The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1908-08-18
NEW YORK STOCKS BREAK UNDER
THE SHARP DRIVE FORCED
BY BEARS.

{ NEW YORK, Aug. ls-Under the in
fuence OF the late buying movement of
/ yesterday, the stock market opened
Strong today with a general advance IN
prices. with Shelters and Reading IN
the lead. The advance did not last
more than half an hour and was fol-
lowed by quick recession in prices that
wiped out the gains and let most is
sues fractions below the opening. From
this point trading took a steady and
strong course, gradually rising until
noon.
At the opening Shelters scored an
exceptional advance Of a point Read
ing gained IS and there We're advances
of 3 in Pennsylvania. ST. Paul. Steel
common and preferred, and Missouri
Pacific Canadian Pacific scored an
equal gain. being unaffected at first
lby the reported greater magnitude If
dis loss from fire on Vancouver Island.
Southern Pacific opened up y ana Ana
conda, Union Pacific and Northern Pa
PcifiC were a better. Brooklyn Rapid
Transit Great Northern preferred, and
baltimore and Ohio opened Is higher.
Auamalgamated Copper was unchanged.
Central Report Helps Bears
A report that the New York Central
Fwouid reduce it's dividend in order TO
ESCAPE prosecution by the Public Ser
tvice Commission on the charge OF pay
ing dividends out OF capital reused some
Ebearish sentiment. 1t is known that the
load Is not earning its fixed charges at
present.
{ On the curb market Bay State Gas
was stiu the feature with the Guggen-
helm shares fairly active.
4 In the cotton market there was a vlg-
Porous bear raid that carried OCTOBER
option from 1912 down 10 1927. A partial
recovery followed this Americans were
dull in London.
The fact that railroad presidents who
have been planning an Increase IN
freight rates have decided 10 take no
Faction until after the election has done
Tremendous damage not only TO the bull
campaign in Wall Street. but 10 the
prosperity movement in general Their
RCtlOn is taken TO mean that all talk OF
Improving business just now IS purely
political
Bears Break Leaders.
Shortly before il O'Clock the marke.
& WAS enliveued by an effective sharp
drive by the bears. The especial stocks
selected were Northern Pacific and
Great Northern preferred. The latter
stock was depressed 2is DER cent from
he opening The general market was
ttunsettled by the raids referred 10. Union
z'Pacihc dropped point ana Reading DC
4ellneQ q point Lead ICll IA anu I'd -
lied a Traders who sold Union L; r.
clfic and Great Northern reported that
khe success of The attack suTpris'
aIhem. There was more bull account
han they dreamed of, with nothing ike
organized support.
Up to the middle of, the SfternOOu
he market was very Irregular. reflect
ng the effect of the drive upon the
Hi stocks and the Gugseuheims- Sup
bort on other stocks was better, but the
uncertain tone led TO the cancellation
of many orders from commission
houses. One wire house with Western
connections. which makes its own ia
designations into the condition of tins
drops, reports itself satisfied with tht
outlook for wheat and corn, and this
house is buying railroad shares on al
declines.
The success of the bear drive this
afternoon has left the market weak and
the situation uncertain. Such support
as the market has was marshaled this
zafternOOn and prices rallied The mar
s#ket was stronger at 1870 o'clock,
The market improved in the after
noon prices swinging back 10 about tht
Opening The tone was good, and Jht
bears seemed satisfied with the success
of their attack upon the leaders The
bulls are quiet and evidently making
EDreparatiOus TO meet repetition Ol
a Oday's tactics tomorrow