The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1908-11-01

hours ia which 10 buy or sell stocks on
the New York Exchange between now
and the morning after election, the stucE
market goes into the last day of the
campaign with prices just little below
the high points o. the year, with con-
ndence in evidence en- every hand, and
with the Hartman clique serenely con
hdeut Of its ability to take care of the
market, whatever the result OF the bat
Tie at the polls on Tuesday,
This is about all that there is TO say
about the stock market. During the
greater part of the week the trend has
been toward higher prices. with now
and then d setback, but really not of
pretenuous proportions. The leaders in
activity have been Northern Pacific,
Union Pacific, St PAU, Reading and the
Steel shares, with moderate trading in
Smelling, Copper, and some OF the other
industrials.
Pools Hold the Bag.
The pools have been compelled to hold
the bag and take up moderate amount
OF stock sold by investors and profess
sionaI spectators. who do not care 20
carry stocks into the election, and they
have taken this stock without any seri-
Gus shrinkage of values. Whenever
weakness developed, the professional
element would make play for profits,
but generally took small losses when IL
came to covering. There was but little
outside trade. the public being opposed
10 coming into the parlOr with the ext
gencies Of the campaign ever present
Bears made little Roadway until the end
OF the week, and then they were able
10 scalp small profits If they acted
quickly, as the usual procedure was 10
rally the market quickly so that fire.
quently the bears took small losses.
Some Liquidation.
In the closing days Of the week, Fri
day and Saturday, there was some UNI
easiness among the speculative element
over the possibility of a "Burchard"
development and it extended 20 mod
crate declines throughout the entire
list That prices went off is not to be
wondered at. the wonder being the mag
nihcent strength of the market during
the weeks preceding the conventions,
and right up 10 and through the cam
palgn. The stock sold In the uquida-
tion of the week has simply passed into
stronger hands. and there it viii re-
main until after the election, and there
after until market is made for il.
Wizard Hartman.
But Mr.. Hartman is not only the boss
OF Wall Street. the head of the clique
that holds the great majority Of the
floating stock OF the various railroads
Of the United States. as his friends do
the bulk Of Industrial shares but he is
a wizard in the management Of rail-
roads. That MT Hartman has charge
Of property is in itself assurance that
the property VIII be managed with con-
summate ability.
The Union Pacidc's report for the
month of September was about the
best. II not actually the best i'm the
cOmpsny's history. An actual iucrease
in gross earnings Of $4,000 was re-
ported The Southern Pacific showed Il
loss OF S45S,00O gross, but Hartman, by
his management. turned this loss into
a net gain Of more than a million. The
ability of the magnate to turn this loss
TO a cool million net gain is railroad
financiering that evokes applause. Wall
Street has honored the Hartman nan
agement by defining "U. p" as uni
versaI Prosperity" and "s. p" as
stand Pat"
Enormous grain shipments were given
as the factor causing the increase in
Union Pacific earnings.
Easy Money.
Money is very easy and plenty. can
loans have been moved up to 2 per cent
At this rate il is not difficult TO carry
stocks. All the leading securities such
as the pools are holding, carry tnem-
selves with ease, and the promise Of
easy money is good for all winter all
though bankers are figuring on an in
creased commercial demand after eIfc-
ton.
After election. The usual four-year
disturber Will be out of the way for an
other four years within the next three
days, and business interests the v-orII
over, and I'm the United States i'm n1rtIr-
ular. are glad of II. 1t is 5etraying no
secret 70 tell the story OF innuneraI