The sun. [volume] (New York [N.Y.]) 1833-1916, 1908-09-20
GOSSIP OF WAhL STREET,

Stocks were strong for Q short time IA
the early trading. but then liquidation in A
more impulsive name han at any pre-
yfous time for man. weeks set In and con-
tInued until the close. In the late trading
the power OF the market TO absorb the offer.
inRs was severely taxed n at the close the
market seemed softer than for many weeks.
In the active speculative stocks there were
NO exceptions to the weakness. but the de-
clines were greatest In those which had
been advanced furthest and accumulated
most heavily In the bull movement. There
was no doubt whatever that the work OF dis
tribution had been renewed by the wealthy
operators who were principally responsible
for the advance. Us '.t-t
Neither was there any doubt that the
liquidation was inspired by an election
scare. Mr.. Bryan's speech and the size Of
his audience accumulated doubts previously
entertained Of the result Of the. election.
but less was heard OF these events than Of
the correspondence between Mr.. .Archbold
and Senator Foraker. The Street was not
inclined to accept the idea that the publi-
cation Of the correspondence would DO
beneficial to Mr.. Taft because Of that can
didate's former hostility to the Ohio sens-
tor, but argued hat the recent reconoilia-
ton between them was Of much more prom,
inence In the public eye, and that entirely
apart from their personal and political
relations the mere fact that IL was a Re-
publican Senator who was on terms OF such
cIose intimacy with Standard oil would
certainly make Democratic' capital.
There is plenty Of money in the Street
for speculation. but according to current
gossip campaign managers have not up to
the present u any great amount for
politics. The wealthy men In the financial
district. IL these reports are true, have not
up 10 the present subscribed at all literally
and the men associated IN one very important
financial group have not subscribed at all.
These reports tended to increase the alarm
over the political situation.
II was said thai Mr.. Hartman In private
conversation had expressed himself more
strongly than he did in published interviews
regarding the strength OF the Democrats
sentiment in the West and the apathy OF the
campaign managers From this report IL
was inferred that the inside members OF tho
Hartman party concluded 1t was wise to
take profits before election on q oonsidera-
BILE portion OF their reputed heavy lines at
least. and that the selling yesterday and on
previous days OF the week was very good
selling indeed. The average price Of the
stocks of these operators must be consider
ably below market values even at yester-
days CLOSE. and GOOD profits. It 10 believed,
would be attainabfe at q much lower range
OF prices. x,
OF the active stocks the decline In Union
Pacific was the greatest. but Northern
Pacific. with q loss Of as points. was not far
behind, and Consolidated Gas. Amalga-
mated Copper and Shelters scored losses
of 3 points or more. SHELTERS closed almost
"a points below It's high price for the year.
st. Paul. Great Northern. Missouri Pacific.
Reading and Southern Pacific lost two or.
more points. The Steel shares were weak, and
altogether the pressure was by far thesreat-
est In the stocks which the bull party had
been accommodating.
The extent to which the selling on the
election scare may run. u banker remarked.
may be closely connected with the extent
to which the bull. campaign was financed by
time money. Il Is well known that very
heavy time loans were mad as early as
July, and as the rate for six months or over
the year money declined. many more loans
were made to operators who intended to
hold their stocks for a long pull. In a sense
these operations had an element OF election
betting in them. and 1t is improbable that the
men who conducted them take. the election
scare seriously enough to care to disturb
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