The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1908-09-26
DAYS DECLINES

NEW YORK, Sept. 26.-The majority
Of stocks listed on the exchange at
tTacted very little attention on the
short Saturday session, nor were there
important changes in prices in over half
the stocks on the list, the general nuc-
tuatiOns being of the quarter-point va
riety.
The exceptions were the old market
leaders, the stocks that have been so
consistently doomed by Mr. Hartman
and his friends, and the Hill stocks.
which could not stand the pace framed
up for them so Unexpectedly yesterday.
Brokers generally do not ike the mar
ket, considering Il uncertain in an UNI
usual degree, liable to ductuate one way
or the other on political influences, and
TO seek a lower level as the campaign
narrOWs to the closing days Of the can
vass.
Distribute Stock
There is a growing disposition on the
exchange to credit the sustained move
ment in some of the minor stocks to =
desire to give tone to the list in order
that the clique that has been buIIing
the market for three months might dis
tribute some Of their surplus stock with
profit; in fact, that during the entire
week unloading has been going on,
with just enough support when neces-
out of the market and to retain control
Of The situation.
That they have bought back much Of
their stock is perhaps true. and that the
position of the market is better through
the elimination Of a bunch Of weak fol-
lowers is also probable, but stocks are
still high and liable 10 go of with IN
favorable developments in the political
situation, although evidences are not
wanting to the theory that the Harri-
-frr g,
meet political eXigencies so that there
would be no wild dumping Of SeCuri-
ties in the event Of the unexpected hap
pening. Neither Of the parties desire
70 further disturb business. nor is It
likely that the successful Presidential
candidate, no matter Of which party.
would care to institute any reforms
which would tend TO delay the recovery
Of business prosperity much longer.
Public Indifferent.
The public indifference continues.
There is no demand for investment. nor
IS their likely to be pending the solu-
ton Of the Presidential problem. The
trading element is Of the room trader
variety, in and out, and back again.
with the varying fluctuations. overcau-
tiOus just at present and looking for
sCalping profits rather than a long pull.
So Far as influences were concerned
tnat might be expected 10 cause the
declines in the leaders this morning,
there were none. at least none in sight.
Stocks were steadied and boosted yes
terday on politics Certainly there has
been no material change in the political
outlook IN the last twelve hours.
Hill Stocks.
In some circles the severe Northwest
ern forest fires are given as the cause
for the recent severe decline in the Great
Northern and Northern Pacific shares.
Perhaps there has been more damage
than we have information of. The squirt
OF these shares yesterday was prema-
ture, judged by their action this morn
ing, for Northern Pacific dropped from
1919 10 1852 and rallied but y point.
Great Northern from 1895 to 1885,
equally without recovery.
Reading was soft, breaking from 12Sj5
20 ~, loss of Pa points, with a 3
recovery Reading was also very active.
St. Paul was soft at IA loss Southern
Pacific = lower and Union Pacific near
~ Is of Rock Island issues were lower
on the theory that yesterdays squirt
was nothing but a bit Of private work
IN The boosting direction by Dan Reed.
Shelter, Copper, Steels, and most of
the industrials were slightly lower, but
the losses other than in the rails were
very modest.