The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1908-09-17

NEW YORK, Sept I--There was
considerable excitement at the opening
of the market and more or less ragged
fluctuations. the bears of yesterday try
ing TO cover, with the effect of forcing
prices up on themselves, and then
changing front played for a reaction.
which ended just as suddenly as it
started, and was followed by an up-turn
in the second hour Of the morning and
a little hesitation in the last half of
the hour. when prices were almost in
variably' Z 10 a above the closing fig
ures of Wednesday
Feeling the market, trying TO get a
line. covering of shorts. Iiquidating on
margin calls. and getting IN and out,
coupled with many rumors and much
gossip. characterized the progress Of
the market.
1t seemed as II the shorts found It
difficult TO buy stocks when the mar
ket opened. and It was only after a
bunch Of contracts had been covered
that there was any disposition toward
a reaction.
There were a number Of reasons for
the advance, chief among which was
the improved position of the market
through the liquidation Of the last few
days, and much Of this was unques-
TTonably to be attributed to the catch
ing Of stop-loss orders from the army
Of trallers who have been following the
upward manipulation Of the Hartman
crowd.
Political Scare
It would not be far from the truth TO
admit that Wall Street had SUSTAINED
its first political scare Mr. Harrlman's
apparent Indifference to the result Of the
campaign for the highest office is not
shared by the general trading and fin
ancial element. but there are many who
believe that the success of the Nebras-
kan would not be followed by dire dis
aster. and who believe that the people
are tired Of the regulation, paternalism
and OutCry against corporations, as de-
clared BY Mr.. Hartman. This latter
class is in the large minority. the fear
Of just this result in the political battle
being intense.
Hill Stocks.
The Hill shares shared in the general
improved tone Of the markets. but they
acted nervous and the short sellers of
yesterday found considerable stock for
sale when they went in TO cover. Yes
terJays high prices were not reached
in anything but Baltimore and Ohio.
Rock Island, and one or two otKr
stocks. but there was some Improvement
very few exceptions.
The Leaders.
The leaders were Baltimore and Ohio
on its splendid statement of earnings
and savings in expenses, as reported
yesterday; Fries, on which Hartman
and Morgan are said 10 De in perfect
accord, with intent 20 give the road an
opportunity to show what It can do
under favorable management, and
Reading. which IS the faVOTite clique
stock at this time, and is being bulled
on its merits. Business continued on
moderately large scale until the noon
hour. when It Teceded snd gradually
the market quieted down, and at the
same time there were recessiOns of frac-
lions here and there throughout the
list.
The indUstrials did not show even the
same strength as did the rails. the ma
lOrity with the exception of National
Lead, remaining dull at about the clos
ing prices OF yesterday. Copper gained
ID point. Steel did well to hold its own.
Shelter a little firmer-
Wisconsin Central a Feature.
For some reason or other Nat has
not yet come to the surface. Wisconsin
Central bobbed up serenely Today as
one Of the market leaders. the preferred
advancing > points and the common a
point
No one knows just why the advance
should come at this time, although
something has been expected from il
for months. and at any time. II will
probably come with the announcement
that Il has dropped into the grab-bag
OF some Of the big liners.
Baltimore and Ohio gained over a
point. Reading, Illinois Central, Fries,
Rock Islands. and some others over
a point. The general list other than
of w
about Z point above yesterdays close.
In the last hour Of the day the market
went to pieces, hitting the toboggan and
hitting II hard. The shorts had quit
covering and again hammered for gains,
and there were UnmiStakable evidences
Of margined stock being thrown over.
If Il was intended for a shake-out II
was a very good one. The declines ex-
tended from = point net to 22s. and
there were but one or two stocks on the