The Washington times., 1908-11-15

NEW YORK. Nov. 14.-With an aver
age OF 10000 shares Of stock traded
in every day during the week, it is not
necessary TO refer to activity. The sales
show it. II has been a great week IN
the market. great from the standpoint
OF business, great for the commission
houses, and great for the private wire
houses all over the country.
Moreover, the general trend Of values
after a bad day Wednesday was ever
upward. Occasionally, however, the
movement toward a higher range would
be temporarily checked as traders
sought 10 market their holdings and
take their profits Time and again the
sharp advances convinced spectators
that it was nearly time to take the 9th
er side of the market, and their selling
would cause moderate declines, but
when they tried to cover it would be
the same old story of limited offerings,
or the market taken away by the buy
ing of the public and the insiders and
another hurrah advance under full
swing.
Some Big Gains.
Here and there throughout the list a
stock would jump points at a time. In
this manner Delaware. LaCkawanna and
Western scored a big advance; Buffalo
Rochester, and Pittsburg added -
points, Chicago, st. Paul. and Omaha
SIS, and International Harvester 10
points. Wells Fargo moved up 10 points,
while to 8 and points advances We're
the rule and not the exception.
There were times when market OBJ
servers thought they detected signs of
Hartman selling, but whenever there
vas any attempt to follow this up on
the same lines there became evidences
that the Hartman following was buy
ing stocks.
II was a big, broad, active, somewhat
Irregular market. but never was there
more than question but what the up
ward movement would be resumed. and
the public blocked brokers and COM
mission houses with their orders, while
the room traders and professionals who
have followed the Hartman advances
prior to election, despite their better
judgment and wi h satisfactory results,
were nothing bun rabid trader buying
and selling, getting in and out day after
day and piling up profits.
New High Records.
New high records for 1865 were made
on many stocks on the list, for the
market developed few weaklings.
There are many stocks that are get
ting very near the high of 1907. Car
Foundry is higher. Sugar is a fraction
higher, Brooklyn Union Gas is p points
higher, and a number OF other stocks,
but there are plenty that are far behind
the TOP prices of 1907.
A year ago money was hard to draw
out even with checks, let alone loans.
Today the banks have more money than
they know what 20 do with. The crops
have been moved and call money has
been loaned during the week al 2laU2
per cent, and time money in the leading
cities ut 3 to 4 per cent.
The emergency currency law, passed
iD the closing moments OF the last ses-
sion of Congress. was effective in piling
up in reserve vaults a matter Of S5vU,-
100000 of new notes. not one dollar Of
which have been taken out, nor is there
any probability OF its being called into
use for months. perhaps years. But it
IS ready when needed, and is q safe
guard.
Minor Stocks More Active.
The feature of the week was the turn
ing OF attention from the Harrimau-
Hin leaders, from Union, Southern and
Northern Pacific from Great Northern,
and Reading TO other groups Of stocks.
The Gould shares came with persist
euce Steels took a prominent position,
and prices rose on the common tC the
highest figure in it's history, 5Sa, amid
resOuuding cheers for j. PieTpOnt Nor
gan, who made good on his predictions
as to the ultimate value OF Steel shares.
Eries and Rock Island were also very
strong, and Illinois Central Joined the
strong market later on.
There are reports TO the effect that
Erie will be placed on q diviiead basis
before long. Hartman has said it.
Reading is believed to be slated for
stiu higher prices; lit viii be another
Lackawanna."
Enormous Transactions.
As an evidence Of the great activity
it is interesting to note that the week s
sales included 263,000 shares Of Anal
gamated Coz. er, 165,O0O shares Of Smelt-
ing, 60s0O5 shares Of Colorado Southern,
255, 900 shares OK Erie, $500 shares Of
Great Northern, S0,00J shares Of NJ, K
* T., $4,000 shares Of Missouri Pacific,
200, coo shares of Northern Pacific, 2lS.O00
shares of Pennsylvania. $4,000 Of Read
ing, 10000 of Rock Island, $4,000 South
ern Pacific. $4,000 Union Pacific. aad
$4,000 of Little Steel"
Bond transactions were enormous,
totaIing about S37,OOO,O00 face value.
There was hardly an issue that did not
sell higher.
Profit Taking.
Naturally, with the advances that
have been made, profit taking viii be
more insistent in the future, and must
be counted on continuously. The fact
that values have advanced so greatly
since election Is another influence that
may rather check rItuTe movements,
although some of the shire widest OBJ
servers in the street believe tina. pres
ent prices viii be left in the rush Of
this market just as the ante-election
figures have been.
The weakness that developed Wednes-
day and which gave Hartman stocks
and many others on the list a bad set
back, but which proved only temporary.
was the failure Of the Union Pacific
directors to make an increased distribu-
tion as expected, and the failure of Mr.
Hartman TO make any announcement