The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1909-08-12
ADVANCE MEETS BIG LIQUIDATION,
BUT NEW HIGH RECORDS
ARE ESTABLISHED.

NEW YORK. Aug. 12-It has come
20 be fashionable for the market 20
ignore all precedents set by itself dur
ing the four hours between 10 and ?, and
10 turn all kinds of tricks. making a
sensational getaway in the last hour.
either IN a great rise OF an equally i'm
portant drop And all in all this but
demonstrates the hold that the leaders
have on the pulse of Wall street They
have the situation in hand, and are
prepared TO play with the list just as
they have done for two years-prac-
tically. Everything has turned out as
they expected They bought the stocks
OF the bottom. MIXED the market again
and again, always accommodating and in
jecting vitality and life into the list.
People have wondered at the advance,
and have frequently taken flyers with
excellent results. Prices have reached
The point where the small traders take
profits very often. And when they quit,
The big men get under the market and
give 1t another boost New high rec
ords have come to be commonplace.
The breadth Of stock operations Is enor-
nous. and the customers room IN the
private wire houses and the local lnsu-
futi0us are crowded with traders
Houses that were doing a thousand
shares a day a month ago are dong
FIVE and SiX thousand, The list IS broad
eninS here and there, and there are
many stocks that have not followed the
leaders in which a rise Is predicted on
the theory that they are worth more
If tie leaders are worth what they are
selling for. Erie and Southern Railway
are marked features in this respect
both are said 10 be slated for advances,
Southern Railway being the feature.
Providence Favored Bulls.
Providence has favored the bulls in
more WAYS than one Many millions of
bushels OF wheat in North America.
Millions and hundreds Of millions Of
bushels Of corn. millions more of oats.
and "A generous harvest of all the yields
OF the fields. The panic of 1907 has
PASSED away. the return Of prosperity is
fact. And this is no false alarm, as
was that of the opening of 1908.
Wall Street discounted all Thistle
Hartman Morgan Rockefeller cOmbina
ton. including other powerful financlers.
knew tne recUperatlVe power or the
United States and discounted actual ii1-
provement. This is but one more dem
OnstratiCn that Wall Street is wise
Judge: that it starts the downward
movement first and the recovery as
wen.
During the morning hours there was
q whirl Of liquidation following a sharp
rise in the initial trading This gain
amounted TO IL on Union Pacific rs
on Southern Pacific a point on Northern
Pacific, Atchison, Chesapeake and Ohio,
. on Louisville and Nashville, and =
20 = in many other stocks The selling,
while large in the aggregate. was chief
~ by small traders, and it kept up until
shortly before the noon hour, when
steam was turned on again for good
rise Union Pacific blazing the way TO
2091z. another new high record Copper
LED the way in the Industrial list with
a rise to SSls, or points, while Smeit-
ing and Peoples Gas and Consolidated
Gas assisted in the work.
Illinois Central Jumps.
During the noon hour Union Pacific
rose and touched 210A, the high up to ,
O'Clock New high. records were made
for Louisville and Nashville, and on
this movement on Pennsylvania, which
seemed TO be a new favorite for giving
strength 10 the list. also on Chesapeake
end Ohio ana Union Pacific. Then the
market slowly sttIed down to normal
proportions on many OF the stocks,
Union Pacific Great Northern, St. Paul
and Southern Pacific letting up In their
rush. Louisville and Nashville and At
lanuc Coast on the report OF stock
issue by the former showed more tone
and higher prices. but here. as else
where the temptation 10 take profits
was too strong 10 be resisted and there
was q reaction from the high. Before
! clock the strength developed in an
other quarter, Illinois Central being
taken up for a sharp upward movement
that carried this stock to 1925, as COM
pared with closing of 1875 last night
Pennsylvania was boosted TO 1875, and
Copper TO 70
There were some recessions from high.
many gains were lost. and the market
passed into the final hour with Union
Pacific Al 109lz. Southern Pacific at
13SZ, Pennsylvania at 1873, Northern
Paclhc az lasl eFeulls cl9se, SIeei
holding much Of the gains.
What IT viii do in the last hour, judg-
ing from yesterdays action remains 10
he seen.