The Washington times., 1908-12-14


setting the pace for the second raters.
Union Pacifc, Nipper and Great
Northern did not move UP with the
leaders. Baltimore and ONO was an
other record breaker with new high
record to 111I5. Local traction shares
were strong, but did not make much
gain.
The announcement that the PennsyI-
vania Railway Company had placed
orders for 135,OOO tons OF rails, started
buying in the Steel shares the preferred
moving up fractionally and the COM
mon shares nearly 81 of a point.
For a time Union Pacific remained
heavy and then II gradually took a
shade firmer tone. but it was heavy
soon thereafter and did not show the
resiliency of the other stocks.
Pick U. P. for Leader.
Persons close to Mr.. Hartman claim
that Union Pacific is TO be the leader
this week because of its large holdings
in companies whose shares have ad-
vanced. But the signs were not favor
able 70 make such a leadership, al
though it was admitted that Mr. Har-
riman could make a leader Of any stock
listed on the exchange.
Stock brokers are looking with more
favor on New York Traction shares
even considering the possibility of their
being entitled to be considered as re-
spectacle. They have advised the pur-
chase of InterbOrough Metropolitan II
the belief that the reorganization will
make the stocks valuable. 1t is ad-
mittedly d stock with great speculative
possibilities
After getting under way for an hour
with a strong tendency the list became
rather Gull again, and concessions in
values were made all through the ac-
tive stocks. At the same time the mar
ket became dull, prices sagged away
and the market went into the noon hour
with indications of weakness
Gossips are decidedly apart on their
views. The claims that a large short
interest exists In the market do not
seem to be well founded The long con-
tinued upward turn, has induced bears
to cover their trades quickly, and even
the most hardened bear has found It
the part of wisdom TO forget his nature
and follow the leader on the upgrade
Bear Sentiment ImpOtent.
Rear sentiment is crystallizing. and the
feeling that stocks must 90 lower is
increasing, but so long as the market
IS advanced here and there with such
surprising tone, purely by pools and
Cliques the bear sentiment will simply
crystalline and not cut much figure in
the market one way or the other.
1t has been the experience In many
years that lower levels have been es-
tablished in December, to make a new
basis for a year-end boom. to start
the new year right. and TO work Up a
bull market to absorb the January dis
bursements and TO carry the rise
through that month Usually upward
swings eliminate in November, fire.
Quently in the first few days Of De
cember- But as all signs fail in dry
weather, so all signs fail in a market
as completely dominated by one man
as is the present trade in securities.
There can be no question about It.
Eliminate Hartman, and the market,
left to It's natural bent, would go down
the slide with accelerated speed. The
advance has more than discounted all
prosperity-but il is Hartman that
holds IL. that dictates moves here and
there: Hartman, who has the bears
scared to a fraZZle-so that while they
are bearish they are doing nothing
hut mind-trading, and are losing on
that
The banks have lost S15.OOO.OOO to the
subtreRsury since last Friday, $l0,00O,0e
OF it Panama funds.
Smelter Weak.
The bears found one stock that they
could soak-Smelter-which opened al
SIA and was pounded to S6B, from
whence It recovered to S72s. but did not
hold, again losing Y.
Southern Pacific and st. Paul showed
but slight gains In the first hour OF the
afternoon, and went into the second
hour just about steady. while Union Pa
cific went back TO 1895, a little decline
and remained there.
Chesapeake and Ohio which had beer
a point higher lost IL all. Louisville and
Nashville made a point gain. Illinois
Central advance a point and lost If
Missouri Pacific held rs gain, beins
the firmest OF the Goulds. Readins
held fractional advance, and Pennsyl-
Vania =, while New York Central was
strong at IL gain Steel common man
aged TO hold . improvement.
Business Light.
The volume of business was rathe,
lighter going into the last hour of thf
afternoon. If precedent is maintained
the manipulators will give the market
a boost in the last ten minutes of the
session, for the effect on the openinr
some one is accommodating much stock
someone is accommodating much stock
or quietly distributing IL. Which?
Late In Inc second hour of the after
noon, Smelter was forced down Z points
more, breaking TO S55s. The rest of the
market entered the last hour cs the ses-
sion comparatively steady
In the last few minutes OF the ses-
sion prices melted away, and nearly all
the gains were lost, especially in the
leading stocks, the market being so
spOtty that IL will require q study Of the
ss1IbJoined closing price list to detect the
[trong spots from the weak New York
central lost all its gain; so did ST. Paul
Union Pacific was nearly a. point lower.
Smelter made II over $s points. Steel
wavered.
1t was the first time in some days that
the market has not made a strong clos
Ing The bears became aggressive in
the closinS and raided all along the
line.