The Washington times., 1908-07-19
NEW YORK STOCKS
TAKE SLIGHT RISE
Feature of Week Lies in IN
broken Strength of
Market.
RAILROAD BUYING
LOOMS UP LARGE
Wall Street Paying Little Attention
to Politics-Better Business
Restores Confidence.

NEW YORK, July 1S.-Opening firm,
selling higher by about one point
weakening under selling pressure OF
the profit takers, succeeded by harden
ing prices. and the market closing near
the highest for the day, has been the
daily program of the New York stock
market for the past seven days. The
feature OF the situation has been the
unbroken strength Of the market, the
prices Of many stocks reaching new high
levels on the present movement. This
is true Of the steel stocks, and when
the market closed today these and some
of the railroads had added two and
three points TO the quotations Of a week
ago.
The market had only one serious set
back during the week, when prices lost
a good part of the gains of the pre-
vious days. but these have since been
regained and the same stocks are now
stronger than before.
It has been a traders market, the
commission houses having comparative
ly little to do with it until the last few
days. Moreover, the market seems To
lack a very large short interest. The
commission house buying has been ap-
parently about equally divided between
buying long stocks in the East and
short selling in the Northwest, where
a coterie of spectators are said TO
have gone long on cotton and grain
and short on stocks. Today there were
runners about Wall Street OF a plan tc
squeeze out these Northwestern shorts,
which may be the next step which is
lot "a
the market.
Buying in Railroads.
One of the noticeable movements Of
the week has been the buying Of rail-
road. industrial, and municipal bonds
The public appears to be spending its
money freely for these investment Sc
curities. The buying Of them goes
quietly on constantly. Bond houses re-
port a continuously good business, and
the amount OF money that has come to
New York from the other parts of the
country for the past two months has
been of enormous volume. The infer
ence is justified that many persons are
weary Of trying to make money IN
stocks, and are turning their surplus
cash into Understanding bonds. which
they have come TO regard as safe
form of investment.
Another feature Of the situation is
that Wall Street is paying almost no at
tentiOn 10 politics. The temper Of the
Street is to ignore the subject. The
action of the conventions was what was
expected. and financiers and spectators
are assuming the attitude of letting
the politicians run their own snow
This may change in the weeks TO come
but so far little has been said and less
done in the way of betting or even talk
ing politics.
Wall Street is rather bending its at
tention TO the signs Of coming prosperity
weather reports. the harvest outlook
and the probabilities of the railroads IN
creasing freight rates in the hope of earn
ing larger dividends. Strangely enough
wall street is expecting this to bC
done. Wall Street is Just far enough
from washington 10 forget for the time
the interposing hand of the interstate
Commission Any rise in freight rates
would be sure 70 be followed by a Wig
orous protest from shippers in all parts
of the country, and the commission
would most certainly be called in K
settle the controversy, and decide upor
the reasonableness of the rates attel
they are once established
A Stormy Way.
The commission assumes that right,
and the way Of increased rates on the
part of the railroad companies is bound
TO be a stormy one, under the powers
now vested in the Interstate Commerce
Commission.
The betterment III business contains
more hope than the rise in freights
From every source comes to New York
news of increasing work, larger output
better business and more money. This
is the encouraging note Of the time, and
upon It alone. with probably the eX-
pectation of a large pick Of cotton and
profitable harvests in the wheat and
corn belt, is built up the present move
counting the coming harvests. and the
market for the next week or so may be
expected to be influenced very largely
by the weather reports Heavy rains
will chill the price Of stocks while sun
shine and growing weather will warm
them and cause a rise.
1t would be idle to venture an asser-
ton how much further the upward
movement of stocks may go. The mar
ket is now in strong hands. but how
soon the lid may come of and the por
boil over is a question not easily an,
swered The most that can be said is
the tone of the market is essentially
bullish. the attitude of Spectators ia.
vorable to advancing prices and the
sails set for a further advance along