The Washington herald., 1908-07-09
HIGH PRICES RULE
Rush to Buy Feature of
Stock Dealings.
RAILWAYS ARE MOST ACTIVE
Northern Pacific, Milwaukee, and
other Recently LagEard Securi-
ties Take Their Places in Upward
Movcment-Demand for steel Stocks
on Orders from English Buyers.

New York. July S-Prices Of stocks
rose to-day in a way more broad and sus-
tained than shown at any time In the
course OF the present upward movement
tolerating few reactions and evincing the
desire Of a large number Of people to
make purchases whenever such small re-
cessions occurred, and proving pretty
conclusively what was strongly suggested
IN the recent dullness that the quantity
or stocks for sale at existing prices had
been reduced to relatively small proper
tons by investment purchases made dur
Ing last years panic and since that time
The most notable feature Of the market
to-day in the early part Of the dealings
was that the advance did not concern it.
self with those stocks THAI have recently
been among the most conspicuous market
leaders.
northwestern Railways Strong.
Union Pacific, Reading. United States
Steel common. and other similar issues,
although firm, We're not especially active.
and the desire of buyers seemed to be
chiefly TO acquire the shares OF the
Northern Pacific Chicago. Milwaukee
and St Paul, and a good many other
stocks that have lately been laggards IN
a comparative sense. During this time
the market was fought steadily by the
professional trading element who laid
great stress upon the contentious that
the advance had been too rapid, that the
public We're not buying stocks, and other
arguments familarly heard at such times.
But as the day wore on little attention
was paid to these In the presence Of the
great upward sweep in values. The buy
ing came once more TO embrace the old
time leaders so that the whole market
without exception, moved along with eX-
ceedng vigor. and closed with a display
of gains OF between l and ? points in the
prominent stocks.
Large Volume of Trading.
The volume OF trading was larger than
any seen for five weeks past. While, as
stated. the advance in the market was
thoroughly general the one matter that
exercised more influence than any other
was the appearance OF large buying Of all
the United States Steel issues, this
making its presence felt first in the
United States Steel preferred shares,
which made an extreme advance at one
time Of 3S points from its closing price
OF yesterday, and as this came after an
advance almost as large in the price OF
the stock in the course of a few preced-
ing days. II naturally indicated that an
investment movemept Of no small pro-
portions was taking place. A movement
OF Ike character took place IN the United
States Steel sinking fund bonds, which
on large purchases. advance a full point.
and upon the heels Of this followed very
naturally. a striking rise in the United
States Steel common shares
Few Steel Stocks offered.
It was universally admitted that the
efforts 70 accumulate the United States
Steel preferred stocks disclosed the fact
that the floating supply Of the stock had
become exceedingly small while much
he-same state OF affairs was apparent in
the United States Steel common shares
and the sinking fund bonds.
II may be said that there is trustworthy
reason 20 believe that the buying OF
United States Steel preferred to-day was
very largely the result Of investment
purchases for the account Of English
people. The advance in the steel stocks
was coupled as a market factor with the
crop report. which was considered in Wall
street as being Of favorable character. in
view Of the damage TO growing grain
admittedly done by the wet weather last
month.