The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1908-11-07
DAYS DECLINES.

NEW YORK, Nov. wall Street
is simply crazy. Stocks are on the
rampage, and the advances have ap-
parently gone beyond all immediate
reason. Orders are coming IN from
all sections of the country, the public
is active on the buying side, and room
traders are following the leaders with
confidence born of great success and
a confidence in the ability OF Har-
riman and his following TO further
initiate values.
Room traders have watched the IN
fation going on for the last ninety
days. the steady booming and gains OF
point after point. They recognized that
Hartman and his friends Were back
Of the market, that their shoulders have
been carrying the load for months and
as the day for the Presidential election
drew on, they come TO believe that Mr.
Harrimans theory Of the shelving OF
Mr.. Bryan and the elevation OF MI.
Taft was the right kind OF market dope.
Since the election some stocks have
advanced 10 points. Today there were
gains or from fractions 10 10 points.
and there was not moment when
there was weakness.
Commission Buying.
Wall Street commission houses have
been urging caution. They have sent
out hundreds and thousands Of wires
advising a slow pace until adjust
ment TO the new conditions; but they
might have saved themselves the
trouble so Tar as the general action
Of the buyers was concerned.
New York bankers are holding onto
their money in anticipation OF a big
increase in the demand for CONNER
cial and manufacturing loans, but
this fact has not impressed itself on
stock traders as yet.
Terrific Speed.
The sped OF the market has been
terrific, The tape was ten minutes
behind the market all day. Yester-
days I,5O0,OOO-share record has not
been exceeded for months. Not since
1901 has there been anything like the
activity that there is today-the ac-
tiVity and strength combined.
And this is just what Hartman and
his friends had expected. This is the
kind Of a market that they had worked
for and planned for and OF which they
viii unload hundreds Of thousands OF
shares OF stock bought from so ID 80
share below the current prices today,
Close observers Of todays market
were Of the opinion that there had been
enormous liquidation, but, they admit
ted, the market took it well.
Industrials to the Fore.
The strength in the Industrial group
was excellent. and Steel common. Snelt-
er. Copper, Locomotive. Pressed Steel
Car. National Lead, Republica Steel
and Iron. and SlOss-Shefield were very
noticeable. Steel common touched 55lh
In the rails Delaware and Lackawan-
ma was the big leader. This gilt-eCgeC
investment was 10 points higher UniOT
Pacific gained a point, but did not hole
tt all. st. Paul was decidedly firm witt
Us advance. Southern Pacific found il
easily. Louisville and Nashville stopped
around 1l6 temporarily at least. Great
Northern added is 10 its record.
The market continued active unit
the tap Of the bell the two hours seS
sion not having a dull second in It.
Prosperity Galore.
Everything seems to be coming the
way Of prosperity. over in England th'
$4,000 cotton workers strike is
thing Of the past. In New York the
taxicab strike is over. Four thousan'
idle freight cars have been taken IRON
the yards and put into service
The advances noted at the head Of this
column tell the story Of the day on TIT
New York stock eXcnanse; aIt!nougn M J,
the final dealings some recessions "eI'
noted-that is, from the high or th'
day.
A Dangerous Market.
It was just a wild runaway market
Not one 10 the liking of the conserva
tive trader, bat one in which traders
were falling over each other in an ef
fort to get into stocks and some wer'
enjoying the sensation of getting on
with profits that were satisfactory, ant
between them they kept the broker
busy as bees. and as excited as hor
nets on a rampage.
Banks Nquidated large amounts o
stock. Some traders who sold out be
fore the election have acquired thei
holdings again
In this way P. B. widener. of Phila
delphia, is said to have reEained 5000
shares OF Stee] common. but only Wit
a loss of 5000, 900.