The Washington times., 1908-10-11
Wall Street Rallies After Heavy Selling by London Bulgarian Developments
NEW YORK STOCK MARKET ERRATIC
ON EXCITING CONDITIONS, BUT
CLOSED STEADY.

NEW YORK. oct. 1O.-The past week
has been a very exciting one in security
circles. The volume Of business was
large at times, while again the market
would be very dull II opened ana
closed steady, and without very radical
Whanges, but in the interim there was
sufficient action to suit the most daring
Spectator; fluctuations enough 10 en7
able the speculative element TO make
good money, If they acted quickly, and
to turn their profits TO losses II they
hesItated-
1t was something OF a novelty to have
an entire new influence affecting the
situation. even If it was sufficiently
important 10 knock the spots of the
stock list, and 10 bring the bears out of
their holes for fierce raids on the mar
ket Wall Street expects the Balkans 10
figure in trouble at the most unexpected
times, but this time the financial world
considered the entente established by
King Edward as sufficiently cordial and
solvent TO manage even the Balkans.
They were, therefore, Indifferent when
Prince Ferdinand broke loose, but they
turned the other way when they found
Continental Europe Hquidatins Ameri-
cans right and left through the London
brokers. and London selling out freely,
on the chance of the disturbance Of the
concert of Europe.
Bad Breaks Result.
For the time being il looked as if the
CLIQUE that has so ably handled the
market for the last three or four months
had determined TO let the market alone.
and this very appearance led TO the
bears overseeing the market, with Sc
we're declines Of 203 points and some
even greater losses. The climax came
after the opening on Friday. 1t seemed
as if it would be impossible for the sit
uation abroad to be adjusted amicably,
the more so as other minor nations
We're drawn into the controversy. More
over the Hartman syndicate conceived
the idea that the Rock Island manage
ment-Reid and Moore Bros. and their
friends-werc violating their tacit agree
ment, and were unloading stocks by
way OF London on their American
friends, this feature Of the situation
causing the clique to be more than ever
determined not to use their influence to
check the break.
Evidently Agree.
When conditions were at their worst
and the bears reveling in CiOver. the
situation changed in an instant Il
was evident that Mr. Hartman and the
Rock Island people had come TO an I'M
Outstanding, as indicated this morning
by the announcement that Kuhn. Loeb
& Co. would finance Rock Islands sub
sidiary companies, and that a traffic
agreement had been entered into be-
tween Hartman and the Rock Island
people
All Of a sudden the market turned.
Buying orders became very numerous,
and the shorts tried to garner In their
profits, but they could not do 1t quick
enough. and the result was a complete
recovery Of the losses.
The result was really a practical
restoration Of the prices prevalent a
week ago. st. Paul and Reading failed
to make the full recovery, Louisville
and Nashville and Baltimore and Ohio
were both lower. Louisville and Nash
VILE and st. Paul ~ lower Baltimore
and Ohio declined 39s on bad report OF
earnings; the minor Goulds were off a
point or so.
Disappointment Early.
The market really started off with 4
whOOp on the promise Of an extra divi-
dend If 10 per cent on Northern Pa
cine. All stocks made gains as a result
Of this, as it proved to be a delusion
The regular dividend was declared, but
no extra. This started the market
down grade. and the Bulgarian develop
menJs creased the slide for more serI-
Gus losses.
The late rally was attended with some
exceptional advances. Alton gaining 8
points. Frisco preferred 2, and Rock Is
land preferred, rs. Iowa Central
gained ~. while ButteTick shares led
the decline with a loss Of 81 points.
Northern Pacific held rs Of its gain
The lndustrials closed nrmer, with
gains on the majority Of stocks, easi4
ness IN Coppers, steadiness in Steel,
despite weakness early on London sell