The Washington times., 1908-11-29


and when 1t was necessary for the In
BideTs TO give il support. After the
radical declines OF the last week, It
was evident that the public was pick
ing up odd lots here and there, making
a fair volume In the aggregate, but II
was not the old aggressive market with
manipulators and the public fighting for
higher prices. and the bears trailing
along taking profits frequently. but al
ways coming I'm again, whenever
strength was displayed.
There were two sides TO the market
Rumors were unusually plentiful. being
used freely TO aid in the manipulation
and being frequently cut out of whole
cloth
Discounted Betterment.
To a close observer it Is evident that
the sharp advances which have carried
stocks nearly S26, on the average. above
the figures Of a year ago have discount
ed much Of the betterment in business
and that, while the clique may force
another and a larger advance, each
movement in that direction viii be but
a means to an end and the end the
throwing of of the burden from the
shoulders of the Hartman following on
TO the shoulders of the public
II Is likely that the next big rise in
stocks viii come with the advent o.
January when the disbursement ac-
count Of dividends and interest will
run into many millions, more than
$3.50. 600. This will probably be the
rise that the Hartman following are
looking for. II is likely that just be-
fore that time, concessions in prices
will be made and followed by one OF
the Hartman announcements, extra
dividends, refundng plan or some other
boom pointer. and then the public viii
be expected 10 do the rest. This mas
been the history in the past; time and
again, and history repeats frequently.
Big Bond Issues.
Some big bond issues were reported
during the week, Erie coming out with
a big issue, the successful placing of
s30,00O.0G OF which was announced just
in time 10 save a tumble in the stock.
Announcement was made during the
week Of intended retirement OF South.
ern Pacific, preferred, or, rather, il was
reiterated in a COnhrmatOry way and
was responsible. with a little pushing
by the Hartman crowd. for a sharp
rise in the stock 10 a new high record.
10. St. Paul rose steadily, and thers
were evidences Of inside manipulation
in the shares OF this company. II is
not so long ago that they were talk
ing of impossibility of St. Paul to earn
dividends on its Pacific extension, etc,
and this show Of strength was uneX-
pected. but the buying kept on, and
the continued show Of strength induced
the belief that il was slated Tor an ad-
vance Of material proportions, numer-
Gus trailing orders, with stop loss
checks being placed The result OF the
campaign in St. Paul carried IL from
AS 10 l5Ola, and II closet right on the
top. Under Pacific reached 1914 on the
last day of the week. or just about the
TOD, while the low point was llStz.
Southern Pacific eased OF materially
from the high and closed at 1lS34, as
compared with l15A for the low.
Northern Pacific is somewhat higher
and Reading moved up from 1855, the
low of the week. TO 40 at the close.
Good Roads FirmeT.
Could stocks have been more or less
monument all week, 4 pool OF fair
proportions has been working In Mis-
souri,. Kansas and Texas, and adyane-
ed these shares nearly 3 points, hqul-
dating more or less on Saturday. Mis-
souri, Pacific closed at 6slz after being
high at "a from 5O3t low.
Atchison. Baltimore and Ohio. Allan
tic Coast Line, and Illinois Central clos
ed steady near the top. The Hill stocks
have been favorltes but not especially
active.
The rather wide range on the market
is the only thing that reflects its irreg-
uIarity. The market was at all times
nervous. London was a factor and was
used by local traders for effect on the
market here Fear OF trouble caused
some uneasiness and the cautious trad
ers were nervous over the possibilities
of exports of gold. although with the
speedy return from the exports OF
from this cause.
Buying Little Steel.
In the industrial list there has been
a fairly good volume of business. with
Steel common the leader. The manner
in which it held in the closing hours,
in the face OF probable revision Of the
tariff on steel products, inclined many
10 the belief that insiders were buying
the stock.
Steel preferred has been very dull and
without much change. holding its own
with persistence, or giving way only to
recover.
Consolidated Gas has been a sensation
rising from Isl TO 167, although It went
of in the last hour 10 1928. The de-
cision Of the Supreme Court on the
validity OF S0-cent gas is to be hand
cd down on Monday. The Street is dis
counting the decision and it may be
fooled, although Wall Street is general
~ right in its premises. Shelter was
very weak on the lowering valuation Of
silver
Big Gain in Western Union.
The prospect of a cash dividend on
Western Union Telegraph made that
stock advance from IS TO the closing
figure. M.
The closing of the week finds the un-
dertone OF the market good; the blind
confidence of the room traders and pro-
fessionals who followed the Hartman
clan through thick and thin up to cleo
ton and for two weeks after is not in
evidence, and yet no one has the nerve
to so heavily short OF stocks without
EIOp orders eoyArinre their ratrs.4