The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1908-05-06

NEW YORK, May 6.-''The advance in
the market in the last fifteen minutes OF
g-eSterdty's session was very effective.
Il demonstrated clearly that M HaIrl-
man and his friends have their hands
ON the lever controlling this market, and
II is evident that they 10 not propose
10 permit Of downward movement OF
any proportions, Tor the present at
least"
There's the situation IN q nutshell.
There's the explanation Of the reason
why influences have ceased 10 exert
their proper influence why cause and
effect do not follow IN proper and regu-
lar sequence. Hartman is again re-
sponslble he is carr ms a gls bag,
ana S5oVeJ,coU more little later on lie
Will Try 10 hold up stock
Another bull factor WAS tire interview
published this morning with Jacob II.
Schif, in which he states that world
prosperity now waits on America This
interview has caused some nOpcfulnrsS.
The room traders, and they are the
principal operators in the market today,
are willing 20 follow the market on the
bull turn. 1t is the only side that ap-
peals to them. IL is the only side that
draws their attention 10 the boards in
brokers' Offices An Indication 10 go the
other way sends them out Of the Offices
and vaC3tes sitters' chairs.
But with all this buuish tendency they
are cautious and Will not go blindly. but
quickly transfer their profits TO coin
ana ueuse AlelI NiAueS VIII STOP ORDERS.
Here IS another Wow OF the situation
that seems 70 bear out the theories ad-
vanced from day 70 dag.
The technical condition Of the mar
ket upsets all Information based OIL
business conditions or other facts. but
4 viii remain so until the short inter
est is eliminated"
These advances are making IL almost
certain that a very severe break Will
follow and conservative bankers are
urging their customers TO let the mar
ket severely alone. This advice has no
relation 10 conditions that are natural.
but rather TO an emergency condition
that exists because Of some enormous
pluugIng on the short side, because Of
the favorable inhuouces-in fact be-
cause everything but easy money s. an
tagonist1c 20 a rise in the market at
This time.
II is said that a number Of plungers.
owners OF millions made on the panic
have refused 20 follow Hartman and
SO that today they are helping that
magnate advance the market by cover
ing
Hartman issues led IN London
Hartman made them leaders They
were also leaders on this markeJ-Harri-
man made them lead.
The opening was decidedly strong
gains OF 1Ede4 If a point being made and
IN some cases q point Then there was
a moment OF weakness and a stronger
tone followed by reactions for the loss
Of the CREATE part OF the advance on
many stocks New York Central dropped
10 yesterdays close. as did Northern Pa
cine. Reading, and St. Paul Louisville
ana Nashville was given a boost. al
though the reason why was q mystery.
Smeiter LED the induStrialS with IA
gain Steel common fTmcr. SiUss was
also better.
During the noon hour the market be-
came more active and we'll into the
second hour or the afternoon il looked
Ike great bull market. with q speed
on that gradually accelerated and made
new high records on practically all the
stocks on the list. the exceptions being
Few and Tar between. II was the turn
ing loose of a big head OF steam. and
the manner in which prices rose sug-
gesteG an undercurrent Of strength that
could not be stemmed
Louisville and Nashville touched los
Northern Pacific, 1915 or rs net gain:
Reading, 3 net; Great Northern. IL:
Baltimore and Ohio, q: Union Pacific
IL; St. Paul, ~: Steels y; DisnIers
rs: Steel Car. Us; Lead 3: Smelrer
ia, and the whole list either fractions
or points
II The speed then shown is maintain
ed the chances for a higher closing are
good
Just before thu. middle Of the second
hour OF the afternoon the market eaScd
M n little. but in the final movement
1t came good and strong again. Tho
close was firm and near the top. with
many advances In minor securities