The sun. [volume] (New York [N.Y.]) 1833-1916, 1908-07-19
eossIP or VAIL sTREEr.

The volume Of trading In the two hour
session yesterday was greater than In tie
Ave hour session on Friday. transsotioae
were well distributed throughout the III,
and the strength. OF the market increased
steadily to the close. II was one Of the most
impressive demonstrations that has been
given since the upward movement began,
and In the opinion OF many brought more
converts to the bull side than had any previous
day Of the movement. The advance came
at a time when prices were close to the rrevi-
Gus high level Of the year and when hundreds
of bears were hoping against hope for o
reaction.
The shorts had tested the market ve1g
thoroughly In the two or three preceding
days and every drive had disclosed q frrner
undertone than had the preceding attack.
Price on the average had refused 70 Yield
under short selling. and In no partioular
issue had any distinct impression been made.
some Of the hardest bears accordingly were
In q mood to cover on any show Of strength
yesterday. They got this demonstration ct
the very outset and short covering on Q large
scale continued throughout the session In
the Steels. which have been fought most
persistently. the covering was on the largest
scale. but most OF the active stocks also
benefited from 1t. The trading seemed to
many critics to be weakening the technical
position of the market, but II was impossible
to discern any great eagerness to take profts
on the part OF those long Of stocks. Appar-
emily they felt sure OF their position. and In
most cases refused to hand out stocks except
at advances from previous prices.
The only important news development OF
the day was the announcement Of an agree
ment among railroad managers south Of the
Ohio and east Of the Mississippi to advance
rates as soon az the schedules can be- pre-
.a~oJ Tho nnn,,naovn ank NEUTRALITY-SUSPICIOUS.
buying Of Southern railroad stocks. but many
Of the more conservative traders considered
that It's Importance was diminished by re-
ports from Washington Of Administrations
opposition to proposed concerted rate IN
creases. According to these reports some
one Is quite certain to bring q proceeding
against railroads uniting ip increasing rstes
on the ground that such action 10 forbidden
by the Sherman law. It was recalled that
the May movement In the stock market crufa-
pied when the Administration sued the New
Hav ven, and II was wondered II this movement
also was to encounter obstacles In the way
Of anti-corporation proceedings. Up to the
present the movement has been unique among
all those OF the last two years In that no dis
concerning Developments at Washington have
arisen. . l :
Another very decided difference between
the present movement and that OF May. it
was recalled. lies in the attitude Of banking
interests. The May market was essentially .
market manipulated by two men for the sps-
ctal purpose Of creating favor for new railroad
financing. Important banking interests were
behind 1t. but there was nothing that could be
called cooperation among the leading bank-
ers in supporting the market. The majority
of bankers, for that matter. held persistently
aloof. considering the movement Ill timed
and Ill advised. In the present movement
there has been up to the present no such differ
ence OF opinion. and II not all the leading
financial groups have participated In II at
any rate there have been no open indications
Of hostility. .
The list Of stocks which made new post
panic records includes very, many Of the
most active shares. such as Steel common.
Union Pacific. st. Paul, Northern Pacific.
Consolidated Gas and q number OF others.
The strength Of the Steel shares was again
the most impI essive and attracted the great
est interest. At yesterdays prices the COM
mon stock was selling at about double Ito
low panic price, the quotations making posi-
BILE handsome profits for tho very large num-
Der Of small investors who took on the stock
in the weeks succeeding the panic. But al
most no selling for the account Of such holders
was reported, and hare there was pointsd
out another difference between the January
and May movements and the prcssne ooes
In both OF The preceding .penode
the selling Of small lots wa! quite . feature.
There has been no particular liquidation OF
this k ind since the present movement began. 8
Brokers and operators who refuse abso-
lutely to admit that there Is any ~imbrovenisnt
In the general business situation and have
insisted steadily hat you can't talk pros
perity" are foroeo to admit that the talk Of
speedy Improvement has had q great market
effect. It may be. al. they aliege, that most
Of such talk 10 put out for political eject.
The fact remains that II has an effect on the
public mind, and one evidence OF that effect
is the tenaclty with which Investment hold
ers of. stocks and honda are retaining their
holdings. The profits of q majority Of such
holders are already handsome, but with all the
Republican party organs proclaiming loudlya
return of good times the holders Of securities
are led to believe In much higher profits. In
this way the political campaign up TO the
present instead Of being q menace 10 values
has impaired decided strength to the market.
, A comparison Of the prices between the
first half of July. 1904. and the first. half of
July, 1908. shows more decided gains In the
latter than In the former period. The bull
market in that first month Of the last Preei-
dental cam paign was considered O very
strong advance. but some point 10 lost to the
comparison for the reason that prices started
on a lower level this year.
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