Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-07-15
Today's Market Ruled Exceed
ingIy Firm.
STOCKS REACH HIGH PRICE
Steel Common and Amalgamated
Reach Highest Point This Year.
CALL MONEY IS FIRMER
American Stocks Firm in London.
Crops More Encouragiug-Rail-
way Stocks. Advance.
Special Dispatch 10 The Star.

Special Dispatch 10 The Star.
NEW YORK. July 15.-On a greatly en-
latged volume of business today's stock
market ruled exceedingly firm. In fact,
the advances scored were in many cases
50 extensive and rapid as inevitably to
induce heavy proit-taking sales under
which numerous reactions took place AT
the highest point reached in the days up.
ward movement the average level of the
market was carried very close to the
figures which prevailed about the middle
OF May previous to the announcement Of
the federal prosecution OF the New Haven
system.
\ number of stocks also reached the
highest prices Of the year. including such
issues as United States Steel common and
Amalgamated Copper. There was very
little, in conditions outside of the market
itself to which the course Of prices could
be attributed.
There was however. little or no selling
pressure except that representing proft-
taking sales. and quite aggressive buliish
manipulation was apparent in many di.
rectiens.
a very large business also was trans
acted in :'odd lots" and, according TO
common report. the orders of this de-
huylng side There is much difference of
opinion, a. to the extent Of the short inter-
est In the market, and the more reliable
estimates are to the effect that at the
present time speculative commitments Of
this description are connpa ratively small.
As noted above. there was virtually
nothing in the way Of novel development
TO explain the fairly buoyant tendencies
Of the stock market.
Money on call was somewhat firmer
in connection with the return of govern
ment deposits by the banks. which under
tire call of the Secretary of the Treasury
should be completed today. Sterling ex-
change was firm and somewhat unex.
pectedly s90e.OoO in gold was withdrawn
from the suetreasury for shipment TO
Paris tomorrow. The latter circumstance
is mentioned only for purposes of record,
and at any rate the shipment cut no fig
AMERICAN stocks were decidedly Arm
in. the London market. and while opera
items here. for foreign account were Of a
mixed character they showed an excess
Of purchases estimated in the neighbor-
hood OF 10000 shares.
The day'e adv,ces respecting the prog
rsSs OF the crops were somewhat more en-
tduraging and wheat options were weak.
There were few exceptions of any appar-
@nt. significances to the general course of
IS he market.
Advances in excess OF one point were
quite common; in the railway list and
Missouri Pacific scored q noteworthy rise.
Other strong features were St. Paul. Ca
madam Pacific Southern Pacific, Union
Ra4Ac and Illinois Central.
: sEnAed 6tatee Steel common was espe.
cially strong and active. and undoubtedly
the tendencies Of that stock were a factor
Of influence in the course of the market
at large The other iron and steel shares
wers also firnl.l as were American Smelt-
Ing and AnialEarnatsd Copper.
The days discussion was again devoted
mainly to political prospects. The progress
Of the crops and the probable effect Of
both upon the state Of the country's trade.
Possibly the academic discussion now In
progress with regard to the feasibility Of
an advance in railway freight rates was
also a-factor In the markets strength but
I'm. that case the subject in question un-
douhtediy appealed more strongly to the
large financial interests than to ordinary
spectators