The Washington times., 1908-12-31
Year of Initiation and Manipulation Closes With Quiet Market
DULL DAY IN THE STOCK MARKET,
WITH SOME SHARP GAINS IN
MINOR SHARES.

NEW YORK. Dec Sl.-TheTe really
wasn't much doing in the stock market
during the morning hours. At times the
ticker was silent for seconds, and the
transactions that were made were
rather small in quantity. II was nit
ting close to a year of imitation, jnbila-
tion, and expansion-in that II showed a
little conservatism. The capital stock
Of practically everything on the list has
been traded in over and over again dur
ing the year, and the imitation OF values
has been insiStent and entirely ire
Spective of natural influences
On the opening this morning New
York Central rose > points. Toledo. St
Louis and Southwestern 324, Alton (,
and Wisconsin Central nearly points.
That these stocks should make such
marked rises is in itself signal 10 wise
men TO 90 slow
The New York Central management
wants the election of Brown as presi-
dent. while Hartman wants Loree.
Hartman controls through Union Pa
cific 1900 shares-nOt enough TO name
the head of the system.
Question Why?
Just why the other stocks are worth
So much more this morning than they
were last night is problematic.
There is "a disposition among some
traders to wait the full effects OF the
almost certain disturbance of Italy's
finances through the disaster 10 many
of her impotaut seacoast towns Such
great loss OF value must create some
disturbance
Ioo6's Enormous Record.
The stock market is still manipulated
Just as it has been 70. an entire year.
With sales Of 21.124,SS3 shares of Union
Pacific during the last year. the ma
nipulators must have turned much good
profit, and they can afford to keep IT
mp yet a while longer. unless some
thing occurs TO change. The net rise
i'm the stock was about 30 points Sales
Of Reading were 35.T50.JO0 shares. with
2 rise OF 4Gai points About lSo0o00O
shares Of Steel common were traded in,
and an advance Of 3iS4 points recorded
Shelters sold to the extent of 100000.
and Copper TO the extent OF 97WU'
shares. Nearly GuuVn shares OF ST
Paul sold. and the capital stock OF
nearly all the active rails and indus
trials sold over and over aGaln-such
Is high-grade manipulation.
Still Printing Certificates.
Every day the papers contain adver-
ing issues are rarely paid-aIways re-
funded. II is possible that the advance
and manipulation will continue; that
prices now current will look awfully
cheap before very long. but that the
price has discounted the Improvement
In general business and I'm the earnings
and fiscal condition Of the roads must
appear to he hut a reasonable deduction
10 conservative traders.
These facts are recognized by profess
sional room traders. but they refuse
10 consider them other than IN gem
Pral way. The other side of the story
has been demonstrated by the advance
stocks of u To % points The room trad
PTS have followed the Hartman lIiid-
ION and made their share Of the profits.
.or they have been in again and again,
ledged with stop-loss orders and they
propose 70 keep = up
No Short Interest.
There is but a light short interest in
the market 1t IS not oversOId. il is
3verbought Therefore, Il is fitting
hat il should be rather quiet during the
ast day Of the year. a reaction IS past
!uc. Il may not arrive. but it is due.
steel common was weak on the de
-isiOn by the directors Of the corpora
ION against increased dividends on the
.ommon stock this year and not next
-ear. unless business improves.
Missouri Pacific rose a point. Reading
4. Union Pacific slUmped frCm 1893. 10
IS2z. and rose to 1885. St Paul was
barely steady. NippeT was the steadi-
est thing on the list.
The market went into the second hour
IF the afternoon with the same steady
nari-et. with the same incOnseCrIentiaI
rading and with waiting mood that
las been foreign to il for days past.
The list closed as il opened a year
lgO-very strong. but with c0mps "a
iVely little doing.