The Washington times., 1908-11-10
DAYS DECLINES.

,rEv YORK. Nov. 10.-There was
+bs. Uyeliast kind of trading on INC
sroclr market, and the orders were us
,rtbuted throughout the hsi without
,,artiaIitv. Most commission louses Ie-
norte5 that tho reaction yesterday SIM
nIy stimulated the desire 10 purchase
stocks.
Professional traders are inclined to
wait Tor concessions. but the puDlc
seem disposed to buy at once, and II
was purchases by commission houses
that absorbed professional selling ana
enabled the market to show the strong
front that it did. There were some re-
cesstous here and there, throughout the
list lust as there were advances here
and there.
Southern Pacific Rumors.
Everyone expects some announcement
that will start the Hartman stocks on
another sEy-sCTaping journey. South
ern Pacific showed the effect OF these
Tumors In a sharp advance Of 21l points.
or 20 u4s. from 1I25z at the close yes
terday. The stock opened al llS12. sold
10 lIHz, and on a fraction. The story
Is that the preferred stock Is TO be re-
tired in the near future al ll5 share.
probably by a bond issue, convertible.
There are those who consider thst
Mr.. Hartman is making mistake IN
starting the big advances ana the
bullIsh TumOrs with stocks as hlsh as
they are, but they admit that the Har-
Timan clique has not carried the bur
den through the trying times Tor nOJh-
ing, and Jhat IL Is but natural that he
should endeayOr 10 advance prices that
the profit Of the long pull might be the
larger.
Tne Street is full Of advice to buy
at recessions, but there are many who
viii not wait for the concessions.
Strength in Minor Stocks.
one OF the features OF the session was
the strength in some OF the minor
stocks that is EEies. Norfolk and West
ern, Denver and Rio Grande. and the
Southwestern issues,
In the Industrial list Pressed Steel Car.
Rubber. preferred. Smelter, Copper, and
the Steels were strong,
Illinois Central holds a prominent posi-
ton in the hign-prICGd rails. II ad-
VaUCed sharply yesterday. despite bad
statement, and II gained Ia today ad-
vancing TO l434 Pennsylvania gained a
fraction and was very nrm. Reading
also moved up fTaCtiOHally- Union Pa
cine started at lt5tz, q Is gain Tedc-ed
10 us, and recovered 10 Ito3s. 81. Paul
held steadily despite a point loss from
Northern Pacific ana Great Northern
less active. but both held their own.
Public Buying Heavily.
Not in ten years has there been so
much public interest in the stock mar
lret. At this time it acts much as it
did In 1901 when the public took the
market away from the leaders ana their
stocks as we'll and made them buy
q a EnHlr
London houses bought about 2o990
shares IN the drst hour chiefly OF SOutu-
eFn and Union Pacific and Steel and this
activity helped the rest OF the market
1T was noticeable that the interests
that have been committed 70 the Dull
side for a long period were taking on
stocks perslstently.
Going Up Again.
III the noon hour the market again de-
veloped the keenest kind of a tone with
sharp advances all through the list. led
by Southern Pacific, which this time
rose like an aerOplane TO III or ~ points
above the close OF Monday. This was
sufficient in itself TO give stimulus 10
the whole market and the list followed,
all losses being recovered and additional
gain made without much trouble. The
public buviug asJOnished the pTOfes-
si0uaIs and they threw caution 10 the
rear and started buying right and left
The shorts of the morning covered Just
as fast as they could. This rally carried
Great Northern to 80. Northern Pacific
to l5Glg, Reading TO 1892, Southern Pa
cifiC to ~, Union Pacific TO ISL or with
in a fraction Of points net advance
Smelter 10 952s. and Steel 10 ll5- IL was
the widest kind of a market with LOO
share lots as common as lO0-share lots
In ordinary times. and the buy on re-
actions was forgotten in the buy
buy, and Duy."
Between 1870 and o'clock this after
noon Southern Pacific made another
new high record, moving Up to 1854
while Union Pacific touched up 1914
another new high. For the first time
Reading turned above 40, y point
above. Pennsylvania w6s 1293z anC
Northern Pacific 1919 another point up
The whole list was just as strong as