The Washington times., 1908-07-15
NEW YORK STOCKS
AT HIGHER LEVEL
Market Opens Strong, Lead
ers Adding a
Il Point.

NEW YORK. July 15.-Harriman
shares were again the feature OF
early trading in the stock market.
Southern Pacific was the leader with an
advance Of p TO point, 10 new hlgh
record for this movement. Reading
and Union Pacific were also favorites,
the former gaining nearly one point,
while the latter advanced u OF point.
The Steel shares showed evidences or
pTOft-taking, the common losing Is ana
the preferred the same. Speclaltles
were active and strong at higher quo
tatiOns Republic Steel and Iron pre-
ferred headed this group, with an ad-
vance of pa points.
Colorado Fuel and Iron rose l point;
Illinois Central rs and American To-
showed no disposition to share In the
better tone of the general market IN
spite Of the reported sale yesterday or
], ZOO. 600 pounds of electrolytc copper on
a basis of 127sc a pound one favorable
influence was the announcement that
the New York Central, with other East
rates on sugar and coffee about 10 per
cent. This is believed TO be the tOre-
runner of a general advance IN rates on
all freight
today During the first half hour II
made up about half of this. Announce
ment was made that the Delaware ana
Hudson new bond issue of SlS, 100000 had
alre1dT Deen OkeESubSNIlbtN AAAtSS
bonds were offered at SI1z. This is the
highest price obtained for any recent
railroad bond issue, and compares "a
vorabiy with &C. the fixed price for the
PENNSYLVANIA recent issue, and S01z Tor
the Union Pacific's first mortgage and
refunding As II is believed that the
friends OF Kuhn, Loeb a. co. and me
First National Bank, the bankers who
secured the bonds, have taken the en-
tire issue
About 10 O'Clock the active buying
from commission houses. whose clients
sent in orders on the suppOsitiOn that
the reaction IN the market had spent
itself, was Offset by heavy selling on
the part of floor traders, and prices
weakened a little. This is evidence Of
the professional character Of the mar
ket. To the people of New York who
accumulated stocks during the low pc
Rod prior TO the Denver convention this
is the time TO sell out in order TO be IN
position to buy again when prices have
weakened.
After the noon hour selling pressure
was relieved somewhat and prices went
up slowly TO new high levels for the
dsv and for this movement Union
Pacific. Canadian Pacific, Reading. and
St Paul were among the strong stocks
of the early afternoon. Business which
had been active all the morning, the
sales TO noon being better than $4,000,
was a little lighter in volume, though
some Of the commission houses con-
tinued TO receive buying orders during
most Of the day At the middle of the
afternoon the tone of the market was
exceedingly strong with prices well
maintained
One OF the features Of the market
TO-DAY, and for the past two or three
days, has been the quiet absorption OF
bonds. Most Of the active issues were
up today half to flve-eighths OF a point
The sales Of bonds is not large from
day to day. but the buying goes on
steadily, showing that the investing
public IS gradually picking up the divi-
dend paying securities IN preference 10
paying out money for stocks that huc-
tuate more than is regarded safe for
investment purposes
The market turned dull toward the
close. both as to volume Of sales and
prices Of stocks. In most instances the
prices Stacked on from a quarter 10
three-fourths OF a point near the close.
and though the tone of the market was
yet hopeful there was less Of the spirit
and activity which characterized the
early trading
The market today has been fairly con-
sistent, but the majority of observers
Incline TO the opinion that the rise has
about run it's course, and that an even
Ing up process has already begun which
NAV put stocks on a higher level but
without d rapid or sensational turn Of
affairs.