The Washington times., 1908-05-05
DAYS DECLINES

NEW YORK. May 5.-After hesitating
for a moment or two the stock market
was started on the movement to high
er range by main force. London was
weak and lower and there were plain
evidences that some OF the bull leaders
in our market were distributing stocks
on the London mart. The plan Of-cam-
paign of the local bulls, of giving first
this stock and then that TO higher
range, expecting the market TO follow,
as evidenced yesterday afternoon in the
rise in Southern Pacific. was resumed
again Immediately after the opening. but
this time they went back into the old
market leaders, Union Pacific and 81
Paul, as the Street IS more willing 10
follow in these than In minor shares.
Ii was very plain 10 the observer that
the Hartman interests were hard at
work at the jack-screws. holding the
market by main force and 1acking IL up
fraction now and then. Keeping Things
headed toward the upper currents, IN
anticipation. Of the needed assistance 10
the fiotatiUl Of the Union Pacific imam
Cial plan. The amount OF Union Paclhc
bonds nat are to be marketed IS Sov,-
coo CO., row and $50. 900 later, and they
are 10 lear interest at 4 per cent me
success Of this hundred millions depends
largely on a bull market, although the
Hartman following IS perhaps strong
enough 10 take care OF this matter
themselves
However, one cannot find a single con-
ditiOn on which TO support a bull move
ment other than that OF manipulation.
Business is dull; railroad earnings con
tiaue 10 the bad, and there is no sign
of Improvement. this side of crop
movement Politics are badly mixed
The hand Of Hartman Is Al the helm
and il IS capable of doing many things.
ii may keep on the advance, although
the consensus Of opinion on the street
is that the market is tOppy, and tnat
It should 20 the other way
Should. ought 10, would better, nat
u1al. ard all such terms expressing the
effect CO. natural conditions are lost
when Hartman is at the helm. Room
traders are inclined to follow the lead
Of the magnate. although WatChful and
unusually accompanying orders with
stop-lOss or take profit Instructions.
on the upturn OF point TO little
bette IN the leaders, St Paul. Union
Pacific, Northern Pacific, and Reading,
the market became very dull, and pass
ed into the afternoon rather tired, but
still steady.
Entering the afternoon and wei into
the second hour the market continued
10 hold it's gains but II was very duh,
the ticker being silent minutes at a
time. Prices remained just about where
they were a the end Of the first hour
OF the morning.
The only development was a reported
alliance between Hartman and Gould.
The morning papers contained a sum
mary of the needs Of Mr. GOuld's var
ious roads. and wondered where the
millions were coming from. It would
seem that Eir. Gould. who has been
going il very much alone. since Mr..
Sage's death. had made an alliance that
will be able to raise the needed money
for the Gould roads, unless the expense
OF the Hartman combine should be too
heavy.
Copper was barely steady. Steels were
q higher, Louisville and Nashville was
a point UP. Smelter gained a point
Northern Pacific turned rs. st. Paul IL
and Reading. a.: Atchison was a point
better, and Great Northern added but q
The market acted tired, as to activity,
but firm as TO prices.
In the closing hour the market be
came a Just bit more active and there
was a slight reaction in prices Within
fifteen minutes of the close II looked very
much as II there might be a reaction
10 the loss Of the gain, but in the last
few minutes the market stifened I'D
again and made a firm close The in
dustrials and rails were nearly all
frmer and the tone was certainly one of
strength
Only a scanning Of the closing prices
VIII give p correct idea. OF the changes.