The Washington times., 1908-11-11
DAYS GAINS.

NEW TURK Nov. 1.-THE opening
OF the stock market was attended with
great excitement. enormous trading
and some concessions in values, the
movement at times reaching a stage of
positive weakness, but when compared
with the advances Of the last few days
the recCSSiOns are immaUerial. No one
knows just what TO expect, but The
theory OF still higher prices has many
advocates while the wizard, one Har-
Tlnlan, IS expected to make another
announcement that will start the in
nation with fresh impetus.
The big profits have been . sore
temptation to the trade and with the
first sign of a reaction there is a flood
OF orders TO take profits in and this
liHpells the selling movement along, but
- uoes a IasL very long as there APP
pears 10 De no END TO the demand and
the ticker Is busy every second Of the
session and always five or ten minutes
later than the market.
Yesterdays wild advances in the Har-
rlman's were largely responsible for the
rush or prOut-takiug sales shortly after
the opening. London came very strong,
the whole European situation having
been bettered by the developments in
Germany.
It was reported that some large snort
interests had been forced TO cover in
Southern and Union Pacific yesterday
and that the elimination of this factor
was also partially responsible for the
weakness Of the opening hour.
Hartman Is It.
The Street doesn't question ae Cact
that the stock market is rs much in the
hollow OF Mr.. HarrimaE's hand today
as il was before the election, that the
wizard has but 10 indicate and the price
VIII soar OF drop, the market weaken or
-ecome nrmer And there are thousands
playing the game today, where there
was q few hundred three weeks ego.
bel. southern Pacific opened just about
where IL closed yesterday, ll.@s, and
was on points In less time than IL
takes 10 tell it. st. Paul started at
1865 and dropped 10 AS. UliOn Pacific
At iSJ3s and dropped 10 1885. Louisville
fand Nashville at ll5asQll5la, and
dropped to 1l4la. Reading broke from
1859 TO 1857, these being the chief
losses.
Southern Pacific preferred showed a
nrmeT tone. and an advance of a point
was established, but most of it was lost
later Oh. Fries were very strong, and
the SJeels also, these being the partiCu-
larry strong features of the market.
ErleS gained nearly =, while the SteelS
held their own in good shape.
In the industrial list Copper showed
the most positive weakness, going of 10
SOS, or nearly points. but thereafter
motive broke IL, Consolidated Gas IL.
and Lead y. Ice was q lower.
When the decline had run It's course
some powerful interests appeared as
buyers. Commission houses sent in buy
ing orders. and the market rallied in
right good fashion, showing class, and
removing all fear OF a tobogganing mar
ket.
Standard Oil Buying.
The victory of the Standard Oil
Company in the matter Of a fine of
many millions has played a very i'm
portant part in the market. It was re-
spOnsible for the enormous buying of
in which the great corporation is in
terested showed tone and strength.
Baltimore and Ohio was one of the
steady stocks on the list, Atchison
another and Missouri Pacific a third. /
The cheaper group OF stocks seems TO /
be in favor on the theory that stocks
should rise there as well as in the
gllI-edged group.
The rally that started shortly after
the second hour OF the morning con- !
tinued with accelerated pace well into
tie afternoon session. carrying New [
York Central back to the closing price !
OF last night, u4B; Northern Pacific, Is /
above its close; Erie common to a is !
gain, and the preferred 10 q advance. |
Illinois Central recovered its early loss
entirely, Reading lacked p of being
even, while Southern Pacific and Union |
were about point off net. The Steels |
were strong,
There were few changes in other Sc
curities IN the late dealings
The directors of the Union Pacirc I
Railroad Company at noon today de- /
Clared the regular quarterly dividend i
of 21a per cent on the common stock OF 1
the company.
The regular quarterly dividend of ~ |
per cent was also declared on Southern I
Pacific common.
The failure Of Mr.. Hartman to make !
any explanation anent the regular Union 4
Pacific dividend, with nothing said Of /
an extra distribution was accepted as a 1
bear argument and the list broke about 1
points On an average. There was some
recovery from the low, but weakness /
was the feature Of the last hour o. the /
session