The Washington times., 1908-11-22
NEW YORK MARKET CLOSED SOFT
AT THE LOWEST PRICE OF
THE WEEK.


New York stock market, with the first
few DAYS given over to continued infia-
ton of values and with the Hartman
clique taking on stocks while the pub
lie and "A number of wise room traders
accepted the opportunity to turn some
handsome paper profits into good fat
bank accounts. But the more lii 7ral
the selling the better the support of the
insiders. and the higher mounted the
values until some of the leading stocks
had scored new high records for 1908.
Time and again the bears, who had
been following the up-turn as mOmen-
Iary bulls, would reason among them
selves and decide that it was about
time TO make a play on the short side,
and whenever they did they were forced
TO so in and help along the upward
movement 10 get the stocks back.
Public Liquidates.
Isl the meantime the dear public salts
fed with the excellent profits that they
had made on the upturn were Iquidat-
ing until when midweek came around
they held very few stocks.
But stiI the pumping process was con-
tiuued; sHu the clique bought stocks
ana sJil the list rose.
When there was hesitation the bulls
would get under the minor stocks and
lift them bodily by fractions and points
for the effect that this would have on
the main list In this way there were
sharp advances on Baltimore and Ohio,
Missouri Pacific. Great Western, and a
man or Hiu leaders.
Clique Ready With Support.
And then when the bears worked up
enough courage To attack the high
srade rails the clique would go into
the market and make the bears pay
Tor selling stocks by advancing the
market ON them. They did This on
Thursday and they did it again on Fri
day. ON the latter day the whaling
the bulls gave the bears in the last
half hour of the session was something
20 remember, but they did not
ON the various recessi0ns, stocks with
the exception OF Southern Pacific and a
few others, lost fractonally. but never at
an severely when compared with the
weeks of rapid advances that have fol
lowed the election and weeks before.
Europe was not "a factor until late
I'm the week, when considerable selling
followed disclosures Indicating the tenor
of recent suppressed interviews with The
Ge- nan Emperor.
Technical Position Bad.
But with the market rising the tech
uicaI position of the market was TALL
ms below pax. The public satisfied with
The advance, wisely casHed in and got
out changing its usual policy of stay
ing and Overstaying its market. The
manner in which the bears had been
whipped ON every attempt TO make head
way on that side of the market was ef-
fectIve in reducing The short interest
and creating a one-sided market. More
over in every brokers' office there were
hundreds OF stop orders placed 10 pre-
vent amy serious loss of profits that
had reached satisfactory proportions.
The ease with which the market weak
ened on Thursday and Friday, coupled
with heavy buying of certain shares,
notably Steel common and Southern Pa
cific. seemed to cause an increased num-
Der of selling orders and the decline on
Friday was decidedly severe. although
most OF it was recovered in the closing
half hour, yet it resulted i'm developing
large number Of selling orders
Bears Jump on List.
This morning the market opened soft.
turned strong for a few minutes. and
then. under a food of stocks. started
dropping, dropping by fractions and
half points until the low point Of the
week was established. Contrary to ex-
pectatiOns, there was no recovery in
the closing, but rather an continued
pressure.
That it is high time for stocks to have
good reaction is evident, although
there are many who do not believe that
the Hartman clique has planned for
even a temporary setback. The fact
that the pubic has quit following the
rise may make it desirable to stand
from under for a time with a view of
bringing new crop of buyers into the
market, as a radical setback would un-
QuestiOnably do.
Big Losses; No Recovery.
The net losses from the hieh points
OF the week are represented in the lead
ing stocks by declines from 1915 TO 1875
on Union Pacific. 1ll4 TO 1865 on Read
ing. lis 10 1875 on Southern Pacific. Gas
TO cas- on Missouri Pacific, l49 10 1864 on
St Paul. and III TO ll5la on New York
Central Illinois Central sold at 1888
and closed at IA
All the industridls did well. frequently
coming TO the front in the early part
of the week when Steel common rose
10 5Sl4 and the preferred 10 u4ls, with
close at 55}s and u34.
Tennessee Copper was run up to 5355
and on the last day Of the week it
broke 10 a, under bear pressure of a
serious character.