The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1908-08-17

NEW YORK. Aug I7.-EVldeuCe comes
out today that ia the raiding Of Tie
market last week a large short interest
las been built up, and the higher
opening this morning was met by sun
selling that caused prices TO sag after
the first half hour of trading, and at
noon the market was again weak and
dull. with business confined largely 10
the professional element
Business is undoubtedly improving,
money is plentiful and cheap, and the
bulls seem 10 have no idea of perma-
nentIv abandoning the market but II
will be necessary before long 10 drive
out the shorts if there is to be any
permanent improvement of the market
Graders are looking for a positive and
Strong demonstration by the bulls this
afternoon or tomorrow. and If 1t comes
there will be plenty OF excitement ON
the floor OF the stock eNcL ange Tor one
GEy. The professional leaders said al
noon that they expected the advance
40 be resumed at any moment.
Market Opens Strong
The market opened strong and fairly
active SHELTERS advanced more than ?
points. Lead TX, and Copper / point
THE Rock Island issues were higher
on announcement that the finances OF
che company were not in a desperate
condition. Canadian Pacific opened higher
because of an appeal by the strikers 70
.1he Government for arbitration OF the
present difficulties. 90.
= on the curb market Lawson BAY state
Gas was the feature, many InouSah9
shares changing hands. Cumberland
Ely, Nipi6slngr ana OLier GuSsehLISiIll
stocks were prominent
In the commodity markets cotton ana
wheat were steady, but not active.
London was much improved IN the
a.
AT the end OF the FIRST half hour or
trading the market had relapSed INTO d
state of duh strength,
The market after midday showed
fgome signs of hardening prices, ana
with this tendency came revival OF
political talk, which has been heard
little in Wall Street up to this time
An unusually keen observer Of the stock
'I1arlSet himself a large trader on the
moor, said at noon that there IS noIhlng
y OF a substantial character 10 MAINTAIN
a bull market upon, but that II must De
done for political reasons IN ms oplLl-
ion il would now jeOpardlze Mr. IafJ 8
chances of election to frighten the pub
lie by a depressed market lie said
the experience OF last year was 100
near at hand and too acute TO risk It's
New York" continued the broker. rs
debatable ground, with Hughes the can
didate for governor Everything must
be done to assure Tafts election and
a strong bull market viii be the medl-
UNI. There are seveuty-seven days be-
fore election,
About thirty days Will be consumed
in boosting the market by professional
trading. which viii leave fOrty-seven
days, immediately preceding election,
r. which 20 launch WhlTllng EFFORT TO
manufacture the sentiment Of good
times coming with the continuance OF
the Republican party in power. In this
way I figure out an almost Immediate
revival of bull prices and thci- main
IenanCe on an ascending scale until
after election. Anything else, in my
opinion, spells Tafts defeat, which Wal
Street and the country does not want. "
The principal strength Of the market
today was brought about by buying
orders from @ New York house Will
Boston connections Of Reading auJ
Union Pacific.
At / O'Clock most traders are looking
Tor rise near the closing hour.
Prices gradually improved through
the afternoon, closing near the open
ing quotations. The leaders among tht
railroads and metals were active and
had wiped out most Of the losses OF
the early trading. Much bull talk is
heard about Wall Street and the situa
ton this afternoon seems promising fol
a further upward movement Money
continues cheap and upon this now
Ceuters the chief hope of the bulls