The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1908-12-03
NEW YORK STOCKS DULL, STEADY,
WITH GOULDS AND HILLS
THE FAVORITES.

NEW YORK, Dec. S.-The stock
market is in a most peculiar and IN
usual mood. It is in a receptive condi-
ton, but there is no news OF a char
aoter to give it an uplift or TO continue
the liquidation that was so apparent in
the flnal hour OF Wednesday. For the
past year the market has been under
strorg bullish influences because condi-
tons warranted a rise; the liquidation
IN panic times having cleared out weak
accounts and the easy money having
given the insiders the necessary means
OF standing under the market almost
continuously, while natural recovery
from panic levels was due.
More Bulls Today.
There are more bulls today than there
were six months ago. The uncertainty
marking the Presidential election. al
ways a disturber Of business. and il
late years with a radical candidate on
one side a disturber OF security values
Prices nave risen TO nigh levels. Many
stocks have reached new records. and
yet the opinion is genera! that higher
figures than any reached in 1905 are
due but f!ot uatil after there has been
shake-obt Of generous proportions.
IL may be that the Presidents mes
sage may carry some crumbs OF com
tort 10 the stock market, Ii as Mr. H4r-
rlman claims. the Executive has decided
that the railroads should be taken
from under the provisions of the uti-
trust law and put under the control OF
the interstate commerce agreement
With powers, under limits. to form tTaf-
lie agreements, etc, but the chances do
not favor much important legislation
along the line Of Mr.. ROOseyelt's sug-
sessions IN his message tho law makers
looking more 10 the incoming rather
than the outgoing.
Low Grades Lead.
The feature of the market that the
Conserva dive traders do not Ike is the
fact that the Goulds and Rock Island
are the leaders in strength. These are
not the gilt-edge stocks on the list by
q large majority; indeed, they are usual
IS classed in the iow-priced and low
grade issues.
It is evident that something is com
ing out on these stocks in the near fu-
ture, and that they are being bulled OF
the news whatever II may be-a holding
company for the GOulds or something
else-and the financing Of the Frisco
nut after the news will come the reck-
onlnE, With every probability OF the
Equldation by holders in an effort tc
save as much OF the proffA as possible.
immediately on the opening the market
continued on the down grade the Huui-
datlon so evident at the close yesterday
declines here and there. There was no
special activity in anything. After a
Time the market displayed a little bet
ter tone and recoverIes were in order.
The Hill shares were favorites on the
general proposition that they are great
money earnerS. that the master AT the
head OF them Is running the roads for
the best IN them and not In any con
necJed with manipulatiye pools
After reaching the first hour Of the
afternoon the market steadied down
with gains In Missouri Pacific, Miner.
Rock Island and Great Northern. whiIC
the rest Of the list passed into the
second hour of the afternoon lust at
the closing figures of yesterday, this
being so general throughout the list as
10 attract attention.
With the advance Of the season the
market became less active settling
down 10 very modest volume of bust
ness.
The market continued to gair. in
strength during the afternoon. but not
~ activity. The gains were distributed
although none of the leading stocks
made any material advance EXCEPT the
Htll shares. Some of the gain on Union
stocks faded away in the last few min
ntes or the session, and the CLOSING was
dHil and embarrassing