The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1908-10-30
DAYS GAINS.

NEW YORK, Oct SO-Today's stock
market was a repetition Of yesterdays 8,
just as Thursdays was a repetition OF
Wednesdays. 1t IS a plain case Of in
fation, of pushing up first one stock
and then another, but generally using
Union Pacific. St Paul. Southern. and
Northern Pacific as the leaders. New
high records for the year 1908 have
been made every day of late, and this
has come to be such a common occur
renee that it attracts but little atten-
ton. It is evident that Wall street
IS satisfied with political conditions, or
else the leaders have made their posi-
ton so safe that they are IN a position
TO accept the result with equanimity,
The prevailing sentiment is apparent
" favorable TO the election Of the Re
publican candidate for President.
Conditions Unchanged.
Conditions one day after another are
so similar that comment on the market
must be of like character There is lit
tie or no use discussing earnings. BUSH
ness conditions, or the usual influences
that might be expected 10 have a posi-
tive effect on the market one way or
the other. Months ago the Hartman
clique started in 10 bull the stock mar
ket. At that time conditions wei y
against q bull market. Business had
OF made the strides toward improve
ment that they have since earnings
were bad and election possibilities were
''up in the air" but the Hartman
crowd simply ignored everything except
cheap money and the weI-known re
Operative powers OF the United States
rs a people. They had crop figures as
q basis for operations and plenty OF easy
money.
Kept Control
they have kept the trend upward,
with occasional modest reduction, re-
Stunning command on the slightest ten
dency of the breaks to become serious,
and with this kind OF a movement have
brought the market up TO within a
few hours of the election. with full
control in hand. with business prospects
better and with their position such as
10 absolutely control Wall Street. The
public may have q few stocks but the
professionals have the bulk and they
have them locked away.
Union Pacific I7s 7-s.
Union Pacific opened excitedIy this
morning, with an advance OF almost
two points, 10 the highest price at
which 1t has sold in years, I7S, and then
20 1875. The first transaction was IN
q block Of $3.50 shares for which the
purchaser paid S1.125.5OO. This exhibit
ton Of confidence on the part Of some
body caused Southern Pacific TO ad-
vance half a point TO 1O9A.
Wall Street in general accepted the
activity IN the Hartman stock as the
keynote OF the market, and there was
general covering on the part OF pro-
fessiOnals. Commission houses, how
ever, pU released considerable stock IN
the early trading, taking Northern Pa
Cifc, Reading, the leading copper shares, /
and Steel Steel came within a fraction
OF its high record
Among the specialties there was IN
usual activity international Pump
crossed thirty again.
American cotton oil gained about two |
points Allis-Chalmers. preferred and !
common, were both advanced.
United States Cast Iron Pipe and Ten
nessee Copper showed material ad- |
Vances.
London Excited.
London determined the tone OF the /
early trading, arbitrage brokers buying /
about $4,000 shares, Of which nearly a 1
third was Union Pacific. Representa- !
hves Of foreign houses said the strength /
on the other side was due to a great /
extent 20 the creation OF a large short /
interest following the Bulgarian declar- I
etion Of independence, which Is now
becoming vulnerable because OF q de-
mand in London from interests identi- /
ned with control Of many Of the Amer /
lean properties.
I ne foreign buying of Union Pacific 4
was supplemented by some heavy local /
buying orders and assertions that the /
Union Pacific statement for the month 1
or september, expected to be published
This afternoon, viii be extremely favor ]