The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1908-07-20
NEW YORK STOCKS
REMAIN BUOYANT
Market Opens Strong and
Prices Advance a
Point.
BROKERS INCLINE
TO SIDE OF BULLS
Public Takes Small Interest in
Situation, Though Orders of Com
mission Houses Increase.

NEW YORK; July 20.-IGe stock mar
ket today has been buoyant and strong
beyond the expectations of the most
hopeful bulls. Opening with general
gains, prices advanced quite rapidly
until +he leading stocks were up a point
or more. Then came the inevitable re-
action on selling for proft-taking. but
even under this pressure the market
stood strong, many of the less active
stocks moving upward while some OF
the leaders were going slowly down
ward.
The selling of the morning WAS soon
exhausted and stocks began to rise
again slowly, surely, serenely. in spite
OF all the bears COULD do to discourage
the advance The buying movement
this morning was helped along by
good volume Of orders from commission
houses The idea seems TO be spread
ing through the East especially that
the long anticipated bull market is
really on, and some of the money that
has been accommodating for months past
IS finding outlet in the buying OF stocks.
a large number of such orders from as
Tar west as St Louis were received by
commission houses over Sunday, and
their filling today furnishes the chief
buying power upon the floor.
Opening Gains in Detail.
Stocks opened with Northern Pacific
! point higher, St. Paul 3; Copper. q,
and in all q; Brooklyn. "a; Southern
Pacific. =: Missouri Pacific. 4; u. S.
steel, common, Is; Lead, 3; Locomotive,
8; Chesapeake and Ohio, Z; Smelling,
Il; AtchisDn. unchanged Union Pacific
opened = mig ler and reached &. raIlying
Is ore opened z up. Pennsylvania open
ed unchanged
The feature during the first hour was
strength demonstrated in the establish
ment Of new high price levels. The
tone was decidedly strong at the start
puI alter an hour hardly any Issue
showed a gain Of as much as one fun
point, although a number of stocks
made net advances to sell at the highest
prices of the year
The market at noon was still strong
ana moving slowly upward. II was no
tlcdblC that the cOteriC Of brokers sun
posed 10 DC affiliated with the Harri-
man interests were particularly active
anc the support given the market by
this crowd was considerable ITuiOn
Pacific moved up 10 l537s. a gain of tne
arc oue-half points, and Pennsylvania
and Reading made fractional gains The
Stcels were strong, as was American
Locomotive. and the Car Foundry
stocks.
Public Takes Small Interest.
The public takes little interest in the
market in spite of its activity. and
banking houses said the transactions
seem 70 be due to the efforts of shorts
TO cover contracts. It is known that
several Of the largest operators who
work on a scale vastly greater than rhs
Well-knOWn plungers, and who, to take
position and stick to II Tor months
have been selling stocks freely ever
since Union Pacific crossed 40.
They are borrowing for delivery. there
by creating a false impression of a
short interest. 1t is hardly possible
that these men could possibly get ac-
tually net short of the market but
their borrowing operations have made
stocks so scarce in the Street that the
ordinary plunger is finding Il difficult
10 turn around.
No news Of Importance developed to
account for the strength Of the market.
Crops continue in good condition and
now as for the next year the chief
influence working for higher prices is
the debaSing OF the currency by the new
financial law. Values are not increas-
ing Blu, prices are being marked up 10
balance the deprecated value Of money.
In the early afternoon the trading was
less active with fractional declines in
prices
About the middle Of the afternoon
the market became very active on such
stocks as Union Pacific, Pennsylvania
Great Northern. Reading, and Rle Steel
shares. Prices of these and the railroad
list generally were strong and many
issues closed at the highest point for
the day.
The movement was due to larger buy
inE orders from commission houses and
the activity Of brokers who were en-
gagged in bull talk all the morning.
The situation at the close IS essen
tally stronger than at any time since
the rise hpcan