The Washington times., 1908-10-20
Wall Street Has Come Believe That There Be Another Bryan Scare
WALL STREET BEGINS DISCOUNTING
PRESIDENTIAL ELECTION.
VERY FIRM MARKET.

NEW YORK. Oct. 2O-At the opening
the stock market presented a firm tone
in the leaders. but the volume of bust
ness was very light and interest at a
low ebb- Everyone was waiting for an
indication OF the possible course Of the
market from the powers that are, while
actually Indifferent about doing much
of anything. preferring the maintenance
Of the status quo.
The bears were watching the situation
closely, but restrained their natural de-
sire to jump on the market with both
feet to start the Bryan scare and raise
more or less havoc with prices. because
Of the fact that such a movement
would have been very dangerous and
could only have resulted disastrously
to the sellers, so perfect and dominant
is the control OF the Hartman crowd
May Be No Bryan Scare.
It is quite within the probabilities that
there will be no Bryan scare. There Is
more or less doubt on this problem, but
the big fellows seem to be perfectly
satisfied with conditions and have about
come to the conclusion that the cleo
ton will be the third rundown for
the Nebraskan. It is late in the cam
palgn TOT anOtner scare.
About IL o'clock the whole market
started on an upward turn. The leaders
came very strongly and before the end
of the hour gains were made averaging
from q to 2 points. and made in short
order. The Hartman following evil
IDENTIFY placed the necessary orders 70
carry the list on the upgrade, Union
Pacific and Northern Pacific being the
LEADERS, with the other high graders fol-
% fRf str D
started the room traders buying. for
their only chance is to play follow the
leader and get out with at least part Of
the profits Of the advance TO the credit
OF their bank accounts.
The Gains.
On the advance Union Pacific touched
les, as compared with 1858. yesterdays
closing; St. Paul stopped at 1891. a 1H
advance; Rea1ing advanced to 13lss Us
net; Northern Pacific TO las. or "a gain;
while Great Northern gained a point;
New York Central. q: Atchison. "a
Copper, Is; Steels. 81 Missouri Pacific,
H. and Smeltters an entire point.
Everyone believes that there will be
an extra dividend on Northern Pacific,
and for this reason IL was today made
the market leader.
The minor stocks were not nearly as
active as the leaders. while the weak
lingS were Chesapeake and Ohio and
Canadian Pacific, OF the rails and Third
Avenue, Of the fractions. Even this
stock Joined in the rally for q recovery
Of IL points.
Discounting Election.
Today's rally was taken by market
observers to mark the beginning Of the
movement 10 discount the election Of
Mr.. Taft 20 the Presidency. The clique
that has been under the market ali the
time has been preparing for an emer-
gency, IN the event of necessity, prepSh-
ing to hold the market against any
raiders, and hopeful of just such an
other boom market and recovery Of
prosperity all along the line as at
tended the election Of William McKin-
ley twelve years ago. 1t was just about
two weeks before the ides Of November
mat the complete discounting of the
advance started In.
Slight Reaction Soon Over.
There was a slight reaction Just be-
fore the noon hour. but It did not
amount 10 anything, and the market
soon rallied 10 outside prices n de ses-
sion. passing in the second hour of the
afternoon to 1885 for Great Northern,
l32 for Reading, 1875 for Northern Pa
c.fic. 1854 for Union Pacific. and 1919
for Southern Pacific.
The rally extended 10 the industriaIs
Steel preferred touched I1O35 a gain
of over IA. while Smelter preferred
was 1917.
Other otocks than those mentioned
shared in the strength developed and
the market was broad and quite acti,e