The Washington herald., 1908-07-29
STRBETLIKES LETTER
Taft's Acceptance Speech APP
proved by Traders.
THE OPENING IS IRREGULAR
Largest Cain at the Start Made by
Canadian Paeihe-MissOuri Pacific
Loses = IL Points, and Then Re-
covers, All in the Course of an
Hour-SeeI1ing to Enter Pittsburg-

New York, July 2s.-0Ir. Tsft's letter
OF acceptance was favorably regarded in
Wall street to-day, and II the market
made no response TO its appearance, the
reason was probably to be found in the
fact that something OF its tenor seems 70
have been understood in advance Of its
appearance
Apart from the Endorsement o. 0Ir.
Roosevelt and his policies. the document
was conservative and dignihed, display
ing IN some Cf It's more important pas
sages businssslike treatment OF matters
relating 70 the regulation OF the rail-
roads and Industrial combinations. these
being handled in q judicial way con-
trasting strongly with Tire rough treat
Inent TOO often given them IN the past few
years
At the opening. the market was irreg-
ular and while. perhaps. the majority Of
stocks showed advances. these did not
come Up TO the gains made IN London
before the opening Of business here The
largest gain al the start was made b.
Canadian Pacific. which opened up a
point, but Missouri Pacific scored an ad-
vance OF nearly equal extent. while Erie
opened at a decline
Positions Are Reversed.
The Two last named stocks soon re-
versed their earliest movement. Missouri
Pacific starting on a rapid decline after
business had been under way for q few
minutes, and Erie displaying strength 70
a far greater degree than at any. previous
tine since the present movement began.
Within the first hour, Missouri Pacific
lost ~ points from lis opening level
and recovered all Of Il. Thereafter, Until
the close, The stock moved within mar
row limits It's decline naturally dis
turbed the general market IN the frst
haIf-hOur. but 10 such a small extent as
70 afford rather al object lesson IN the
underlying strength Of prices than OF
TIE ability OF operations for the decline
IN a particular stock 70 star a downward
movement.
BY Il o'clock the market became steady
and for the remainder Of the session
price changes were not important. ex-
cept that the Erie issues continued their
advance in a way which made them
during the af;ernon. the most important
influence for strength n TIE general list
stocks. the Series a making q gain O:
five points for the reason that as they
are convertible at 60 the conversion
privilege begins 70 have speculative
value.
Acting for Hartman.
II connection with the rise. i1 was
TumOred that the bankers. who have q
plan 70 provide for the maturity of the
Wheeling and Lake Erie notes. due at
the end OF the week. were acting in that
matter for the interest Of Mr.. Hartman.
who was credited with design 10 Sc
cure for the Erie an entrance into Pitts
burg over the Gould roads now in re-
ceivsrs hands.
The earnings OF the Steel corporation
for the June quarter. published after the
close Of business. were better than ex-
pected. the net amounting 10 so -
as compared with SIS, 20 015 IN the pre-
ceding quarter. while the orders on the
books amounted 10 2.sI3 s-5 tons. a re-
duction OF only s5I as in the three
months. Il was also announced that IN
the current month. orders have been
received at an average daily rate Up 20
2 per cent Of capacity, norWitastandins &
that orders for rails were few and small