The Washington times., 1908-08-04
Market Jumps Under Force
of Persistent
Buying.
PRICES EXCEED
ALL EXPECTATION
Great Excitement Prevails and
Stocks Pass Through Sensa-
tional Movements.

NEW YORK. Aug. 4.-The stock mar
ket is again buoyant, active and record
ing new high levels for the leading Sc
curities. The strong closing yesterday,
though not enough pronounced 10 give
the bulls much hope, did foreshadow
better things for today
TIE market opened generally a shade
ever than last nights closing, but
whiting a half hour, under the leader
ship or Steel preferred and American
Locomotive, both Of which went to new
high levels for the year. the market
turned strong and active. The leaders
sold at 110l9 and 81 respectively. Union
Pacific tagged along after the leaders
and quickly crossed 155. Amalgamated.
Shelters, Northern Pacific, and Penn
sylvania were all active and higher.
Canadian Pacific was neglected be-
cause Of a report that a strike might
be declared, and because it was dis
covered that a pool had been formed 10
accumulate the stock with view TO
unloading later on the strength of the
bumper crops through the territory
which the line serves. Traders were
supicious OF this pool and dropped deal
ing in the stock
Curb Market Now Active.
On the curb market the low-priced
copper stocks We're leaders again, with
Cumberland Ely and Miami selling at
high prices. The Cobalt shares were
active. too The Nevada Gold stocks
We're neglected. It is understood that
a campaign is being planned for the
curb. and insiders are picking up stocks
at what they say are low prices.
The curb has not had any improve
ment of importance since the panic,
and is FAR behind the inside market.
The operators, therefore, think there Is
a hne speculative opportunity open in
this direction.
Reports OF unfavOrable weather in the
West continue. but the grain market
advanced so sharply yesterday that II
was dull IN the early trading today,
with options about l per cent a bushel
lower. Cotton was not materially
changed. but had a strong undertOne
London, which has had a holiday for
Two days, was opened for business, but
Americans We're not supported there.
The foreign market did better aEtgr the
opening in New York.
Prices Take High Jump.
About midday the market had made
mighty jump. and prices were soar
ing at heights they have not attained
before this year. Persistent and agrees
siVe buying continued ali through the
forenoon, and new nigh prices for the
year were continually reached. Only
Two stocks-Erie and Westinghouse
failed TO show an ADVANCE at noon over
the closing prices OF Monday.
Brokers. active in American Smelling
and United States Reduction. mad word
that the United States Reduction stock
was being bought by the American
Smelling Company and that some LARGE
= =
y been transferred Oh private terms
outside OF the exchange.
The floor was much excited, and some
stocks, notably Reading went through
sensational move aents. From 12lSs,
Reading jumped under sales Of thou
sand share lots u l2i5s within a period
OF thirty minutes. AS suddenly the stock
went back 10 II, and then went 10 III
again on a few bids. From that Blint
IL gradually Teceded. Similar irTcgu-
laTities were seen In other stocks with
In much narrower margins.
Generally speaking, the list was from
q point 10 a point and a half above the
opening. with the trend Of prices still
upward.
market had steadied somewhat from
its nervous condition, and was doing
well at the higher level. Trading was
very active, and the transactions for
the day will probably exceed million
shares.
Through the afternoon the market re-
manned active and strong. National
Lead became one Of the leaders in the
late trading. making new high level
for Itself at 912. Reading quoted after
the pyrOteChnics just after noon and
closed about a point and a half below
the highest for the day
Many OF the stocks suffered reaction
from the spirited advance at noon, but
the market held well. closed strong. and
the situation this afternoon is essential
~ better than tWenty-fOuT hours ago.