The Washington times., 1909-08-28
DAYS GAINS.

NEW YORK, Aug. 2S-Close-waIl
Street Is glad that the weeF is ended,
and while many traders have met with
serious reverses in the whirlwind Of
liquidation and declines. ythe feeling at
the close OF the session was one Of re-
lief that the reaction had clarified the
situation materially, sending values
back to where they we're weeks ago,
wiping out weakly-margined trade,
checking the wild fever of speculation
materially and getting values down 20
a basis where dividends are nearly a
warrant.
Stocks as A rule are not so much high
er than they were months ago, and the
prosperity in general, the bountiful
crops. increased earnings and resump-
ton Of business in n steel and iron
mills certainly warrants some advance.
Even the Hartman leade is today
selling where Il will net the investor
over > per cent, and this kind Of an in
vestment, with the security Of the great
est Western system in the entire coun-
try back Of it-wfth all of it's feeding
alliances, feeders not suckers-is de-
cidedly a good one.
Trend Toward independence.
Another bright spot in today's market
was found in the disposition OF many
OF the rails and iDdustrials to u loose
from the influence that affects the Har-
rimans. The RniE showed little de-
cline, Reading ended but u lower, the
losses in other rails were modest, al
though Louisville and Nashville and At
lantic Coast Line were there
was but little reaction here as COM
pared with the sensational gains OF the
last sixty days. These stocks are spe-
general market. Union Pacific, pre-
ferred. actually held its own, While the
common stock was melting.
This trend tOWard eliminating the in
duences that affect the Harimans was
especially noticeable I'm the Steel shares,
the common stock actually closing y
point above the final figures OF Friday.
Il vas also noticed in Reading. Great
Northern, Northern Pacific, in LOcomO-
tive. Copper, Smelling, and other stocks.
A Natural Break.
With che less favorable news OF ru-
mors, regarding the condition Of M.
Hartman f. was but natural that Wall
street should be on edge, that the bears
should press for the greatest advantage.
and that Union Pacific should bear the
brunt Of the attack.
On the initial trade IL opened at 1881
and stopped, sliding when 70 touched
1888. the final sale showing 2 points re-
covery. The whole list followed in les
sened degree, averaging about 2 points
all around. Union Pacidc's net loss at
the low was SIS. and Southern Pacific
pa. The market hesItated quite a little
after the low was cached. and them
made good ~recOvertes under the rush Of
covering started by the shorts anxious
TO gather in their paper profits over
Sunday adjournment. This buying was
kept up with considerable avidity until
the close, but the tape ran only about
six minutes after the hour OF adjourn
ment.
In addition 10 the covering by shorts.
II was noticed hat many buying orders
were being executed FOR traders who
were satisfied that the worst has been
discoUnted-that the imitation by poor
and combinations during the last few
months has been more han wiped out.
and that stocks are worth. intrinsiCaIly,
all that they are selling for.
Advance Purchases.
Some Of the conservative commission
houses have advised their customers
and their connections IN other cities
that, in their Judgment the present is
a good time 10 buy stocks"
Whlle this advice may be good for the
actual investor, intending to buy stocIJ9
and take them out Of the market. the
margin trader would do well To %
slow: but the man looking for dh1i-
oends' Tor income. ought 20 find che
1t took months 90 get Union Pacific
above 200 a share. II Is back TO 1879
now. The whole list is of I'm less mo-
ticeable degree.
Steel Strong.
The support In Steel common was
such as to be noticeable. II broke -
and then the bears and shorts trving
10 couldn't dl their orders with
out advancing values, and Il actually
the list.
Money is plentiful. Anything reason
ably safe is attractive in the way of
loans. Kite flying is not being en-
c~ouraSed. and any attempt TO float "A
perhaps or "A maybe is frowned down on.