The Washington times., 1908-09-06

BEARS TRY FOR THE ADVANTAGE
AND FIND FEW. STOCKS
OFFERED FOR SALE.

NEW YORK, Sept. 5.-In common with
nther stock exchanges the New York
Stock Exchange did not open its doors
today Labor Day Will be observed Oh
Monday and the resumpuqs of business
viii be DELAYED until Tuesday.
The closure OF the market on Friday
at nearly the top prices Of the week and
materially higher on Southern Pacific
Union Pacihc and many other stocks,
is but another positive evidence of the
fact that big men hold the stock and
that they can do about as they viii
with the market, especially during
the present glut of easy money. Time
and again the bears have made their at
tack, have apparently been successful IN
chipping pieces of from prices Dat wnen
they started to cover their short sales
they found that the actual stock could
only be obtained by paying for them
and that the asking price was generally
above the price at which they sold out.
No one man can completely control
anything quite as large as the New York
stock maretk There are times when
the professionals and commission houses
note signs of danger and they take few
chances. At such times the apparent
strength of the market Is dissipated
and declines follow. The market has
disclosed this state of affairs this week,
first when there was nervousness over
the results of the Vermont election or
rather In the size OF the plurality for
the Republican ticket, and again when
II was reported that Rockefeller and
Guggenheim had disposed Of their inter
ests in the securities of the American
Smelter Company, the theory being that
they might also have disposed of hold
ings in other corporations ana covered
their tracks. ~ that there was Hl-feel-
ing between prominent parties In In
terest
Vermont reported a plurality that sat
isfied the Republican leaders and also
Wall Street American Smelters, with
practically all other industriaIs. became
very weak on the Smeltcr story. and
for a time it looked like a bear market
in this class Of securities.
When the shorts tried TO cover, they
bid against each other and thG market
made them pay for their temerity, the
rails leading the way with an advance
that was disastrous to the bears and that
carried many stocks to a new high
record for the year.
Thursday found the market in about
its most plastic condition for bear oper-
ations. this being the day of Smelter
developments. but on Friday came the
complete reversal and the strongest kind
Of a closing near the top Of the list.
Conditions Improving.
Conditions in the general business
world are improving Slowly TO be sure,
but actually improving Less idle cares.
better volume of trade in the dry goods
and general merchandise markets, and
a promise, almost fulfilled. Of a great
harvest No less an authority than
AIR Clafiin, the dry goods merchant
admits that "a slight Improvement ap-
peared in June and is making gradual
progress, but a return 10 normal con-
ditions can not be expected until after
the Presidential election"
UnqUestionably. but for the uncertain
ties of the campaign that viii end. one
way or the other. November 8, the gen
eral situation in the United States
would show greater Improvement
Election Uncertainty.
The election uncertainty has kept con-
servative men from following the IN
ward movement in stocks with enthusi-
esm. They have been in and out time
and again, but are nervous regarding
possible developments antagonistic 10
the stock market They dread anti-Stock
Exchange legislation at Albany and
possibly in Congress, and they are of
the opinion that between now and the
Presidential election, developments will
occur that win turn the stock market
into lower channels. But they nave
found il profitable, just as professional
traders have, TO follow the up-turn in
stocks, and have Joined the forces at
work for higher prices - frequently
against their best Judgment.
hartman to the Fore.
Hartman! Wall Street conjures by
this name, While other railroad com
Danies have been forced To reduce. and
some even TO pass their dividends, the
Hartman leaders, Southern Pacinc ana