The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1908-10-25

NEW YORK, oct. 24.-The majority
OF the leading stocks on the list have
made some gains during the week, St
Paul, Copper, Sugar, Nickel Plate, Cen
trial of New Jersey, and Shelter making
the best advances. Up to Tuesday even
ing the general trend of the market had
been toward a higher range, and the ad-
Vances at that time were considerably
greater than the net gains of the week.
The market was almost entirely infiu-
enced by political conditions. the feeling
growing daily more pronounced that
the election of William II. Taft, as Pres
ident, is probable.
Everyone interested in the stock max
ket understands thoroughly that the
same conditions which have been re-
corded week after week regarding the
complete control in which the market
is held by the Hartman interests, still
hold good. Moreover. they are likely TO
hold good for an indefinite period, and,
while the repetition of the story grows
vyearisome in the extreme. il is, never
theless, necessary that il be repeated
The Hartman interests control the
market absolutely, and can put it up
or down with perfect ease.
Working Both Ways.
. IS a fact that this clique is work
ing both ways, up and down and through
the middle. On strong spots they dis
tribute securities which naturally
enough turns the longs who have fol-
lowed the movement to take their profits
and try a flyer on the bear side. When
the declines have reached a point or
two the market IS quickly steadied by
buying orders and the bears turn in
and cover their shorts and follow the
leaders in the upturn. Thus the clique
controls the market; thus the clique is
nursing II into the turmoil of the cleo
ton, sereneIy confident OF its own abil-
ity to put on brakes on either an ad-
vance or decline with airbrake Ger
tainty and facility.
Under such circumstances the state
ment that the public is out of the stock
market seems to be unnecessary. Only
the professionals who have speed and
aptitude could catch the fieeting dol
lars In such a market. They must be
on the spot. ready 70 act instanter and
It IS the spectators and the room trad
ers that try to follow the leader in the
dangerous game for quick turns and
small profits or losses as the case may
be.
Moving Up.
It has been a case of moving ND the
price limit on the leaders little every
day or two, the advance being just a
BIT greater than the decline, with d
little distribution when the market
takes stock we'll
Wednesday conditions changed. From
Washington came the story that the
President, imbued with intent to once
more give aid and comfort to Candidate
Taft, had ordered. or requested, the en-
tire Cabinet 70 get out on the stump.
or on number OF stumps. giving par
ticular directions As to work in New
York ana Ohio. This action rather
shook the confidence Of the Street in
the predictions Of easy success. fol. Mr..
Taft and created the idea that the Ad-
ministration was not al all confident
Of the great pivotal States.
Downward Turn.
The advancing tendency was checked.
The bears tried the market. and. find
ing the controlling factor willing that
IL should go of, pressed for the ad-
vantage, and were moderately success
ful. When the bears tried TO cover they
found but limited offerings of stocks.
and bid the market up on themselves
for moderate recoveries.
On a market like this legitimate in
huences do not count for much. if any
thing. Money is working easier. The
bank statement indicated that the
financing Of the crops Of 1903 was about
over, the reserve and deposits indicat-
Ing an Increase and the loans a de-
crease. Railroad earnings are improv-
Ing, but IN many cases it Is a case Of
cuFtalllng improvements that are alb
solutely essential. in order 10 show net
increases.
Business Must Come.
Business enterprises wait on the re-
suit Of the election IN large degree with
reports that much Of the fmDroveman+
VIII be held In allegiance under certain
Tesult-possibillties- As a matter Of fact
the times are ripe for Industrial inn
provement, for the simple reason that
experience has brought conservatism to
such pitch that without regard Il. re-
suits, actual necessities must stimulate
production. This is true in All the great
Industries.
1t Is true IN steel, true IN wooden and
cotton goods. true with regards IA
mems and women's wear. Railroads
must make track repairs. must r,,t An
new rails and buy new CONTINENT
Things cannot go on as they are no
matter who is seated in the White
House.
stocks are reasonably high. Conserv-