The Washington times., 1908-09-18
DAY'SLOSSES

NEW YORK, Sept. l8.-As might be
expected after the developments Of the
last two days, the stock market was
very tOuchy, nervous, and irritable,
showing no well defined policy and
swaying here and there for declines and
advances according to the mood at the
time. And the big fellows. Hartman
and his following, are content to let It
swing, because IL is making conditions
easier for them, IL is creating a de-
mand for stocks from the shorts who
cover severl times a day and in
crease their output Of short stock when
ever thu market displays positive weak
ness.
Whether the cause Of the slump,
which has been comparatively severe,
is TO be accredited to political scare
or whether the pyramiding that the fol-
lowers Of Harriman's operations have
been doing with nothing but stop-Ioss
order back Of them. is not plainly de-
terminable, but the chances are that It
was little OF both and more Of the
latter than OF the former.
Looked Like Support
At the immediate opening London set
pace for good advance, that seemed
10 indicate American support for the
effect thereof. 1t was effective in caus-
ing frmer market, and some sharp
rallies extending to a point in many or
the leading shares, especially in North
ern Pacific. Louisville and Nashville,
Union Pacific, and one-half point gains
through the chief rails.
This was followed by some profit
taking on the part Of the buyers OF
stocks late yesterday afternoon, and be-
fore the session was an hour old prices
were going the other way. only TO rally
in the second hour, with supporting or
ders and marked recovsries-
This rally took Eries up IL. and they
were very strong; Louisville and Nash
Vile a point, Reading nearly two points,
and laggards in the first advance. other
than the industrials, 54a1z point
The Active Leaders.
Baltimore and Ohio, Eries. Louisville
and Nashville, Southern Pacific. and
Union Pacific were the active leaders,
while the Industrial list was slow and
more or less neglected. with the excep-
ton Of SmeIters. which was the weak
ling Of the entire list. going off at one
time IL points. and only recovering
partially. This would seem TO indicate
that Mr. Lawson propaganda had ac-
tually drawn some buying orders in the
stock, which yielded gracefully and cas-
lily when the market slumped-
Becomes FITmer-
IN the first hour of the afternoon the
market again showed a hrmer disposi-
ton, and in this movement Louisville
and Nashville. Eries and New York
Central with Baltimore and Ohio,
Southern Pacific and Reading were
leaders. Louisville and Nashville turned
a net gain of 3 points, Baltimore and
Ohio, IA Fries. II; New York Central.
is; Reading, Ia; and Union Pacific, >,
while Southern Pacific was IA higher.
Steels recovered L point and Lead p
while Shelters were within q of yes
terday's closing. Other industrials were
next to neglected.
This advance had the same uncertain
u with IL and the buying lessened
again, as shorts covered, the market be
ing stfn extremely nervous despite the
favorable gains In the second hour Of
the afternoon the market gained more
strength and gave promise Of a better
close. Shorts were covering freely.
In the last hour Of the afternoon the
market continued to gain in strength
. here and there and held the advances
of the morning in nearly all cases. The
leaders gained Ia to pa. and the list
from y to 7 point. The money market
eased off TO I per cent and this was a
distinct help to the list
The developments Of the day, as a
whole. were favorable, and the list
with few exceptions closed near the
top Of the day. 4 few stocks were low
er, but they were exceptional