The Washington times., 1908-12-30
NEW YORK STOCKS WERE ERRATIC
WITH A STRONG OPENING.
LOSS AND RECOVERY.


weakness that attended the closing of
she market yesterday broke out in spots
again this morning and THAI, too. after
a friner opening. While the professional
element and the Semi-prOfessiOnal trad
ers in the various brokerage offices are
still willing TO follow any well-denncd
ball movement, they are beginning to
follow mere slowly, TO hesitate, and &c
be ready to turn quicker, having ac-
qUired the habit OF placing stOp-lOSS or
ders back of all commissions
For over n year the Hartman people
and their allies have carried the stock
market toward higher levels by main
force, aided by cheap money That they
have distributed much stock is perhaps
true, but they are still holders Of
enormous quantities OF their speCialties.
Close observers contend that the sit
uation at this time is bearish-
Most of December has passed without
very startling changes, at least twenty
six days up to Christmas passing with
out more Than an actual points diff
ference in quotations. and this with all
the backing and nlling-
The advance since Christmas has
rather encouraged the BELIEF that it is
time for another full point, based on the
with the encouragement that is necessary
to inspire confidence and to insure the
reinvestment Of S30O,OOv,yco that invest
ors Will take out of the market with
the advent Of the new year.
1t is within the probabilities that this
reinvestment Will await a reaction that
is long Overdus-for the market cannot
go one way all the time, it must re-
act.
Just what effect the SiciIian disaster
viii exert in the financial affairs of
the world remains to develop. The
wiping out OF millions of treasure even
in tar-off lands must disturb economic
conditions.
y disturbing element IN today's mar
ket was American Smelters. 1t is
bunion on the market, very tender and
liable 10 knock the list down at almost
aony time until such time as the list be-
comes independent of the bad actor. 1t
gave the market its Initiative jolt this
morning.
The theory that the advance in New
York Central has presaged the entrance
OF Hartman on the board of directors
is not held good in well-informed circles
The Union Pacific holds $I4,OOO.OOO New
two years, anu without representation
The Vanderbilt-Morgan interests are
said TO be supreme in the old reliable
property, and the chances for the entry
of the new monarch Of the railroad field
are said to be slim.
London was a seller of Canadian Pa
cif1c. and also OF Union Pacific.
The down turn carried Smelter to S11z
or l9s lower. This was followed bv a
loss of the earlier gain, and some addi-
uonal losses. In this move Union Pa
cfic dropped from 1SS55 TO lS224, and the
list was soft.
The reactiOnary movement eliminated
late in the morning, and during the
early afternoon il was a case of a bull
market throughout the entire list, with
but few exceptions. The cause Of the
strength, or the apparent cause. is to
be found in the November reports Of
Union Pacific and Southern Pacific.
Union Pacific. while showing a loss OF
$l64,0Oo In gross, developed an increase
Of $524.22l In net. Southern Pacific with
j decrease of Sf52 667 In gross, recorded
a net gain OF $166, 462.
These figures were another Endorsement
Of the Hartman management. They
came out like most OF the Hartman
news at the right moment to have the
greatest effect on the market and they
turned the tide and turned il strongly.
Upgrade agtlin. Even Smelter recOv-
cred J3s of its loss while Southern Pa
cific rose a point and Union Pacific rose
from 1928 10 IA Southern Pacific
gained -. Great Northern s. and the
whole list tecame very firm.
While IL IS admitted that the technical
position of the market is not as good as
II was because Of the covering Of such
large short interest during the earlier
days OF the week. the fact is still
dominant that Mr.. Hartman still lives,
etc. and rules
Even lnterbOrouEh which was freely
sold early recovered most of its decline
and the induStrials presented . bold
front. The excellent reports ed it.
Even at that there was some little
concession made during the second hour
of the afternoon. While the best mar
ket judges admit that stocks may be
carried higher. they consider 1t more or
less dangerous, unless traded in with
caution and with constant attention.
The list passed into the last hour OF
the afternoon strong and acting Ike
higher prices and a firm close.
In the last half hour of the session
the market was easier Steel common,
Union Pacific, st. Paul. Smelter- North
ern Pacific. AtchiSOn. and Missouri
Kansas and Texas were weak.
Little Steel losp a point, Smelter Is.
Most Of the rails held a fair portion
of their earlier advances, the reaction
not going as far in the general market
as in spccialties.