The sun. [volume] (New York [N.Y.]) 1833-1916, 1908-07-19
FINANCIAL AND CosSERCIAL.
SATURDAY. July

duty 10. :
The initial transactions In the stock
MARKET to-day showed practically no price
changes az compared with last nieht's clos
inc until the first sale OF United States Steel.
which was rather late In opening. was re-
corded al 4s. This marked q new high
rscord for the year for this issue and gave
strong bull impulse TO the whole list.
hereafter prices generally began to move
inward, and this tendency was maintained
~ the end, activity increasing as the session
,nnroached Its close until In the last few
minutes 1t exceeded anything seen on the
New York Stock Exchange In many months.
The facilities OF the exchange for recording
transactions were taxed TO the utmost, and
IN the last half hour the ticker fell behind
the actual transactions TO such an extent
that not until seven minutes after the close
~ business was 1t able TO record the last
sales, The trading broadened substan-
tially. Pennsylvania and New York Central
Incoming quite active and strong q a
result Of reports that an agreement to ad-
vance rates in trunk line territory had been
practically reached and would TO some OK
tent be given effect to in the not distant
future, st. Paul, Union Pacific. Northern
Pacific and Chicago and Northwest were
also strong, the known attitude Of Mr.. Hill
and Mr.. Hartman toward the question Of
rata advances being regarded as clearly
foreshadowing action Of this kind by the
western roads. Great Northern. however.
for some unexplained reason did not to any
great extent participate in the strength Of
the other stocks. Additional o for
the market action Of the granger stocks was
found in the report OF tho Chicago, Bur-
lington and Quincy on crop conditions in
Nebraska, which gave q condition Of 100 for
corn in that State and said that wheat
tbr shing was progressing under favorable
circumstances. the crop yielding very we'll.
United States Steel was the strongest stock
on the whole list. rising to 445s and estab-
fishing a record nearly two points above
last nights close and nearly double the
lowest price Of the panic.
Many Of the leading stocks. such as
United States Steel, Union Pacific, Northern
Pacific, St. Paul and Pennsylvania. have
now surpassed their previous high records
for the year, and by doing so have encour-
aged the hopes OF spectators that a further
substantial rise in prices IL yet to come.
Trade conditions are generally favorable.
for while the commercial agencies say
business is slow the tendency Is in the
right direction and preparations are making
for an active fall trade. Commercial fail
ures during the week were smaller than In
the week preceding. and bank clearings
of the United States were 1851, 900, 72e. as
compared with 81. TAG. 255. eae in the CORE
spending week last year. the decrease being
less than s per cent. Compared with last
week there was no change Of consequence.
An agreement on wages for the next year
has been signed by representatives Of the
Republic Iron and Steel Company and thoee
OF the ~Amalgamated Association OF Iron.
Steel and Tin Plate Workers. Earnings
OF the subsidiary companies Of the Ameri-
can Telegraph and Telephone Company
show that this company has not been adj
versely affected by the falling Of in general
business. the month Of May and the five
months Of the year so far reported showing
a substantial gain in gross and net earnings
and in surplus available for dividends. To
this is attributed the advance in the COM
pany's stocks and bonds. The bank state
ment made an Unexpectedly favorable
showing. the gain in cash being much larger
than any Of the preliminary estimates and
the surplus reserve showing an increase Of
IS .675, $50 since the end Of last week.