The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1909-08-08
Market Broadened and the
General Public Is Again
a Buyer.
INDICATIONS ARE
FOR HIGHER PRICES
Power of Hartman Growing-May
Be Some Distribution
Going On.


the market tomorrow morning, IN that it
will reflect with reasonable accuracy the
effect Of the strong closing of Saturday
on the public mind. There can be no
question but what the public is watch
ing closely. that it is dabbling in stocks
more freely than at any time for many
years, induced after much opposition TO
come out Of the shell and take a chance
In Wall Street by the steady advance
In values for nearly twenty months with
but slight Observation-Disclosures at times
hesitating for weeks before getting
fresh start. The rises Of the last few
days have been very noticeable, some
sensational, as IL the case Of Snuff with
81 point gain. and Central Of New
Jersey, on 23s1 advance. Air Brake,
Pressed Steel Car. Railway Springs ara
northwestern have scored ~ 10 %
point gains. Steel common rose SIS and
Union Pacific rs. On the other siOe
there was but one notable break and
that IN Delaware. LackaWanna and
Western. which went off 100 points on
The sale of 100 shares.
It has come to the point where the
men most intimately associated with
The market, the brokers, and commission
men, have formed an opinion that stocks
are going still higher, that the culmina-
ton OF the movement VIII be still fur
ther delayed. and that the big men Of
the Street, the accumulators Of 1907
and 0S. are still holding on, still work
ing for higher levels. At that. there
are many stocks that are at the highest
prices in their history, especially Steel,
Union Pacific, Reading, Louisville and
Nashville. and a few other leaders.
News Satisfactory.
Sellers have found nothing in the
market that was not satisfactory. The
offerings have been taken with avidity.
raffE al Of 81
Thursday afternoon, when strength, for
the time being. gave place to weakness.
in order that the traditions OF the Street
might not be violated. Congress had
just adopted the conference report on
the tariff bill, thereby enacting it, and
the policy of breaking prices on good
news had to be adhered to-precedent
could not be violated. That il was but
a flash in the pan was demonstrated by
the sharp recovery OF Friday. and the
sharper gains OF Saturday.
Tomorrow the Department Of Agricul-
ture viii settle the yield of winter
wheat-the fun story so that there viii
be no more guessing. In the meantime
the spring wheat. oats, etc, harvest is
on and the promise Of the harvests
bounty is marred only BY the promise OF
a shortage in cotton. The lower prices
Of cereals generally. have been one of
stocks.
Masters of the Situation.
The Street has a right to credit the
present situauon-the high prices Of Sc
curities to Hartman. Standard OIL.
MoOre-Reid Morgan influences than ever
before. These interests have carried
prices 10 higher levels than anyone ex-
peoted they could. They put their hands
under the market when It was In the
depths and by main force H1Oved il up,
literally lacked IL 20 higher levels, de-
spite most unfavOrable conditions, car
rying the level higher and higher, as
each bit OF good news came out. giving
80 another twist on response by the
trading element, letting Il OF a point or
two only TO raise II slowly a point or
two net, distributing a little stock nov
and then, but always remaining masters
OF the situation. The followers Of the
leaders. recognizing plainly the specu-
latlve influence and power have &C
Quired the habit OF placing stop orders
on their trades. Every few DAYS the
leaders 90 for these stop orders, and
having gathered them ia start the rising
tendency again Today the prices OF
twenty active leaders IN the rails are
within 8 points OF their high record
while the leader. Union Pacific. is at the
zenith.
Il is bur natural that profits should
be garnered, but there has been but 1T
tie profit, though much wisdom, in sell
Ing IN the last few weeks because stocks
sold nave usually been replaced at
considerable advance in values IT is
also natural that the followers should
anticipate the time when the big men
VIII unload part OF their holdings In
specializing on this feature OF the mar
ket one traders guess may be as good
as anothers. The general opinion is
that the time is not ripe for this dis
tribution. Industrial prosperity is in
nit III
rerests recover their stride with every
sep. Congress IS out of the way and
the President is pledged TO advance
business interests. II. as suggested, he
Is going 70 inaugurate a new era OF Fed-
eral control Of corporations, RAILWAYS
etc. more drastic, more paternaI. pro-
vldec the sanction Of Congress can he
obtained. the market viii respond hut
iris possibility is months away ana ii
Is cnly possibility al that
iaTriman's Influence Grows.
One hears eonfrmatory information 10
the effect that Mr.. Hartman has in
creased his holdings In New York Cen
traL and via this means in the whole
vanderbilt combination It Is probable
that the stock has been purchased in
me open market. From the sale OF
t5l5p0e0 Southern Pacific couyertibIes
Sl9ge,go0 yAtchison preferred. and some
Hili shares. Union Pacific has created
an investment fund ~ about $4,000 on f.,
Sb0e0o19, al available AZ the dictation
OF +. II. Hartman Southern Pacine
has free nvestments-unDledged a
value OF SS5.0u0.000 IN its trea sury. Is IA
any wonder that a manager with such
= capaDllity for accumulation stands az
the head Of the railroad world todav9
Union Pacific has millions more IN prof
liable securities
Money Closer.
Money IS beginning 70 be a little less
easy 70 obtain Therein lies pre-
cautionary signal Il has beer easy 70
finance operations snd any old collateral
stood well enough. Now more margins
are required also many substftutfons q
something better for collateral not cutie
as acceptable. The call rate - now ~
per cent. 60-day money 10 10 be had at
~ per cent
Another sign Of the renewed activity
and brOadness IS shown IN 10000
shares increased sales last week.
Best Information faVOrs a continue
ton Of the upward movement. 4 cause
therefor is outlined By Dr. Clews;
The market is under control OF the
big operators What, with their desire
10 sustain the market IN order 10 dis
pose OF their surplus holdings ana 2'fth
the necessity Of leading bankers keep
ing the market In good condition for
the large security issues contemplated
emo q