The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1908-12-04
DAYS DECLINES.

NEW YORK. Dec. 4.-There was more
character, more spine and backbone to
the stock market than on any previous
gay OF the week The negative charac-
ter so much in evidence on Wednesday
and Thursday gave place to activity and
strength, and sharp advances, especially
in the Hill stocks. In maEing this Sc
lection, the mauipulatOrs selected
worthy securities, stocks that have ris-
en- but m0destly while the Hartman
shares were booming day after day
stocks that the trader VIII follow. and
much more inviting 10 the laymdn and
the investor than the Gould shares,
which have been the medium OF me
bulls for the last day or TWO, and which
the public would not follow any more
than the room traders would.
Whether this start has the backing
OF the clique for an extended rise or
not. was not indicated by the move
ments of the day. 1t Is true that some
Sis .OJJ 900 in dividends and interest pay
ments Will be discussed with the com
ing OF January Perhaps much or IhlS
has already been invested M anLcap-
aJOTy orders on margins 10 ne taken up
later but The Refreshments VIII DE lar Sc
Stocks are held largely by the HdIll~
man people, ana they VIII prondUiy oe
willing 10 MI the OruerS OF the invest
Ors al higher prices Ihdn those now
current bat as a preliminary move u
is likely that stocks VIII be peIMltleu
10 20 lower in order to encourage the
reinVe5Iment of the millions 10 be dis
mere were those who considered that
the squirt might possibly he due 10 me
TumuTUu more pICIlC character OF tt4S
President message but II IS 10 me
rising ana MOI the setting sun JnaI the
members of Congress are pay llls sulCL
attention. and IL IS probable thaJ no
action OF Congress Wall ii any way
AFFECT sJOCks-aL least during the snort
session.
Perhaps the fact that the room trad
eTs and the public generally could not
he tempted 10 set in on rise ~ stocks
like Kansas cay southern Ie&as a.
cine. ana Missouri, Kansas auG texas,
induced the clique TO take new tack
The rise Was followed by increased aC-
tivIUy, although The market was nothing
like as active as II was during the clos
ing weeks OF November. Some covering
by shorts attended the rise, put at no
time was the general market especially
1t is generally believed that large
amounts OF Steel, common nave gone
nfto the boxes OF Jhe insiders anu
strong people generally uu-Ing uil --taL
week. In any event the offerings have
been quietly ABSORBED without causing
any COmWUuOn and the STOCK was one
of the strongest on the list TINS morn
ing. though the preferred stock did not
move up in proportion.
News of the morning was unlmpoT-
tant. The banks will lose something
q
haps more. The Chesapeake and Ohio
is said TO be earning per cent or its
stock, and there are rumOIs or IN
creased dividend. Illinois Central TO-
October showed a loss of S5l3lg4S seoSs
earnings. but managed to pull through
with bus SlZ,Sj0 net earnings which
would suggest a lack OF attention to
the all-important item-repalrs and bet
JermenJ
New York Central has gone up on the
belief, which is growing, that Mr., Har-
Timan viii shortly become Dominant
factor in its management, and that he
viii step into this position without be
ing required TO acquire any more stock
Great Northern turned the highest
price of the year. and the best gain If
the day in an advance 10 l4J74, % oon-
pared with 1875 last evening. NipDer
started at l421ss and reached 1872. IN
ion PACING rose from 1858 to 1S15s a gain
of ia points over yesterdays close. St.
Paul was about point higher probably
on the announcement of the early COM
pletion of the coast extension, and the
strength IN the list generally. Reading
was 3 better, New York Central. a
point. Delaware. LackaWauua aDC
Western, points better making this
recovery of 10 per cent dividend, for
which the books are closed. Missouri
Pacific, Louisville ana Nashville, BalLi-
more and Ohio, Canadian Pacific, and
Southern Pacific rose q point
The change Of front was marked in
the industrial group. where gains Of lss
marked copper, point on Anaconda
and Smelter = on Steel common, and
point on Colorado Fuel During the
noon hour and well into the second
hour OF the afternoon the markes held
It's strength fairly well, but the volume
OF business was not large. though the
strength extended 10 very many Of the
rails and quite a few OF the iudustrials
There mad been no attempt to take
profits up 10 1870 o. m, but the upward
movement was checked, and any profit
taking viii probably result in something
of reaction before the close.
The market became very active in the
last nOur, with material recessions from
the high point on all the high-priced
stocks but Great Northern The Goulds
came 10 the front with a strong market
and sharp gains. Nearly everything on
the list closed strong, with prices high
CT than yesterday, especially Great
Northern. the GOulds. and lOw-prics
stocks generally. In the last few min
utes the market was very active and