The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1908-10-21
BULLS COMMAND THE SITUATION,
MOVING PRICES UPWARD FOR
LARGE GAINS.

NEW YORK, Oct. 21.-Passing up the
E-yan scare and finding the speculative
element perfectly willing 10 discount
the defeat OF the Nebraskan. the pro
fessionals carried the market to higher
levels and gave an exhibition Of the
perfect control and the response with
which the market yields to the master
touch The speculative element, willing
10 go either way. needed but the incen-
tive Of rne leaders to bring them into
action.
London again started the pace for
the days advance, and the indications
are that London will be worked until
the finish Of the campaign. now rapidly
drawing near.
Commission houses and brokers so
through the formula Of sending out
gossip Of a favorable character, re-
ferring TO earnings, savings TO be made
during the year. etc, but all the time
they recognize, as anyone must who
keeps in touch with the situation. that
1t IS through and through, under and on
top, a market subject only to politics
10 is a speCuiStoTS' market, made by
spectators anu for Spectators alone
it may be that the confidence displayed
will draw q few purchasing orders from
investors. but as a rule this class Of
buyers prefers the safer field. the bond
market.
Discounting Again.
The market was unquestiOnably dis
counting the election OF Mr.. Taft in No
Vember. Wall Street has a way Of dis
counting almost everything so that it is
really the barometer of the probabIli-
ties. a weather guage.
In seven out OF the last nine years
stocks bought on November or the
day after the Presidential election
might have been bought much cheaper
This is the proof that Wall Street dis
counts. In London Lloyds are accept
Ing insurance against MT. Bryan's cleo
ton on a basis that would make the
betting about nine to one against the
Nebraskan.
All Share in Gain.
in today's grand rally practically
everything on the stock list shares in
the upturn, even the industrials com
ing TO the front with a fine show OF
strength. In the rails the leaders were
Union Pacific, Southern Pacific, North
ern Pacific. Great Northern. Illinois
Central. and St Paul In the indus
trials Steels were favOrites on the ex-
pected good showing TO be made pub
lie in few days, both as 70 earnings
and untitled tonnage Other Industrial Is
connective. Sugar, and Anaconda being
tne most prominent in the betterment.
A Royal Aid
There was report that King Edward
Of England, Ireland. India, etc. had
really purchased q large lot Of Harri-
man stock, being especially interested
IN Southern Pacific London was very
strong and as a result the story Of the
royal purchaser found some believers.
II IS quite probable that tie American
Edward, boss Of the Union and South
EN- Pacific and Of the New York stock
market. might have given Edward VII
pointer on the situation. but the
weeks ago, before the present high level
was reached.
The Gain.
The gains on the leaders amounted to
points on Southern Pacific, IL on
Union Pacific, on St Paul. and about
a point TO a little better on the majority
or rails. Pacific Nail advanced IA
Great Northern a point, 3. & o., =
snd n. y. Central. -
SIoss-Sheffeld a point up: SteelS, e
Copper. III. and Locomotive, y.
There was not me slightest disposition
ed into the afternoon strong and active
During the first hour of the afternoon
the market held well, Northern Pacific
being held at 145S: Southern Pacific
IO77S: Union, 17Ols. and the. whole lis
good and strong