The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1910-01-23
MARKET SITUATION
IS MUCH RELIEVED
Heavy Liquidation and De
clines Have Brought Values
10 Better Basis.

not like il is the calling of margins
once. twice. and thrice repeated the calls
= usually lead to market orders to sell
TIE call has been repeated Ger and Ger
Cor many a day. and may be heard
a-ain and again before the process Of
readiust1leut is completed With the
song Of prosperity being heard all over
the country. " tn ClearinEs increasing
in q most sat sfactorv manner, with
mills and factories operated 20 their
fun cauacity, and with ample orders
ahead stocks have been on the toboS-
gan for many days. Millions OF dollars
Of losses have been sustained. hundreds
. OF millions. part cash and part paper
And IN the midst Of prosperity there
has been q lowering OF levels in stocks,
grain, and cotton, and with the impress
siVe movement now organized, It would
not be surprising If the cost Of living
would tumble also stocks and com
rnodiyies have overstayed their market
they were too nigh. and the IevelinE
process was the physicians prescriP-
ton
II was no ordinary condition that
brought about the January slump on
top OF the December drop Il was eN-
traordinary IN every way,
An Object Lesson
And the answer IS involved and not
easily explained. wall Street pess--
rIstfc IS an object lesson 20 the law
makers said one banker. Perhaps he
was right IN his Judgment, but Wall
Street has visions Of Standard oil and
Tobacco decisions Of an entirely too
rigid Interpretation Of the much-hated
Sherman antitrust law. a modification
Of which was half way promised n year
= ago. but which cannot be amended OF
repealed at this time-in the temper Of
The eWsteTu lawmakers
II has been a matter Of genera
knowledge that there were scores Of
pools operating IN various groups OF
rails and In some indUstrIaIs here and
there, pools that had large amounts Of
profits 10 their credits pools that were
hanging on, pools that were strong ana
POOLS that were weak The bears, en-
couraCed By the fact that declines in
stocks did no. bring RockefeIler-AIorEau
money into the Street 10 stop the break
went after these pools. making first one
and then another let 80, Uut in only
one case. with a sIckeninE thUd, the
slim, unsteady Columbus Hooking Coal
and Iron pool. which topnIed over as a
result Of its own weight The HaWIey
stocks were rzided. but without serious
effect Rock Island tumbled more or
less and the EEII stocks because Of the
fact that there was no combination TO
take their part and because Of TumorS,
t0UucarionlesS as they were, Of a cut IN
dividends, they suffered severely
Judge LoVe1r and his Tnion-SOuthern
PaclTiC associates IN putting forth such
efforts as they have TO stay the hand
q the Government IN the attempt 10
divorce the two PacInCs, have but en-
pIas1Zsd the importance of the CUnneC-
ton Of the Union Pacific west from
Ogden.
Increase In Loans
Tie bank statement Of yesterday
seemed 70 indicate one Of two things
either the leading interests have not
9een heavy sellers OF actual stock on
the down turn or else they have bee
buying back stocks and extending loan
lines IN the last week 1t g CO.. z,I.Iy-
not a sign Of heavy inside liquidation
when loans are extended as heavily Is
they were last week, $4,000 go Tie
daily chatter from the Street. Uas ID
the effect that short Sclle-e were the
chief buyers, taking in thet- handsome
pro6ts-and the purchasers Of shorts
are not represented ~ the loan &C -1uu-S
AZ banks and trust companies
= IS also probable that the short a.
count IN rails and industrials Is larger
today than II has been for ulai7v We eks,
therein being the strongest feature or
tho outlook
T T-ouId seem as II prices we almost
low enough as If stocks could 30 taken
On at the current figures, by inves' or-S,
with much assurance OF safety There
may be- probably viii be- rurrtPS IN he
list now and then, perhars some more
Earring here and there. out in a country
as rich az this, with such an abundance
Of capital, desirable : and Der cent
investments at or near d pa basis,
ought 10 appeal 70 investors
Close Observers have not been able
- al .
conditions.
Always q Way
IN the past ways and means have been
found to meet legislative enactmcnts and
court Of last resort decisions in so Tar
as they affect corporate existence and
railroad operations It Is therefore like
y that the issues that may arise in the
future viii be Of the kind that -1H he
met. II Is not likely that a Southern
Union Pacific divorce would mean 9th
rT than a holding CumpauE-IhaJ a
Standard oil deCisllS would mean the
disruption vipinE out and leaning Off
-1c face of tho earth the Standard OIL
Company Even. a state Investigation
Of the Columbus Hooking Coal and IRON
smashing would not for moment
threaten the existence Of the exchange
Another favorable indication develop
Cd late Friday and vas further outlined
yesterday in the rally in Steel Where
doesn't take much OF = drop 10 make
10 look serious Nor p-TCh OF rise to
make il look rather large
Steel Helps List
Tho -rcas steel Corpora ton IS the
head and ron; Of the Industrial situa-
ton Il Is the pet Of J. Piorpont Nor
-an and of many big men on the
Street a rally ia steel shares Is the
best possible tonic for steadyinS er-
fcrt on the whole list Il was more
Than an even chance that the talk OF
The increased distribution on Steel
common to "a . per cent basis was in
Splred and that II viii he made coud AZ
the directors. meeting on Tuesday. L
certainly sert the shorts in the common
stock into a e7mmorion and made them
take los - IN aLCpathic doses withiut
CIasers
II had stesdying effect on the list.
but at that IL was difficult 10 hold
Union. Southern Psci-zc- Reading. Penn
81. and some other stocks
While sentiment has unconscious DIV
improved, while indications are thai
there viii he a rally IN prices the mar
Ler IS STIR on tender hooks liable n
f.-r7-L- ~oa --ruT@. more rnaHr- 81