The Washington times., 1908-08-16
Impression Grows That Au-
gust Rise Has Come
and Gone.
CHEAP MONEY IS
HOPE OF BULLS
Weakness Of Metals and Selling
Pressure on Railroads Chief
Features of Situation.

NEW YORK. Aug. 15.-The New York
stock market last Monday was soaring
b the skies. buoyant. strong, and seem
lngly with nothing IN the wind to give
warning OF the sudden dip which fol-
lowed. Tuesday there was a heavy
irive against prices. and with the knowI-
edge gained from the rest of the week
wisdom should have led spectators TO
prepare Tor a drop. Wednesday, how
ever. the bull movement reached its
highest night. held firmly for a time
and then the airship began TO come
down with a persistence that the bull
drivers Of the car could not overcome.
Prices shrunk under selling. first Tor
profit-talIing and then Tor bear account.
EVhich has driven the market down 4 to
points from the higest recorded IN the
'niddle of the week.
Yesterday the selling pressure was
OF removed. IN effort based upon the
eport that Mr.. Hartman had placed
pine good orders for cars and railroad
quipment in PitIsburg TO drive the
harlIet up again failed. and the market
slosed weak and dull, with little pros
ect of anything better in the coming
Feek.
Market Appears Weak.
The best observers in Wall Street are
|cday of the opinion that the market
! ill continue slowly downward and find
safer basis at a lower level. Seem
nEly the August rise In stocks has
|ome and gone, and for the present
here is little prospect that the market
Kan get back TO the high prices Of last
Wednesday for some time TO come
he immense volume of proht-taking
|ales with which the market has been
loOded has resulted in enormous
.hanges in the holdings of stocks and
he logical thing TO be expected is for
be market to steady down 10 a lower
Eases, with further accumulation of
|tock 30 strong hands preparatory - a
|urther rise when conditions shall be
favorable, probably when it becomes ev-
dent which way the Presidential cleo
ion is gong, hbout the middle Of Octo-
per.
Should the campaign run along in a
way 10 insure the election Of Mr.. Taft,
here might be another upward swing
n September. but the trend OF opinion
> I'm the other direction, that the bull
market. upon which so many have
,ased their hopes. is now sc badly shat
cred that the bears viii be given an
inning and score a few runs.
Prosperity Has Been Discounted.
Those who give reasons for their
news say that the increase of business
.cuvity and the prospect of good crops
ave not been fully discounted They
ay the stock market, as usual, has run
head OF real prosperity and that spec
IIative. values viii subside for awhile
md the market viii settle back to
over level where the operations of the
lext few weeks will be carried on.
One thing initiates against this
abundance Of money at
heap rates. This condition is almost
.lways attended by a hull market, other
hings being half way favorable. With
money so plentiful and so cheap there
s nothing in the way Of people buying
tocks. Should the impression gain
round that securities are due to go
igher there would naturally follow
trOng buying movement that would
Queeze out the shorts and send prices
10 again.
Brokers Feeling Blue.
But the feeling in Wall Street is not !
uite up to this view of the situation. /
more traders feel that stocks /
ave gone as high as safety warrants 1
han otherwise, and with this sentiment !
pparently In the ascendenU. the situa- /
lon today does not look so promising 4
s II did a week ago. Moreover, the |
allies in the market today were notably /
leak. The strength which carried |
rices ever upward a few days ago 4
GEMS t. be wanting now. and il looks 4
s thou gh prices were receding from
and sheer exhaustion of !
he bulls In their efforts TO eat up /
.OCks.
The weakness or Steels and Coppers
DR. the last day or so has been a dis
ppOinung feature OF the market. The
sc in these stocks was predicted upon
rowing demand for the metals, large
rders for railway equipment. and In
reased earnings on railroads. which |
Ould enable them to pay promptly for
heir orders. Then 10 have these stocks
Ike The lead in the decline seems to
ip at at root OF the bull position.
The railroad stocks continue TO be the |
aders in the market and the chief
ope for the future. Yesterday and to-
3y they were the centers of attack |
y the bears. the amount OF stocks be-
IL almost too much for the market 70
gest. II these keep coming from Lon
)n and elsewhere next Monday in the
inc volume il will be inevitable that
.e market will suffer further decline. |