Evening star. [volume] (Washington, D.C.) 1854-1972, 1913-02-09
PATRONS KEEP SHY
Factors That Contribute to
Inert Stock Market.
PROPHECIES CALLED JEST
Equanimity Over the Tariff Revision
Is Now Conspicuous.
RAILWAY DIVIDENDS FIGURE
Payments by Some of the Big Rail-
road Corporations of Cash Not
Actually Earned Is Noted.
RAILWAY DIVIDENDS FIGURE
BY H. ALLOWAY.

NEW YORK. February $50 far this
ject that stays frozen stiff. Everythin.
and everybody in Wall street reflect the
numbness. Prophecies in plenty are
ma rketed-but nothing more substantial
is accomplished than uniform disappoint-
ment for those who place any faith in
auguries good or bad Professional talent
one day prophecies cheerful development.
and the next day the same group predicts
dire diSclosures-and the net result is
nothing.
The active head of one of the most i'm
pOrtant of our international banking
houses sailing from Europe for New
York couple of days ago issued a bule-
tin in which he announced that he saw
many and forceful reasons for being
optimistic. Nobody is Influenced. how
ever. by such assurance. even when it
emanates from a source recognized as
close to premier consequence. We have
come to count upon these formal outsiv-
ings. for nowadays when any financial
parsonage sails away or back again it
seems to be regarded as an essential of
good form to make a bow TO his Wall
street audience and toss off something
difficult to get d great man of finance to
unbend at all, but now ii is much the
fashion that even fifth-rate brokers in
dulge and are INDUCED in the fashion.
But whether from big financier or little
fnancier. these routine OutpOuringS fall
fiat. exert influence in no way, in no
quarter-are become indeed actually a
Wall street jest. Truth is that the time is
come when it is not something saving
but has to be something doing 10 be of
any Importance at ali.
War Influences Ignored.
Through many months Wall street has
persisted in ignoring utterly depIora Die
conditions abroad political and financial.
devastating foreign war-two, in fact
would ordinarily excite apprehension here,
with unusual tension upon the world 3
peace. which must in the end tend to-
ward International depression. Yet Italy
scourged Turkey and now the Balkan
allies fay her-imposing losses. not in
GLIDING hundreds Of millions of indem-
nifty exactions. that mount higher than
by any ordinary mind can be cOmpre-
hended. Paying time has arrived. Finan-
cial arrangements press Immediately at
every foreign financial center. Every inn
portant banking institution in Europe
openly expresses disheartening senti-
ment. Every one is boarding gold to the
limit OF capacity. Finance has actually
been forced upon war footing. Settle
ment days cannot pass without such
grave complications as impose peril for
the solvency and the peace of sovereign
ties other than collapsing Turkey itself.
America meanwhile looks on carelessly
1t is a curious exhibit. The like never
before has been known. Conservatives
are not serene.
1t is our optimistic notion that Europe
has already SO thoroughly liquidated it's
holdings of American securities that no
matter what ensuing foreign tumult may
arise, no matter what rigor may have to
be exercised I'm foreign investment mar
ketS, there is need for no anxiety i'm so
far American stocks and bonds are
concerned This view will not bear anal
ysis. The fact is that instead of having
less of our stocks today than a year ago
European holders are more largely inter-
eSted, committed, now than since 1907
And though nobody refers to the conse-
quence of IT, all are borrowing today in
London, at Paris and even in Berlin stu
pendously- There is a maturity day.
Indifference to Tariff.
With similar equanimity the coming
special session of Congress is ignored.
Informed people who have followed the
daily sessions of the inquiry at Wash
ington cannot have doubt as to the fact
that action-and pretty drastic action
is certain to he taken in the legislation
for which Congress Is to be convened
over and over il has been set forth by
MI Underwood and others of the COM
mittee that Il tariff not for protection.
hut for revenue, is due, being pledged
by the party coming into national power.
From sources that are entitled TO con-