates on the patients standard til,
z MON Pacific Southern Pacific and
American Tobacco are the sick ones
The technical position Is VeSIiy i'm
proved by the lower basis nov current
Dut The public, while Investing IL small
lots now and them Is aTeTSe TO TAX
Ing on SECURITIES " he5- stocks t5ke
Copper. Rec ding. Southern Pacific.
Union Pacific and S5esI Common break
rom - &c S9s points, u Is a serious
matter. That the bears should RAID
these old time faVOrIueS with daring
and utter indifference TO the insiders
who have heretofore put them up or
down at pleasure, is a familiarity that
can only be accounted for by the fact
mat the same insiders are either uu-
able OF unwilling 10 stand under the
market
Probably the ching that helped check
the decline in the last half Of the week,
aside from the covering OF the shorts,
Was the pegEInE OF H--Ie steel at SIS
Had the bears been able 10 bring it be
low this point they might have been
more successful than they We're
Steel Dividend Disappoints.
The Steel dividend. with its increase,
helped matters, but there are those who
find disappointment IN the earnings Tor
the last quarter and in the small amount
set aside for construction, even If they
are Offset BY increased orders II is
admitted that there IS q little Iet-up in
the steel and iron business which Is
usual at this season of the year but
there is nothing in this outlook that
need cause any uneaSlneSS-
EurOpe'S financial eyes are upon Paris.
and il mighI be well for the financial
interests OF this country To- look that
way. toe san Francisco disaster
proved that the world is all akin ana
there can be no such Ereat wlplnS out
OF values as OcCaSlnneG oE- me HolI
without consequent transfer Of invest
ments in the process Of reha bIlltaJlou-
The awful slump in cotton and the
declines In wheat also have added TO the
uneasiness-
Trader Must Watch Closely
In the present temper O The market.
commitments should be Wen guarded as
to margins, and the trader who IS oper-
aring cannot let the market take care
OF itself, but viii have 70 watch very
closely in order TO be able 10 take
profits and protect himself
feature Of the week has been the
betternent in the Hill stocks which
are on a most satisfactory basis Tor IN
veslmeUJ returns Neither Great (oEti-
crn nor the Northern PaCIuc are lHCl-
10 be disturbed by any leElslauon5 lAe>
have escaped the stigma of pool Oper-
atoms haIr never been SpOTLed, ana
are acting on their merits
The money market Is distinctly easier :
but the surprising thing IN yesterday 5
hank statement was the enormous IN
crease II loans. which but Tor llt
fact that they were the result of shift
ing, would have caused much comment
Views Of Henry Clews-
Henry CIews takes SO view that the
main CNuse Of weakness during the
past week was a fear concerning the
b. tenor OF the forthcoming decisions OF
the Supreme Court in the Tobacco
standard OH and Union Pacific cases
This weakness was accelerated by an
aggressiveness ON the part OF the bear
contingcncy- SO far as the uneasiaess
concerning the outcome Of the trust
cases is concerned, il may be SAID 70 ne
overGOne- Iuasmuch as previous decis-
ions of the supreme Court in interpret
Iuc the Sherman antitrust idW nave
been very conservative
as 10 any plans of President Taft 10
Is not believed that ne VIII carry them
out ina manner detrimental 10 business
interests
Investors should realize tha- indus
trial concerns whose success IS based
upon mCuopolieS are insecure invest
ments- All m0nopoiies, except those
based upon patents, are ever subject 10
popular attacks and Tor this reason viii
always he unsafe from an investment
standpoint
Henry CIews takes tle view also
that the present agitation iU the mat
ter Of the hiEh cost of living IS an ur-
favorable sign, since il Is likely 10 ere
ate a political upheaVaI that VIII be
the cause Of some very drastic and IN
satisfactory legislation
The market at present Is considered
by Mt CIews 10 be in a condition 70
warrant safe men i'm investing their
money, for many Of the best issues are
down 10 TO 50 points
There are few buyers for Government
bonds and Mr. CleUS IS Or the opinion
that Secretary AIaCNeaEn-s bond tax
viii not command general approval He
thinks the Government should pay bet
ter rates for short term loans, just as
other borrowers have been obliged 10