The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1908-08-10
MARKET RESUMES
ITS UPWARD WAY
Opening Strong, Attended
by Period of Great
Activity.
TRACTION SHARES
IN FIRST PLACE
Proft-Taking Appears and Prices
Recede, Followed by
Rally Later.

NEW YORK. Aug. IO.-The stock mar
ket today is moving in about the same
lines as last week. There was a strong
opening, with great activity on the foor
Of the exchange, followed by an hour Of
profit-taking which brought prices be-
low the opening, and then recovery to
the highest prices OF the morning. At
midday. The market was steady at the
higher levels, ~tr-saRta
The market opened active, with Trac-
ton stocks excited. Brooklyn Rapid
Transit started with an advance Of Ia.
at 67A, and Acknowledgment pre-
1erred showed a gain Of over ! point,
There were large crowds OF brokers on
the floor some time before opening, most
OF them having more buying orders than
they could handle. There were many
wide openings as result. First sales OF
Reading being reported as 400 shares
from 1855 to l29, an advance OF III over
saturdays close. St Paul sold at 145
and 1445s IA different parts of the crowd
at the same time. also showing an OPEN
ing advance Of over I point and nearly
everything also traded in in first few
minutes showed some amount OF gain.
ranging from fractions to over point,
There was great activity in the metal
stocks under leadership OF Shelters,
which, although heavily traded IN, were
not materially changed in price at the
end of the first half hour OF trading.
Amalgamated was strong around S3A
At the end OF the first half hour
prOht-talling made its appearance. par
ticularly in Shelters, which declined IA
points Reading declined 1 point. while
other issues lost y point from their
top figures. In the recovery after the
first hours trading the market was less
active and the rise gradual.
In London American shares were
active at slightly higher quotations.
On the curb market stocks were very
active under leadership OF the Copper
shares, OF which Nevada consolidated
H.s.H IH.H
The former touched a new high record
at l6Aa on heavy transactions Cum
berland Ely was strong around its high
price OF 10.
After the noon hour the market be-
came steady and strong, with many Of
the leading stocks advancing into new
territory. The activity Of the morning
and probably most Of the rise was due
10 the accumulation OF buying orders
by the commission houses. In addition
TO this was the buying OF the traction
shares in New York. il is believed, by
q pool OF SPECTATORS, who said about
noon that they had met little opposition
IL advancing the stock.
A new element seems 10 have come
into the market today, in the form of
orders from grain md cotton men in
the South and the Northwest. The cot
ION men seem TO be taking the short
side OF the market. II IS believed the
grain men have been for sometime and
are still long on stocks. 1t Is stated
that the spectators from the grain ana
COTTON Illls expect 10 make Il turn IN
the stock market and retire.
The advance IN St, POul stock is at
tTibuted 10 the fine prospect of the
copper market and the increase OF traf-
Tic into end out OF Butte. The copper
shares are cOrrespOndingly strong. ard
this naturally gives rise to- the rumor
from Boston that Lawson is again Oper-
atiug upon the bull side of the market.
The situation in the early afternoon
does not promise any developments of
an exciting character for the rest of the
session.
The market was very steady during
the afternoon, rising gradually from the
low points of the day reached in the
profit taking sales of the morning. Bust
ness was in comparatively small volume
in the afternoon and mostly Of a pro-
fessiOnal character.
The market closed from one point be-
low TO a point and a half above the
high points reached last Saturday. The
leading railroad, copper industrial and
traction shares are in new high terri
tory, and the position OF the market is
essentially strong and promising for a
further advance tomorrow.