The Washington times., 1908-09-15

NEW YORK, Sept. I5.-At the i'm
mediate opening Of the stock market
the bears were rather aggressive and
declines were sustained all along the
line. This could not be attributed to
the small plurality OF the Republican
party in the election of yesterday. be-
cause Wall Street paid little heed to
It. other than to recall the fact that
November is coming, and coming fast
1t was generally admitted that local
conditions In the State were more re-
sponsible for the cutting down Of the
majority than any change Of sentiment
favorable to the elevation Of Mr.. Bry-
an to the Presidency. Liquor sentiment
IS supposed to have been a prominent
factor in the Maine election, or rather
prohibition, with the minority party
favoring rational control. Moreover, the
popularity Of the defeated candidate
for governor was an important factor
But the real feature Of the stock mar
bet was the generally believed report
that the Hartman following was out
OF the boom business for the present.
and that. while their plans ultimately
call for much higher price level. they
feel that it would be a great improve
ment to the technical position of the
market to have-a reasonably good re
action
Easy to Accomplish.
If this report Is founded on truth
there will not be the slightest trouble
about the reaction. Ii Mr.. Hartman
and his friends are willing 20 stay out
Of the market for a few days or a week
there Will certainly be Il good reaction,
and nothing can stop it. Just as GER
tainly rs the advance was accomplished
by manipulation and main force, so will
the market go back when the pTOpUlsive
power is Withdrawn.
There is some mystery in the market
1t doesn't act just right There is some
question as 10 whether there is an ac-
CWaulatOn Of stock going on or a dis
tTibutiou. There IS an Incipient Bryan
scare, ana number Of smaller traders
have been induced thereby 10 short the
market so that there is a constantly
shifting short interest.
Persons close to Mr.. Hartman admit
that they personally are inclined 10 the
bear side. but that they have received
no intimation of his intentions for the
immediate future.
Reading Leads List.
In the first fifteen minutes OF the ses-
sion 81, 900 shares of stock were sold OF
this 10000 shares were of Reading. Just
what interest is standing under Reading
IS not known, but 1t was the only stock,
practically, on the entire list that did
not act tired. Reading did much TO
steady the list. but was not sufficiently
powerful TO prevent TeactiOnary losses
here and there The story was that
John W. Gates was bulling Reading.
There were some who believed it bsIt
others were Of the impression that the
distinguished speCulatOr. lust leaving
the other side Of the Atlantic, will wait
for final election returns before making
one Of his sensational plays on Wall
Street.
Reading dropped 3 in n minute after
length of time the bears and Others
were following the rise, which in less
than an hour carried il to 1879. or 2
points above the low 1t then reacted y
point
New York Central was the frmest Of
the general list. 1t was steady and
about where it was at the close yes
Terday.
Rumor has it that the two greatest
railroad systems I'm the East are to be
reorganlZed next spring, and that one
of them Will be dominated by Harrf-
man when reorganization is completed.
Both roads are said TO be largely dom
mated now by Morgan influence. SDecu-
latiOn on this bit of gossip includes
New York Central and the Erie in this
proposed combination Just what Har-
riman'S plans are remains to develop.
but il IS generally believed that the
master manipulation has something up
his sleeve that he will spring after the
election that will bring people into the
stock market. who are now holding
alOof. There is faith and plenty OF it