The Washington herald., 1908-08-05
STOCK MARKET FIRM.
Higher Prices Indicate Re-
turn of Confidence.
STEEL FIRST IN THE ADVANCE
Reading Also scores Sharp Rise
Before the Noon HOur-SOuthern
Pacific Follows Lead in Late After
nOOn-Niarlzet for Call Loans shows
Tendency TO Further Ease.

Naw York. Aug. AFTER an irregular
opening in which declines were more
numerous than advances the market be-
gan 70 show signs OF strength before
business had been under way more than
a few minutes. and these multiplied with
each successive hour, prices advancing
the while until at the end there were
few stocks which did not show an ad-
vance for the day and fewer still in
which the transactions did not run above
the average.
The breadth Of the market and the
strength displayed in every part OF il
strongly indicated that the buying Of
stocks represented something more sub
stantial than manipulation for the rise
and that the growth Of confidence con
tinUes without interruption.
The first stock 10 display notable
strength was United States steel. which
before The end OF a quarter Of an hours
trading made a new high record for the
year and which before the close came
within about two points Of equaliing the
best price at whicn II has ever sold The
rise in this issue was followed by an ad-
vance in the common. which also made a
new high record for the present year
and the strength OF these two had an i'm
portant influence in determining the ac-
tioa Of the whole market.
Readings sharp Advance.
Reading scored a sharp rise a little be
fore noon on rumors OF an early decision
IN the suit 10 sci aside yhe, provision OF
the Hepburn law designed 20 force the
railroads out of the business Of mining
80
nave been premature and IN well informed
circles it IS said that a decision can
hardly be rendered before O-tober. The
stock was one Of the many which made
new high records for the year, prominent
among the others being Union Pacific.
Southern Pacific. AualEauaJed Copper.
American Smelling and Refining and Va
uonai Lead
The greater part Of the rise in South
ern Pacific occurred in the afternoon II
ives directed against q short interest and
received substantial aid from the market
sentiments expressed by the president Of
this road and Union Pacific, in an inter
view given out AZ Chicago
Call Money Easy.
Little change occurred in the call money
rates and the market was time loans
showed slight tendency toward further
ease At the close exchange turned weak
under large offerings OF bills. London
took little interest in our market and put
lower quotations or American stocks on
reSuUins business after the holidays and
before the hour Of opening here. Paris
took al the gold received from South
Africa. and The price Of the metal rose
uhree-eighrs Of penny IN London Lit
lie attention was paid 10 the threat Of q
strike on the Canadian Pacific. even the
stock directly affected holding its own
in the face OF the news.
The government crop report viii prob
ably be published oH Saturday next and
Il IS entirely likely thar It viii make a
good impression. fJr while crops may
have suffered in the past three OF -four
days. they were in good condition al the
end of july
Cotton advanced on the weekly wealth
Ct report. but the grain markets were
heavy on realizing by bulls. who had
made use OF The early reports OF injury
from drought and excessive heat