The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1908-05-18

NEW YORK, May 1S.-The week
starts with the stock market strong.
but with here and there a wO5bIy spot.
that rather indicates the overdue re-
action. The strength displayed by st.
Paul Union Pacific, and Reading plain
~ mark these as the special favOrites
of the powers that have been doing the
Atlas act with the market. Financing
schemes are still maturing and the
printing presses are working overtime.
ana the market must absorb these Sc
CUutieS-heuce the market must be held
up. This is the theory. Investors arc
buying bonds freely. but they are
sCTuUnizing and careful in their selec-
ti1ns, cutting out seconds and taking
Only the hTst-Class issues. The public
is unquCsJirnably in the stock market,
but more as spectators than as in
vestors ana they continue 90 take profits
freely IN ContradistinCtiou to their usual
plan of holding on until the profits
were turned into losses. They believe
in much higher prices and consider TIE
Presider -faI election a matter of little
consequence.
As an Indication of the financing
movements now going on, attention is
called 90 the Denver and Rio Grande
refunding plan by which 100000 IS
10 be raised. S90O00.0 05 for refund!ng and
S6O00O.000 for new improvements and the
road must earn the additional charges
The Southern Railway Company has
So, 900 three-year notes coming out
Atchison has just marketed $4,000. 900
Per cent bonds.
The Illinois Central is putting out
some S11 600 600 new stock
The Union Pacific is coming cut with
millions of bonds and other roads have
large financing 20 carry through.
The Equitable Trust Company is TAX
ing Sl7,000,GUO of II. II. Rogers Tide
water 6 per cent bonds.
There are those, however. who do
not believe that there Is anything Ike
manipulation in this market Cheap
money, cheap in all great centers but
Berlin, Is said TO be the basis for the
higher prices. Moreover, so the claim
IS made. it is just as well founded an
advance as was the deCline-brOuBhL
about BY money shortage more than
anything else.
ing fnanciers," holding the bag They
would be holding fl Yet if the market
had not advanced, therefore they are
interested in the advance and nave ma
nipIlaJed foG il and accomplished a
great gain for themselves and follow
ers The trader must decide for him
self whether the advance has discount
cd the Improvement in conditions.
1t WOulu seem as II the elections or
November might be considered a factor
OF importance. and there are eventual
ties that would certainly shiver Wall
Streets timbers
The industrial list did not get ON the
upgrade movement today. being quiet
and embarrassing. save where there
were moderate declines. other than IN
Railway Springs, which jumped rs,
and Distillers. that gained a point
Biscuit was of ? points.
The Rails.
Union Pacific opened at las. a gain Of
-, dropped TO lF5s and advanced TO
1917 and off to I49. Louisville and
Nashville started IA up at IL ana eased
to nl% Northwestern was III 10 Is
higher Reading gained a. Atlantic
Coast. u higher Canadian Pacific =
higher Great Northern, x. ST Paul
gained points. Southern Pacific, pre-
ferred was oft ] point.
During the first hour and well into the
second hour or the afternoon the mar
ket continued TO gain in strength, turn
ing firmer and being near the top of the
daV The indications at that time were
favorable for steady market and a
firnn close. although the disposition TO
take profits may nave some effect on
the final prices.
In the closing hour the market gained
strength Union Pacific topping 100 and
fbe list displaying remarkab BILE strength,
which tended to the industTials. Day
after dav the gains are Chalked up
and IN. advances suit traders and prob
ably Hartman ct al and the rest do
not count.
the tap of the bell.