The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1908-07-18
NEW YORK STOCKS
ARE VERY FIRM
q SteelS and Gas Shares Sell
Today at New High
Leads.
RAILROADS STRONG,
COPPERS WEAK
Standard Oil Thought to Be Sup.
porting the Market Through
Gas Trust Shares.

NEW YORK. July 1S.-The stock mar
ket today was little changed Opening
on level with last nights closing the
same leading stocks came to the front
with Steel shares and Gas trust stocks
the most active. The market was firm,
but prices were not impressive
feature of the opening was the
number OF shares that were unchanged
including Union Pacific. Steel common
and preferred, Pennsylvania BROOKLYN
Rapid Transit. and American L,ocomo-
tive Missouri Pacific opened IA lower.
and Baltimore and Ohio was down =.
Trading went on during the short ses-
sion with some gain in tho steels and
railroads. the more active stocks being
marked up to higher points for this
movement Of about one point Steel
common reached a, Consolidated Gas
lSS and better, and Brooklyn Union
Gas 1884, Stacking off slightly toward
the close St Paul was the strongest
of the railroad issues, advancing Ia.
and gains or over one point were made
IN Union Pacific, Pennsylvania, and
Northwestern. General Electric rose
2;s.
Attributed to Standard Oil.
These advances were considered by
the Street as indications of the market
position Of the Standard OIL group and
many professionals Immediately began
buying the general list. The talk Of
increasing freight rates in the South
helping the railroad lists in the ewes
OF investors, and the profit taking on
odd lots which began 10 make its ap-
pearance more than a week ago is
gradually ceasing.
The curb market saw but little ac-
tivity in the mining lists. Cotton and
Grain were not materially changed.
The number of idle ears is reported as
being S5O.560 on July S, a decrease OF
$3.50 for the two weeks previous.
Brokers left the posts of the ex-
change at 7 O'Clock, feeling that the
market Is strong, that news for further
advance Is favorable. and that cOndl-
tions are right for further advance
IN prices next week Yet there is a
Keeling of great uncertainty as TO the
. future OF the market. The fact IS Senti-
meut is unsettled and the point Of view
is apt to be the last utterauce Of some
hnancier or railroad president who
talks IN a persuasive manner.
Wall Street Unsettled.
Wall Street has no settled ideas about
the market. 1t is recognized to be IN
very uncertain state. Business has
helped the steel stocks along. better
traffic and talk about increas sing freight
rates has helped along the railroad
shares. but many spectators do not
seem 10 recollect that any advance IN
freight rates is sure to be met by pro-
tests so strong before the Interstate
Commerce Commission by shippers that
il would be several months before the
proposition could be threshed out so
as 70 help the railroads much Yet the
promise seems 20 help stocks upward
and is possibly serving a good purpose
10 that extent
The real strength of the market rests
upon manipulation by powerful hnan-
Cial interests, who believe and know
that financial and business conditions
will be better during the balance Of the
year 1t lies wholly In the hands OF
these big and crafty spectators TO put
the market much higher, or to abandon
their guns some time soon and allow
prices TO sag again. IS they have done
Two or three times since the March
panic in stocks OF 1897.
II is this that keeps the talent guess
ing. and this which affords the only
doubt in the minds of anybody as to
the essentially hopeful condition OF the
market for a long and higher rise.