The Washington times., 1908-07-28
NEW YORK STOCKS
VERY IRREGULAR
New Leaders Come Out on
the Mornings
Trading.

NEW YORK. July 2s.-Stif prices for
American stocks in London was the
chief cause for high and steady open
ing of the market this morning in Wall
Street Union Pacific and Canadian Pa
cific were the leaders, the latter ad-
vancing point on the strength in Lon
don
Missouri Pacific started q higher; At
Gibson, New York Central. Smelling,
Union Pacific, and Lead were Is bet
ter, and Copper was u higher. Erie
opened y lower, and St Paul. Steel
common, and PENNSYLVANIA were off IA
Shortly after the opening the market
became irregular within a narrow mar
gin, and during the morning many Of
the stocks lost the advance at the
opening, and sagged back below last
nights closing In the middle OF the
forenoon The market was very dull,
Wall Street apparently waiting for the
appearance Of the speech of Mr.. Taft
before doing anything further in stocks.
AT noon some stocks had hardened. and
were gaining ground. Erie was espe-
cially active and strong.
Gould's Arrival Causes Furry.
In the early trading specialties were
active at highe' quotations. Consoli-
dated Gas rose 1 point and Illinois Cen
trail q. The Arrival Of George j. Gould
from Europe caused an erratic fiuctua-
OF point, TO 53i2, and then declined
TO 81.
The quarterly stal ement OF earnings
of the United Steel Corporation VIII he
made public today Estimates put the
earnings at 100000. While this state
ment will not reflect the present con-
dition of the steel and iron trade for
the quarter ended JJine 1, IL is believed
in Wall Street that the Steel trust
shares have already discounted in price
the improvements IN business since the
quarter ended
The Utah copper Company declared
an initial dividend Of 30 cents share,
payable September 30 The recent rise
IN the stock Of this company was based
on the anticipation Of the announce
ment made today
On the curb Combination Traction
continued the feature with a new high
record Of 1872 Trading in other issues
was quiet, with prices steady.
Some Stocks Higher.
The market having been irregular
noon, with Canadian Pacific advanced
24 points, Erie about points. and 500
common moved up sharply. Other Erie
securities felt the effect OF the rise
in the common stock. the preferred
shares being especially strong. Most
Of the list was neither active nor
strong.
About l o'clock another lull struck
the market. and there were recessiOns
from the high points of the day. 1t
soon became apparent that the bulls
were meeting almost an overwhelming
amount Of stock on the advances, and
they became discouraged. though prices
were not allowed 10 slip below slight
recesSiOnS-
After the delivery of the Taft speech
1t was discovered that it had been
practically discounted in the fall OF
yesterday, and it seemed TO have lit
tie effect upon the Iradirg-anOther
proof that Wall Street has sources OF
accurate Information upon addresses
which are Held for Release
The market in the middle OF the af-
ternoon exhibited about tie same ir-
regularity Of the morning with con
siderable activity in the new leaders
developed in the mornings trading
Late in the afternoon the market be-
came very active in spots. The lead
which Canadian Pacific. 500 common,
and the Erie shares had gained. was
felt by the old leaders of the market,
and Union Pacific, Reading and the
Steels took an active position in the
trading. Prices also improved, and the
losses of the early operations were made
good in most instances
The market closed active and strong
giving new lease of life to the bull
position.