The Washington herald., 1907-08-23
MARKET Is STRONGER
Union Pacific and Reading
Active Features.
TRACTION STOCKS DOWN
Inter.-Met. and Third Avenue Take
Further DrOps-FaiIure of stock
Exchange Firm without Effect on
Prices-Bit of UncOnhrmed Bull
News Cheers the Street.

New York, Aug. 22.-The market open
ed irregular this morning. but with only
moderate changes from last nights clos
ing level Of quotations. and in many OF
the active issues the opening prices were
the lowest of the day. An upward move
ment began almost at the commencement
of business, and continued with slight in
terruption until about o'clock. from
which time until the end there was con-
siderable hesitancy and moderate
amount Of profit-taking by the profess
sional element. who thought for the time
being the rally had gone far enough
There was a slightly better tone to the
London market. on account of the deci-
sion OF the directors of the Bank of Eng
land to leave the discount rate unchanged
for the present, but the good impression
produced by this and by the strong week
" statement Of condition was later offset
BY a report that the institution was de-
clining TO discount bills where the ma
turtles were al date beyond the end Of
September
Union Pacific and Reading Active.
Union Pacific was the feature of our
market in point OF activity, with Read
ing holding second place in this respect.
and both scored advances OF about two
points on the day. with every indication
that great part of the buying of each
represented the covering of short con-
tracts The Hill stocks also made large
gains, and some active issues like Del
aware and Hudson. National Lead, and
the Republic Iron and Steel stocks scored
large advances on comparatively few
transactions
On the other hand, the Interborough-Met-
ropolitan issues were again weak and
Third avenue declined Ss4 points to new
low record for the present movement. on
rumors that the dividend on INTERIOR
Ough- Metropolitan preferred would be
passed, and that dividends of subordinate
companies would not be paid, unless earn
ed even IN the case Of the properties held
under lease
Not Affected by Failure.
The fact that the announcement of the
small failure on the floor Of the stock
exchange around IL o'clock did not cause
halt in the rally then under way tend
ed to give the market q greater appear
ance of strength than it had displayed
for some time past and on the idea that
It was useless to fight against a rise
which could not be checked by bad news,
speculative interests having commitments
on the short side proceeded 70 buy stocks
Tor the covering Of their contracts. It
did not seem, however, as If the larger
shorts We're disturbed, or that, indeed
n- nr rHr.r g Al
a surprise TO important interests in the
street. and except that 1t gave rise TO a
recurrence Of disturbing rumOrs. it was
Of 10 real consequence whatever.
Bun RumOr Unconfrmed.
A story which was used with some
effect in intimidating the bears credited
q leading banker with plans for righting
the situation and restoring cAhdence, but
there did not seem 10 be any substan-
tial grounds upon which to base such
assertions. II was said that either Har-
Timan, now on the Pacific Coast had
wired assurances to his associates in
this city that the business outlook in
the West never was better than at pres
ent, and that the indications pointed to
a large fall business, and the vice presi-
dent OF the Chicago, Burlington and
Quincy made a statement that his road
was earning, on an average. 100000 a
week more than at this time last year.
and that the crops We're in fine condi-
ton.
Time money was in small supply. but
the exchange markets We're easier on ac-
count of the Bank Of EngIands action
in continuing its AZ per cent discount
rate