The Washington times., 1908-05-25
NEW YORK STOCKS
INASTRONG CLOSING
Market Rallies Late on Ma
nipulation and Probable
Currency Legislation.

NEW YORK, May 25-There are Indl-
cations that the market will be more
tWo-sided during the nearby months
lhah 1t has been for some weeks past.
Inc public have changed front with the
market, and sentiment is about as bear
. Ism as II was bullish at the commence
/ ment OF last week. II IS admitted, how
ever, that there are signs OF real im~
! provement in the steel and iron bust
/ ness, and that the crops are beginning
10 send out hopes OF a bounteous har-
vest The Agricultural Department IS
hopeful for yield and price on nearly all
farm products.
There is also a little clearing in po-
htical skies. and a little less uncertainty
as to candidates. But better for the
stock market than all these, is the
belief that Congress will not adjourn
: without having passed a compromise
currency law. That the President has
interested himself in this matter. and
3 that he has called TO his aid Speaker
Cannon, IS full of promise. The prob
able action will be an amalgamatiOn or
the bills passed by the House and Sem
ate. the one the VreeIand anG the other
the Aldrich. under the number and title
OF the NreeIand bill. This would enable
bankers to use their own judgment IN
forming clearinghouse associations or,
taking advantage of the provisions OF
the Aldrich bill, turn in their municlpal
and State bonds to the Secretary OF the
Treasury for emergency currency.
The fictitious character Of the recent
advance puts the market in the uncom-
Portable position of having discounted
the more favorable developments, ana
II may be rather difficult 10 hold these
prices. The selling on Saturday was
largely prOft-taking. The public mas
not been hurt much, practically not
at all, but they do not Ike a market
with so much action as last week
developed. With warm weather coming
on, Il Is likely that the market Twill
be mucl more quiet with chances Tor
= good market this fall and winter
The New York, New Haven and Hart
ford matter was a serious blow 10 the
magnates who have been manipulating
the market. as. If the case selected by
the Department Of Justice for prosecu-
ton is reasonably strong. so also would
eases be against practically every big
railroad in The East and many IN the
West, the Union Pacific especially.
TOday's Opening.
The market opened weak, and there
were declines about a point in the &C
tive rails, and moderate losses in the
rails generally. Later this loss was
recovered, and also nearly point more,
on covering Of shorts and the advice OF
brokers TO buy on breaks. Before noon
the market had started down again,
and but a fraction of the advance was
sustained.
Wen into the afternoon the market
continued without much change either
in prices OF in the volume Of trading.
Business was very slow, the ticker, at
times. being idle for minutes. The fuc-
tuatiOns and excitement OF last week
were too much for the public and the
result was a very limited commission
business and more or less deserJcd
brokers' offices.
The leading stocks passed into the sec
UnG hour Of the afternoon with gains
of lkG% of a point. Smelling was IL
stocks generally steady, and other in
dustrfals quiet. United States Realty
moved up to % from 1914 on Saturday.
The chances OF the market seemed
70 Indicate q quiet day, with perhaps
some sagging in values.
During the last hour OF the after
noon the market made rapid STRIDES
in the direction OF recovery, under the
leadership Of Union Pacific St PauI
and Reading. The prospects for a cur
rency bill are considered good, ana this
was basis enough to increase prores-
siOnal trading into q good volume. The
leading rails were from l point 20 Il
points higher, while the general run
of rails made an appreciate advance.
IN the Industrial groups. Steel pre-
ferfed was ! IA better than last Satur-
DAVIS close Copper and Smelling were
strong and higher, and the tone of the
entire market was assuring