The Washington times., 1908-07-06
Market More Active and
Prices Score a Good
Advance.
SITUATION SHOWS
GROWING STRENGTH
Railroads, Smelters, and Coppers
Lead, With Reading in Ad-
vance of Them All.


fhe phrase which best fits the early
trades today. Trading is a little more
spirited but prices are hanging around
the level OF the end OF the week. with
the same pertinacity which characterized
the market last week Within the first
half hour today the number OF shares
sold nearly equaled the total OF last
FRIDAY, and while business remained
IN the same narrow professional chan
mel. the greater activity was regarded
as a hopeful sign, and nearly ali the
1OOr traders today are helping the sell
ing movement along.
Commission house orders were a lit
Tie larger, and the great majority OF
them TO buy long stock. The short in
terest. believed by many to be large.
IS not much in evidence. and the tone
Of the market is hopeful
Early Changes Trivial
While changes were trivial during the
Snorning hours there was no backset of
any stock on the list. Within a few
minutes after the opening eight stocks
had been quoted. Copper. Steel com
mon. New York Central, Lead were IN
changed. Louisville and Nashville open
ed & lower Union Pacific and Reading
showed initial gains Of rs per cent. Car
Foundry opened up =, and Steel pre-
ferred. Northern Pacific, and Erie were
Is higher at the start Baltimore and
Ohio opened up y. and St Paul started
IS better, Rock Island opened Z higher.
Will Street IS pretty nearly oblivious
TO the political situation. What is being
done IN the councils Of the Democratic,
party or what will be done IN the next
day or so IS having no effect apparent
y upon the market Mr. Bryan's nomi-
nation is taken for granted. and Il is
believed here that the platform viii be
far less radical than will suit the hot
heads OF the party. Brokers and finan-
ciers are OF the opinion that the lead
ers Of the Democratic party. like those
of the Republican party. have learned
that political success this year hinges
on as little disturbance of business as
possible
Expect Conservative Platform.
Hence it is argued that when the
clans get together at Denver the pro-
nouncements Of the platform will not
be OF a character 10 startle anybbdy
BY their radicalism. It IS expected that
the platform may be even more con-
servative than the Great Commoner
OF the party viii exactly relish
Wall Street sizes up the situation as
one whore the Independent and con-
servattve voter viii hold the balance
of power. The Republicans have made
a direct appeal to that voter in a plat
form that Is regarded here as eminently
safe Now II is argued the Democrats
must do the same L they hope TO re-
tain any chances Of winning the cleo
ton In this way It is argued out in
advance that there Will be nothing at
Denver this week to disturb the market
or to mark down prices.
Prices Of Leaders Harden.
By noon the prices Of FIVE or six OF
the leading stocks had made good gains
over the opening prices. The tendency
was gradually upward all along the
line. The volume Of trading was not
large. but was a good deal Of an i'm
provement upon that Of :he previous
week
AT o'clock, Shelters. Brooklyn
Rapid. Baltimore, Illinois Central and
others were a full point higher than
at the opening. Union Pacific had
added II points. and Reading had
gained rs points, and was the most ac'
tive stock on the board.
The Improvement at. l o'clock was re-
Earded as only a continuation OF the
healthy tone Of the market. and al
that hour had not developed any short
covering Of consequence. The stock
seems 10 be going 20 the same per
sons who bought so largely last week
and The aCcumulatiOns Of the principa
railroads. steels, and COppeTs must have
Teacle large proportions by this time
The advance of the early afternoon
was vel maintained to the close. AL
day the market DrOadened, both as Il
the number Of active stocks and The
strength in prices. The net advance OF
such stocks as Reading, Brooklyn Rapid
Transit, Union Pacinc, Northern Pacinc
Steels, and COppers was from one to two
points. No one thing seems to have
broken the inertia of last week. anC
the situation is one Of great hope that {
substantial rise is now to take place.
The market closes steady and strong
with business very active.