The Washington times., 1908-07-26
Stiff Opening and Heavy
Selling the Daily
Program.
PRESIDENTS ORDER
CREATES A FURORE
Demand for Another Standard Oil
Trial Causes Nearly Another
BLACK Friday"

NEW YORK. July Is The extreme
sensitiveness of the speculative baron
eter in Wall Street has been strikingly
illustrated this week. Following the
rise of the previous week. the market
WAS buoyant last Monday, creeping
gradually upward and closing near the
high point for the day. The daily pro
gran had been stn opening. followed
by somewhat heavy selling for profits,
then a rally and an upward swing OF
prices late in the day.
The rise up TO Tuesday had been pre-
dicated upon sood weather conditions,
fAir promise for crops and returning
business prosperity. Then came the
unexpected reversal Of the decision Of
the trial justice in the Standard Oil
case by the Chicago court. and the
market res. onded with snap. remind
ing one OF the older days OF specUla-
ton before the strtngency and panic OF
last year.
Upon this excited condition OF the
market fell the thunder cap OF the
Presidents statement that there could
be no doubt about the guilt OF the
Standard Oil magnaJes and his order
70 the Attorney General 70 move for d
new trial The Wall Street barometer
from the high mark OF the year sud
denly fell and last Friday came near
being another BLACK Friday for the
stock exchange. Upon the heels IF the
Presidents statement came the news
that the Taft speech OF acceptance
would further grill the great corpora
tions.. and Wall Street had the scare Of
the year. Later Il turned out that the
TAFT speech would not DC so bad as
painted, the bull element Of the Street
got back its courage and today brought
most Of the stocks back to where they
were before the barometer was Lit by
the pig stick.
New High Records.
Within :he week 81 stocks listed on the
exchange have made new high records
for the year, and % bonds nave made
similar high records The biggest ad-
vance was oy Westinghouse. common
wniC h took an upward swing Of i
points The preferred. shares were Only
little behind. wiki an advance of Sl3
. share. Large advances were also
made by United States Reduction and
Refining, preferred which scored ~
points, by American Agricultural Chem
seal. Of IA points; oy Minneapolis. St.
Pau! and Sault ste. Marie preferred.
Of points. and some twelve OF the
minor railroads. coal shares and indus
trials. which advanced from 3 20 5lk
points each.
The great leaders Of the market.
Reading Union Pacific. Southern Pa
cifc and SHELTERS did not advance so
far. though all OF them reached new
high levels for the movement and for
The present year. The advance IN these
stocks was from . to 3 points.
One of the strange things about the
New York Stock Market is that II in
variably has a substantial rise in the
month of August This has been true.
with one exception. for the last dozen
years. and that was the year Of the de-
preston in agricultural pursuits. Among
old spectators the August rise is look
ed for with as great certainty as the
June freshet in the Mississippi This
year the advance in stocks has come a
little early, but spectators are looking
for the bull movement to extend over
into August a few days. so as 10 save
the superstition.
Year by year this midsummer rise in
stocks Is attributed TO different causes,
but that the stock market is ruled by
certain movements in time has long
been accepted by those who have made
a close study of il. 1t might be diff
ficult as il may be found this year.
TO set the real midsummer rise into Ger
tain days in the month of August. but
it IS fact that for many years the
high points for the summer IN stocks
have come in that month, and just now
many spectators are banking upon
that being true this year
Caution Is Suggested.
Divesting the mind OF superstition and
political sentiment, and looking square
ly at the facts the position of the mar
ket at the close of business today is
one that suggests caution. The stocks
that have been called the leaders have
advanced under the most active trad
ing from 10 to % points since the low
quotations of the year. The advance
has been based upon the hope of re-
turning prosperity, and one can with
difficulty escape the deduction that the
stock market has gone ahead-and far
ahead-of the actual betterment Of
business.
1t is not too much to say that stocks
at this moment are 10 points above the
safety line This is not to say they
will not go higher. for the temper Of
Wall Street, barring the scare Of the
past two or three days. is essentially bull
ish- Spectators want the market TO
go UP. and that desire Is likely to be
gratified 10 a greater OF less extent
But the fact remains that the mar
ket is due for a reaction. and that pref
~ soon. How the blow will fall that
will drive prices down and place the
bears in the saddle again no one can
foresee, but that such a blow will be
delivered within the next ten days or
so can hardly be DOUBTED. The mar
ket is already tOp-heavy and riding to a
fall. While the air is full Of bull talk
and practically all the advices sent out
by the wire houses are that stocks are
going up and that now is the time to
buy, the fact remains that the leading
stocks show signs from time TO time
Of irregularity, and the floor has an ap-
pearance Of nervousness that augurs
disaster to the bull interest How long
the upward movement may continue is
the question which today most vitality
concerns Wall Street.