The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1908-09-22
DAYS GAINS.

NEW YORK. Sept 22.-There were
plenty or opportunities 10 turn an hon
est dollar In the stock market, and on
either side of it. At the immediate
opening there seemed to be a chance OF
a sharp recovery, for in six days the
rails have lost over "a points and the
short line has extended to the point
where It looked more or less dangerous.
Gains Of Y point and better marked tie
first hour Of the session. The success
Of the President as a letter writer added
10 the general better feeling oversize
political situation and the Bryan scare
seemed TO be fading.
UnqUestionably there has been heavy
LIQUIDATION Of stocks that were acquired
g. much lower prices, and the Hartman
following have been adding their thouS-
ands OF shares TO the weight on the
market.
Insiders Support List.
This morning they evidently consul
cred the situation just about right for
q rally This was further helped by
the declaration Of the regular dividend
on Great Northern stock. Fearing that
they might lose control of the market
Inc insiders gave II some support in
the early trading transactions and find
ing that it steadied readily. pressed sales
again and quickly the advance turned
into 8, general retreat all along he line
But the situation was mixed. Smelter.
Reading. Canadian Pacific and a num-
Der Of stocks showing genuine resist
ence to bear pressure. Erie. too, showed
firm tone, causing some question as
10 whether insiders were supporting the
Stock or night Tor control had deVel-
oped between Mr.. Morgan and Mr.. Har-
riman. The belief is growing that the
conferences between these two have not
been entirely friendly and cordial and
that Morgan interests are strengthening
their position in the road by acquiring
stock.
London Started Firm.
London showed a decidedly better
tone for Hartman securities. the prices
OF which advanced Ia. but this was
also due to supporting orders sent over
from New York.
After the market had been strong for
nearly half an hour. it turned the other
way and turned with considerable force
Before the middle of the second hour
OF the day the gains Of the morning
had been wiped out and turned to
losses OF various proportions from q 20
% points. The bears were joyful at be-
ing able 10 pound the market down, and
considered that there was nothing TO
be done but keep hammeriug and cover
Ing at profits, an enjoyable game and
one in which they have not had much
fun for many moons They worked
with might and main TO bring about
the reaction and when the market suit
ed them. they covered freely and
brought about moderate reaction from
the low point
Great Northern Dividend
The declaration OF the Great North
ern dividend accounted for the advance
of III points on this stock sales being
made at 127l2 after which Il dropped
20 1851 and recovered 10 1851 or y
above yesterdays final figures
At one time Union Pacific was of 3
points. but it recovered about half Of
this loss. Northern Pacific lost ~ New
York Central Ia. Illinois Central pa,
Delaware and Hudson 2iA. Canadian Pa
cific gained q, General Electric. COnsOl-
idated Gas. Republic Steel preferred.
points Steel preferred was a point of.
Reading a point, st. Paul Z, and South
ern Pacific = lower
Weakness Develops Again.
After a short display Of strength on
the covering OF the successful bears.
they again took the short side and
pressed for further advantage being
successful and breaking the list while
the market failed to show rallying or
sustaining power.
The decline carried Great Northern 10
f253s, Illinois Central TO Il, Reading TO
l25iL with slight recovery. Northern
Pacific TO 49, and Union Pacific to Isl
with other stocks of in proportion. The
chances were for a weak and lower
close, unless the market might steady
under shorts covering.
IN the session. and in the second hour