The Washington times., 1908-12-13
MARKET VAGARIES
PUzZLING TRADERS
Activity at One Moment Off
set by Period of
Depression.
LONDON EFFECT
MAY BE OBJECT
Hartman Interests May Permit
Reaction to Start Public
Buying.

NEW YORK, Dec. 1S.-If we are to
have n repetition Of last weeks market
d,,Fing the present week then it will be
in many respects an unsatisfactory one
10 room traders and also to the general
public, feeling around with a view 10
making investments of moneys coming
In January l and thereafter A market
that fills and backs. that comes and
goes, one hour of activity, two hGurs OF
dullness. a break and an advance. but
always with a decidedly strong closing,
developing on at least four days out OK
the six in the last few minutes Of the
session-for what?
Probably for the purpose OF giving
the list strong opening in London, and
for the direct effect thereof on New
York.
Sentiment at Sea.
Sentiment is much at sea over the
market Many old-timers do not like
it, but the conditions have become such
that the room traders and professionals
generally stiH try to follow the market
while waiting to turn when indications
seem TO promise a turning market The
scheme Of giving the market strong
closing is reducing this movement. be-
cause bear turn is usually disastrous,
unless covered early in the day.
Reaction May Not Come.
II NAV he too late for the reaction
before the beginning Of January This
Is what the bulls talk, but there is suh
a large contingent holding 70 the theory
that il viii lie but wisdom on the part
of tie hartman interests, the masters
of the market. to permit good reac-
ton as q. means of inducing the waiting
contingent to buy stocks
The only thing necessary to bring
about q reaction would be for the Har-
riman following to stop buying stocks
for few hours and the market would
do the rest.
Conservative operators do not like
market that has been built up by ma
nipulation, from the height OF the panic,
where II took nerve and credit TO buy
stocks. Mr. Hartman and his asso-
ciates have had an abundance Of both.
and those who followed the leader have
waxed rich
Hartman May Be Selling.
Whether or not the Hartman inter
ests have distributed many stocks is
question. but the chances are that there
has been a generous distribution. The
strong closings are a help to that end
When II was found rather hard to bull
the high grades, even on bull news,
then the ''cats and dogs were taken
up.
Last week many Of these low-priced
stocks. termed by the peculiar figures
OF speech because Of their position as
compared with the high-grade dividend
payers, played a prominent part in the
market. It has come he a maxim on
~,r--
stocks is Indicative of a turning point
in the bull movement in the high-grade
shares-the elimination of the move.
The public and the spectators were
afraid to follow the long bull move
ment to higher figures, and they were
willing TO take a chance in the low
priced stocks, hence the activity in the
cats and dogs
1t was evidenced by the Union Pa
cific report that Mr. Hartman had
parted with thousands of shares Of
Great Northern and Northern Pacific
stock belonging to the Union Pacific.
He supplanted this investment with
Baltimore and Ohio, Illinois Central,
Atchinson. st. Paul. and New York
Central. and then settled down to a
campaign for higher prices on these
stocks leaving the Hills 70 drag until
such time as the public, knowing them
as great money makers and we'll man
aged. took them UP by main force and
gave them cOCOual advantage with the
rest OF the market.
The Hartman movement was per-
haps wise, because he changed high
priced stock for lower-priced good
stock
Stocks Are High.
Stocks are admittedly rather high,
but are they at the top? They have
been booming right along since the end
Of the panic without a good setback.
They have discounted prosperity. they
have advanced in the face Of poor earn
ings. and have doomed on easy money
and plain manipulation.
Money conditions are rather interest
ing On June -. 1905. the Associated
Banks of New York had surplus re-
serves of S66. .09S 900. Yesterday the sur
plus was Sl6S99.0 025. Expansion Of loans
IS shown by the figures of 1906 at this
time. Sl.027. .666. 300; in 1907. SI1T5,O27. 800
and by the present loan item, 81. .S39 547,-
400. Expansion on the Stock Exchange
has drawn the majority Of the millions
from the surplus reserve. Money is a
little stronger, moving up to 3 per cent.
while q gold movement Of S5,O00O00 has
set in, Paris drawing the yellow metal
But back Of it all, when one begins to
AbGSlAOA llIe ulSn prices and their
tenure, is the value Of the crop Of 1905
G.70O.O .OO6O00 and the maxim you can rot
discount the future of American great
ness"
Money is easy for this time of The
year and probably for the reason that
the Improvement in general business
has been somewhat modified by the fact
that the tariff talk started too soon. 1t
VIII be at least four or five months be-
fore any action will be taken, and the
talk Of revision is having its effect on
general business.
What of the Week?
What of the week? Sentiment is di-
vided. II would surprise but few if
there was reaction. on the other
hand. the work Of bullirg the crest of
bull market is a task for a Rarri-
mantle one name that Wall Street
conjUres with and by. Hartman alone
can bull II. If he decides to do it, he can
accomplish, otherwise lower prices viii
prevail by this time next week It is
not, nor has il been for two weeks a
market that professionals, room traders
or the layman likes.