The Washington times., 1908-12-11
DAYS GAINS.

NEW YORK, Dec. 11.-Bulllsh condi-
tons again prevailed at the opening OF
the market. and new high levels were
made on many stocks
A rather peculiar feature Of the mar
ket developed in the fact that Reading
and Ncri bern Pacific are selling at eN-
actly the same IIice-twO stocks that
have generally Jecn SEPARATED 81 many
points. once by hundreds of points
Reading has developed into one q the
market leaders. and the indications for
its continuing tO>advance are promising,
as it IS being locked away o. careful
and shrewd investors, AMI is slated 10
be another Lackawanna.
At the opening Hartman stocks,
Reading and a few others. were rather
above Thursdays figures, but metal
stocks were generally heavy. There was
a good amount of business, and strong
tone in the minor issues that have been
so prominently 10 the fore Of late, the
pools in these and the Gould shares con-
tinuing active.
A report calculated to give the reason
for the recent large advance in Wis
consin Central developed 1t was said
that the Canadian Pacific had con-
Guided a working agreement with Wis
consIn Central. 1t may be true. again
# may not
Still a Hartman Market.
The opinion is freely expressed in the
best houses on the Street that this is
Stnl a Hartman market and that its
movements are under the control Of the
party that was not afraid to take up
the purchase Of stocks a year ago, when
the situation was far less promising
than now. Whenever the rest of the
when II Will not hold, strength Is de-
Yeloped by booming the Harrimans.
New York fractions were given u
boost. II was reported that the ma
iority of the Brooklyn Rapid Transit
directors had agreed to declare a + per
cent dividend in February. Persistent
buying of Interboro Metropolitan. An
advance Of IL points was easily estab-
hshed.
Too Late for Reaction
The argument is being made that lit
Is too late for the reaction before
Christmas" Perhaps il Is. Sentiment is
admittedly bulIish, there are few bears.
The Union Pacific report showing an
earning capacity Of 1923 per cent on
the common stock may be considered
a bullish argument During the year
Union Pacific sold over $lS.000.0OO Great
Northern preferred stock, Northern Pa
cific stock and $4,000 Northern Pacific
subscription certificates
Union Pacific now holds S1,500,OOO Hin
ois Central stock. The story of the
investment OF Union Pacific millions in
securities OF other roads is interesting
IT also answers the critics who claimed
that Union Pacific went in debt in 1906
to purchase .stOCks-simply a shifting OF
investments with a sale of high-priced
dividend payers and purchase OF good
stocks paying fair dividends selling at
low prices.
Market Toppy-
After the start the market became
just a bit toppy on profit-taking. which
always develops on the strong spots.
1t extended TO about g of a point. car
rying many of the leaders below the
closing figures of yesterday. From
this point the market again toned up
ward with rallies of a fraction, while
the bulk Of the trade Csntered in Union
Pacific, Reading. the fractions, Steel.
common, and Smelling and Copper.
Illinois Central advanced a point, and
held the gain. Union Pacific was a off
net. Reading and Union Pacific were
peSged at 1925, and both very firm
steel lacked a Of point Of last
nights close.
During the noon hour the market
acted little easier, and by the second
hour of the afternoon prices on the ac-
tive list were off again nearly to the
low Union Pacific at this time was
1917; Reading and Northern Pacific
14zSs; Southern Pacific, 12lIk and Great
Northern, Is lower, or at 1875. The
latter stock was very near the Reading
and lNipper price, but Z point separat-
ing them.
1t has been the habit during the last
few days to rally the market in the last
few minutes Of the selling, as a means
OF securing strong London opening
and strong market here This leads
some 10 believe that Hartman interests
are distributing stocks on the strong
spots
During the afternoon the Humiliation
movement continued on a larger scale
and serious declines resulted although
just At the close a fractional recovery
was given the list The break in Union
Pacific was from 1873 to lS2Ik. NIanv
off.
Smelter and Little Steel weak.