The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1908-10-19
DAYS DECLINES.

NEW YORK, Oct 19.-There was a
better feeling en- Wall Street and an
up-tUrn iN values on many of the lead
ing stocks. But the market presented
a tired, undressing appearance with
traders only anxious for a trend III one
direction or the other, that they might
fellow II and Indifferent as 10 the diTec-
tiOn taken, II IL would but show steady
determination one way or the other
The trading radius of the market is
so limited that IL Is not attractive TO
room traders, professional scalpers nor
tc those who go in for a long pull and
q strong pull.
1t is perhaps fortunate that things
are as they are 1t is but wisdom to
approach the crucial stage OF the
Presidential campaign with the most
narrow kind CT n market and this Is
apparently the way Wall Street IS gong
into the election, unless. in the mean
time, the election Of Mr.. Taft seems
reasonably safe as probability. when
the Street would start ia diSCOuntng
the verdict of the polls with an active,
strong market
While the tickers are frequently silent
for minutes, the undertOne Of the mar
ket is one Of strength and higher prices
are being made. The control of the
situation is completely in the hands OF
the captains and the ajOTs, and
through them It IS controlled by the
boss of the market.
Prices usually go higher, react a
little, but IL Is noticed that each day
shows part OF the advance held TO the
close.
The burden Of the gossip Of brokers
offices is to the effect that stocks
should be bought confidently. but that
profits should be taken on rallies. This
Is Just exactly what is being done. On
advances earlier buyers scalp their
profit and stay out for the reaction which
usually comes
Today the market opened stronger,
and almost Immediately the DrOfit-tak-
evidence 4 loss
OF part OF the gain, and then by a little
better prices as the sellers began to
take back their stock. St. Paul, North
ern Pacific, and Union Pacific were the
leaders of the list, with Reading and
Great Northern holding UP their share
of the upward movement.
Northern Pacific has rcgained its divi-
dend, and advanced this morning q on
the opening. or to ZAP, reacted a little,
and then advanced to 1872, and held the
greater part Of this advance. II helped
its sister stock. Great Northern, 10 a
2s-pOint advance. The latter has been
inclined TO sag a little OF laJe.
London took a more favorable view OF
the situation. and sent over orders for
Americans at the opening, and COntin-
ued a fair buyer. The question Of a dis
turbance OF the concert Of Europe IS
still debatable. and so long as the
great guns DO not roar there IS a chance
for a compromise. Fortunately London
and the Continent have marketed nearly
all Of their holdings Of American stocks,
there would be no flood OF foreign hold
ings.
New York will be the battle-ground of
the political campaign In the immediate
future. with both candidates there, and
II Is within the possibilities that the
Bryan scare will come then-Or never.
1t Is fortunate, again. that a Bryan
scare can do little haTm-so complete is
the control of tn situation Centered in
the hands Of one big man
After the reaction the market. follow
fng it's usual course, came strong. and
prices nearly touched the outside figures
again. A point advance was the aver
age gain in the leaders, Union Pacific.
St Paul. Reading. Great Northern. Bal
timOre and Ohio. and Consolidated Gas.
Wisconsin preferred advanced 2 and
Canadian Pacific IS.
Northern Pacific rose ~ points, and
many minor rails fraCtiOnally.
Copper and Smelter and the Steels
were all a shade firmer. but there was
no special activity IN any OF the in
dustrials, nor yet more than a frac-
tional betteTment in prices.
The market remained into the second
hour Of the afternoon very steady at the
gains noted. but with light volume Of
business.
In the final hour of the session the
market was painfully dull. and many
OF the earlier gains were lost. Union
Pacific held but y point advance;
Northern Pacific, IA. Baltimore and