The Washington times., 1908-12-09
DAYS DECLINES.

all movements one hears the magic
name of Hartman. He is back Of some
financing scheme in Alton; he will do
something for Erie, and will surely put
II on a dividend basis. The Alton story
is backed by reports of the greatest
earnings, and probability OF dividend
increase. which Mr.. Hartman will ia
vor. as the Union Pacific owns 10000
shares OF Alton preferred stock. South
ern Pacific is strong, and here again
Mr.. Hartman is the wielder Of the
magic wand. The preferred stock will
be retired. Wabash is one Of the leaders
and this is due to the expectation that
traffic agreement VIII be made with
Erie-Mr. Hartman being back of this
proposition.
A Hartman Market.
II Is a Hartman market. It depends
on Mr. Harriman's' Whim- If Mr.. Iar-
riman says thumbs up" Il Is a cinch
that the market viii respond, and while
it is going up Mr.. Hartman will be
distributing stock on a market made TO
absorb II.
There was more activity in the list
today than on yesterday. Some Of those
who sold out a week or ten days ago,
intending to buy in on a reaction have
become skepticaI on the reaction. and
started in to replace their stock. More
over some shorts did not like the looks
OF the market and covered their trades.
Bears are very numerous, but they
are more mind traders at this time
than actual sellers. They do not like
10 see a movement that Is based on
stocks that have been considered sec
Ond or third graders; they q not be-
IfRNa fngnE-
ing any agreement can increase the
value of the shares as rapidly as they
have advanced within the last week
The Holding Company Again.
The holding company is again pIay-'
ing a part in the game Of speculation
on Wall Street A year ago the Union
Pacific Holding Company was the elk
ir of life to the market. Just now
Gould Holding Company is fashion
able, and has been used as a very ef-
fective stimUlant to the market
"As matter Of fact" says the Wall
Street Journal, both these holding COM
panies' exist so far only in imagination.
with little promise that either will ma
terialize in the very near future"
The holding company las acted with
great leverage under the Gould stocks,
and II is still working, selecting one or
moro stocks daily and pushing them up
with persistenCy, and this, too, only a
Few months from the period when re-
celverships We're frequently referred
10 when considering Gould prospects.
1t was probably at that stage OF the
game when Mr.. Hartman secured much
OF his Gould holdings
The wise trader is a little timid of a
market where these Gould sps.riaItIes
are put to the front with such persist
cnce. stocks may 20 higher the reac-
tion before January / may not material
re, but 1t viii either take a highly sIs-
1alned aggressive bull market, with the
n good stocks leading or a sharu reaction
10 ESt the public into the market. One
or the other.
Reflected the Message.
In way the market detected the in
iuence OF the Presidents message. a.
though just why is a question, as there
is but little opportunity to enact
any OF his recommendations at
the short session Of Congress- al
though it is possible that Mr. Taff NAV
recommend the Roosevelt ideas a wear
hence. Commission houses bought 0uite
freely and spectators followed the ad-
vance as they have for months past,
but always ready for a quick turn
London was unsteady in the early
trading, but improved in the late trading
On the curb. GOldfieIds ConsoIidatsd
end Chicago Subway were the leaders
0lliuu dClllC ulu not make much ga in
holding frm at a slight advance Read
ing made the pace in the high grade
rails. selling to 142B or lSs advsnce
Pennsy was quite active al s. Eain
Great Northern y better. Reading SEQ
ond preferred rose a point WABASH Dre-
ferred with 2Is advance, and Cbesa
peake and Ohio with big gain and
Wabash preferred rs advance. Even
The industrials made sharp -eCoveries.
Wisconsin Central attracted attentf3D
with a gain TO 6Ilz, or points.
More Quiet.
Shortly after the noon hour the mar
ket became very quiet again, with bonds
furnishing a large part of the story of
the ticker. Prices eased Off slightly
frosn the high of the day, with indica-
tions OF further recessiOns, unless the
market was maintained by bidding M
stocks Shorts had covered, and early
orders executed.
The market got under way again in
the last hour OF the afternoon. New
high records were made on Union Pa
cific and many low grade stocks: Wa
bash, preferred, Wisconsin Central. and
Chesapeake and Ohio. with the indus
trials holding their gains well The |
close was strong.