The morning journal-courier., 1908-08-13
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WALL STREET NOTES
Market Exhibits Much Strength
With Railroad Stocks
Leading.
"SHAKE0UT" IN SMELLING
Much Discussion as to Who Controls
American Smelting-Tip In
Steel.

After temporary flrmness, stocks
broke quite sharply, under the lead of
American Smelling. which slipped Off
quickly from 90 S-S to 96 IA, represent |
ing a gross decline Of 10 ga points from
last Fridays top, which was 107 Ma
tional Lead Union Pacific. Amalga- |
mated Copper, United States Steel, and
other recently active stocks suffered
the most. But before the end of the
first hour a moderate recovery had
occurred and during the remainder of
the morning prices gained still further
ground. At midday the market wac
steady. but rather dull Most stocks
were higher than Tuesdays The stock
market exhibited great strength during
the afternoon. with tho Hartman
group leading Southern Pacific touch
I'd 81 SIS in the last hour. the highest
price In its history. Two years ago.
IN September 90 1906, II sold at % IL.
Union Pacific rose easily to above $50. |
while Union Pacific preferred, usually
a very inactive issue, ran up on 1900
shares from SO to 81 IL. The first |
sales were 500 at SO. followed by 1000
at the same price, In a single block.
Some persons appeared to attach slgni- |
fcance to this movement but the plain
facts are probably that some recog-
nized that If the common stock is
worth what it is selling at the pre-
ferred is too low, as a per cent. in
veetment ISSUE at SO.
Trunk line officials reported more
favorable traffic symptoms. Baltimore
and Ohio interests said that the coal |
trade had improved during the last
fortnight in reassurihg way, and gen.
sral merchandise Is better.
London sold about 5000 shares on
balance and the sales would have been
larger but the selling orders were |
withdrawn on the comparatively weak
opening.
A great deal Of discussion Is going
on these days as to who controls the
American Smelling and Refining COM
pany. There have been published as
Aliens that the Guggenhems have
lost control Of the Standard Oil party,
of which John D. Rockefeller, jr., Is
reported as a prominent member, in
the case OF American Smelling. The
real facts appear to be that the Gug-
genheims have not parted with their
stock but they seem to have welcomed
the Standard Oil interests into the
company. wall street Is looking for
some changes In the directory at the
next annual meeting which is soon to
take place
1t was learned that arrangements
have practically been completed by the
now controlling interests to pay the
interest due September | on the con-
solidated per cent. bonds of the
Wheeling and Lake Erie Railroad COM
pany.
Although so is being tipped for y. S.
Steel common before election day, there
are comparatively few who credit such
2 an advance Much is made of the fact
that the July Improvement In the steel
.
back so far this month. Another factor
is that brokers' who usually act for in
terests affiliated with that industry
have been conspicuous in selling this
FsszAock at favorable opportunities.
yOrdifaf;ilv, when the stock market
Shows sustained strength, the banks of
ythis city receive many or6ers to buy
stocks for their customers, many of
whom prefer this way to buying
through a broker These orders often
aggregate a large volume, and are an
Important factor in the market. During
the present upward movement, bow
ever very few such orders have been
coming to the banks, which has led to
q belief that the public is almost neg
ligfble factor as yet on the buying side.
The break in American Smelling
looked like a "shakeout' Of traders,
who had been persuaded by the Law
SON pfoclamatioris to BUY 1t when it
h was selling above 100, and went to 107.
\ Five-point margins stood no show in
4 the break which has occurred since last
a Friday There was no news regarding
the company which could account for
the collapse, but inasmuch as the stock
\ had risen from around 81 on July II,
ssji9g,,e Taecline from 1O7 was not to be Won
g. After the setback there was
nd. The old pool appear
aaas4s t.--n's between 96
9F
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