The Washington times., 1908-09-13

the stock market and the conditions al
fecting II should overlook three and pos
sibly four important developments; Tire
commodity decision by which the gen
eral opinion Of expert legal talent was
vindicated; the Government crop report, |
which. while not promise Of bumper |
is stin satisfying in the size OF the pre-
dicted yield, and higher rates for money !
bOth for call and time. coupled with the
possibility, entirely unusual, of New
York banks being called upon TO fur |
nish gold for Europe at this season or
the year. The fourth important item
comes from the reiterated reports of po- |
hticaI conditions, and this is further i'm 1
portant from the statements made by as
close an observer as James J. I'M on
the same line.
Same Old Story.
The commodity decision has been dis
counted. All favorable influences on in
vestments always are, unless they come |
from an entirely expected quarter, such /
as seldom happen. for the ordinary hap /
penings Of life. and sometimes death, |
that are not expected generally favor |
the bears; but as far as the movements |
of the market are concerned they are !
in the hand of Hartman, and there you |
have the kernel Of the nut IT is novel i
season Of the year when we usually |
bring it this way, but it can be nothing |
serious, even should some gold go out. |
Cotton bills are just beginning 10 come |
out, and with the ginning movement /
well under way il will not be long be- |
fore the yellow metal will flow this way. |
The banks in New York are so well
fixed in the matter Of funds that a rise
to 21k per cent in the call rate is not
a drop in the bucket
Public Indifferent.
As a real matter of fact the big men
Of the Street. the HarTiman-ROckefel-l |
Ier-AIorgan-F -Fricz combination. are in a
position where they have got 10 stond
under the market They can't let go.
If they did the bottom would, in all
s. probability. drop out of the market
The public never buys stocks in hard
times and IN times If uncertainty They
have rarely refused to come into the
market when prices were maintained
for months and advancing daily, even
though, in times past, 1t was their habit
to wait for the penulJimate advance be-
fore taking hold.
OF late. however. the speculative fever /
has aoated. Sure things have few at
fractions. and even though the manipu-
lators have given a splendid exhibition
of a strong. well-sUsJained market for
months the public looks on and stiH
looks on.
Spectators Follow the Market.
Not so with the average room trader /
and professional spectators not so
with investors who came in and bought /
stocks right and left at the ultimate
low. The two former have followed /
the market, but they have put stop
losses on their orders and have usually |
evencd mp their trades every day or
every other day or -wO. The majority
of the investors Of October. November,
and December. 1907, and January, 1905,
have transferred their excellent profits
70 fat bank accounts. although there
are still hundreds Of investors who are
looking for the top. not being satisfied !
with their purchases 60 points below
where stocks are seillAg today. Some |
thing usually happens TO the crops Of /
those who raiI to harvest in season. |
The speculative element will follow both I
ways. They have been made tat from 1
a financial standpoint by following tie ]
Hartman way But, as a rule. they /
are cautious and taking few chances. |
There is another class. that have fol- /
lowed the advance, pyraInidIng profits
and holding on. They are IN the same /
class with the-perhaps-beIa hGT- |
vasters. They are an element Of dan
ger, through outstayinS their market. (
Course of Market.
During the carrier part Of the week |
stocks continued advancing, under the /
old leaders. Southern Pacific and Union \
Pacific. or Wednesday +he market 4
broadened with Baltimore and Ohio, /
Chesapeake and Ohio, Illinois Central, /,
Reading, and Eries assuming promi- !
nence To the neglect OF Southern Pa
cific, Union Pacific. and the T4lI shares. /
1t was reported that banks we're treat |
ing industrials more literally in the 4
matter of loans, and ybis group of stocks /
showed signs of animation
Thursday the situation changed. Evil /
dently the clique wanted 10 weigh The 4
market and the result was not very
satisfying. 1t. the market. was jolted .
by the passing OF the dividend Of the /
American Locomotive Company, and
this did the industrials mere harm than 4
the more favorable attitude of the /
banks Moreover, the crowd OF LONGS
sold all stocks, and the bears, hungry /
for a try at the list, jumped on it hard 4
for fair success.
Friday found the market going the /
points. most Of the leaders breaking :
over a point.
Today the experiment ended, and the I
powers that be took a turn again and 1
added a few dollars to their pile by ad- (
vancing the list from Il TO = on the 1
average, ard points on their old time I
favorites. Southern and Union Pacific 1
and Reading.
ON the week. with sales Of about /
S.500,00O shares Of stock, moderate gains /
have been established on the general