The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1908-09-04

NEW YORK. Sept. 4-Bears who did
not cover their contracts in the closing
hours of yesterday did not like the &C
ton of the markets this morning. The
patented story of the multi -mlllionaires
selling out on each other did not ring
true, and when the shorts rried 70 cover
they put advanced prices on themselves.
That the market is being manipulated
goes without saying. That conditions
are such as 20 tend to reduce opera
tions 10 a narrow volume can not be de-
MED. Herman and bis following, SO
Tar as inside information and street
Yumors are concerned, are still doing
the muscle act, pushing for higher
prices, and many o. the big men OF the
Street are looking for developments that
will account for much OF the gain ana
that IN turn viii be helped along by
the advance OF the last few weeks.
Harriman's Policy.
It has been the policy of Mr.. Harri-
man to discount events that are likely
10 be considered favorable TO his prop
critics. at least so far as the market is
concerned.
The extent of the bear interest in its
operations yesterday and on previous
DAYS of the week was really more IN
ported quarrels and unloading Dy NIL
-uJnaireS.
At the immediate opening. on the
strength OF the London market. the tone
was decidedly nrmer. For a few min
utes there was a little hesitation, OdeI
& Co. having 5000 shares of Steel com
mon 10 sell and Mr.. Hartman himself
being a seller on some of his faVOrlteS.
The effect Of these developments was
but mOmentaTy, checking the rise with
A fractional reaction, and then the
merry upward movement was resumed
70 a substantial advance in all the lead
ing stocks and the recovery Of "a points
of yesterday s loss In Smelter, IL on
Union Pacific, and p to Ia points in
the general list Of rails and few Of
the industriais.
Evening Up Contracts
Many prominent operators are evening
their trades preparatory to the adjourn
ment of the Stock Exchange from the
close Of business today until Tuesday
morning. TomOrrOw's holiday will sim
ply be an adjournment. while Monday
Labor Days a regular holiday. This
evening up process and the covering OF
shorts is likely 10 give the market an
easier closing although no serious set
back is expected.
There are many stop-loss orders on
the market that may offer good OppOr-
tunlues Tor cunning. Many operators
aside from the activities of the exchange
occasionally and study conditions. This
policy is now In vogue They have no
idea that Mr.. Hartman and his allies
are going To abandon their plans for
higher prices. but they do not like to
follow in view OF possible adverse legis-
islatiOn, possible political disappoint-
ments and with prices on their present
high level The price of fOTJy-Oue rail-
way stocks Is 1855 today as compared
with SO5A the highest point of the year.
Stock Exchange Investigation.
A news agency sent out the report that
the stock exchange Investigation gov
ernors OF the stock exchange have been
informed that further delvIng into the
manipulated market Of Saturday lhe 22d
ult.. and Brown & Co.'S transactions.
would develop the fact that Mr. Harri-
man has been washing millions of
shares during the past few months
This is IN line with the report sent
out yesterday TO the effect that further
investigation would uncover men too
big. financially, TO be prosecuted. The
exchange is greatly embarrassed.
Continues Very Firm.
In place Of yielding as the session
wore on. the market gained in strength
and additional fractions were added to
the gains OF the morning. The volume
OF business was somewhat lighter than
on Thursday. but the shorts found that
there was little stock for sale and that.
II they would go home even over the
two days adjournment, they must take
their medicine, and this they did.
The general character OF the news
was in no way changed Hartman
brokers were busy Wnsn II was neces-
Eary, giving the kind of encOur3 cement
that causes improvemenIs-buyi or
ders and hquidating when the strength
seemed to warrant fl.
Southern Pacific rallied to lOSfs. and