The Washington times., 1908-08-07
Drive on SHELTERS at Noon
Shakes Prices For
the Moment.
BULLS HOLD REINS
IN STRONG HANDS
Quotations Reach Top at Midday,
Fall Before Cyclone of Sell
ing, Then Rise.

NEW YORK. Aug. THE stock
market is under a full head Of steam
today with all the leading stocks that
have been active recently showing gains
OF one 10 seven points. SHELTERS is at
the front OF the advancing column in
the trading, with a gain of 61a points
and new high record at 107
Amalgamated Copper is also buoy
ant, rising 2ls points, TO a new top of
S31s. Other stocks have touched new
high records for the year, among them
Anaconda, Great Northern, preferred,
Reading, National Lead. Southern Pa
CidC. Union Pacific, and Northern Pa
che. Canadian Pacific is a laggard, de-
Ginning Is OF a point because of the
strike On its system which the strikers
say viii tie up the whole road within !
three days. Trading in the steel shares |
is unusually heavy. blocks as large as
5000 shares being thrown or the market |
In the common stock. which sold at the /
new high record figure OF ATS. American !
Locomotive failed 10 get excited, al |
though 1t advanced slightly TO a new |
top of IS, Missouri Pacific also showed |
strength, which was reflected in frac-
tioEal advance.
Shares Firm In London.
In London American shares were firm 1
owing 10 better crop reports from Amer |
"a.
On the local curb market trading is |
excited and heavy. The Copper stocks, |
under leadership OF Cumberland Ely |
and Nevada Consolidated, are the fea-
lures. Combination Traction is steady |
around los. }
The market is beginning to assume |
the appearance OF an excited bull move
m6nt. Today there are indications Jf
the public coming IN The wire houses
are sending orders Of considerable size, !
and the professionals who have been
accommodating the stock up 10 the pres
enL time look happy as they see their
STOCK selling IN great blocks 10 out
slders who will be feeced, II anybody I
IS, on the drop to follow.
OF TINS drop there IS not now the
slightest indication, except as one reads
it N the wider fluctuations Of the lead
eTs and .he passion for buying which
reaching out TO the country at large.
There is apparently little chance ter
the movement 10 be headed for several
days TO come, the impression having
gained a secure foundation that the
lOng-lOOkCd-tOr rise IN stocks, when
would pat them back near the prices
before the paniCs has come. It seems
10 be the intention of the manipulatOUs,
with the aid OF the public, 10 do some
thing Of this sort before they abandon
the market Tor a fall, after which they
Market Wild and Excited.
Up 10 the noon hour the stock market
moved strongly and consistently up
ward, at about the rate that has char
acterized the trading for a week, Ev-
erything was steady. Street gossip was
all IN favor Of a continued upward
movement Rumor had il that John d.
Rockefeller was the strong individual
force behind the rise. Railroads. such
lot
Albany, New Haven and New York
Central. reported that the WestbOuud
tonnage had doubled during the week.
Then at the turning Of noon d savage
drive began upon Shelters. The stock
was then around 101. Within thirty min
uJes IL had been carried TO l0I. back
more than half way and up again, with
uuCtua lions OF point or more between
operations. ThOusand-shaTe lots and
even 3000-share lots We're thrown upon
the market, in an attempt 10 break
pr, res. The activity in Shelters was
taken up in other stock and with TWEEN
" or more railroads. industrials. and
metals at the top notch there started
such selling and buying has not been
seen in Wall Street in many a day.
Prices fell, rose fell, with stock tum-
bling into the hopper from all direc-
tons
Brokers' were taken by surprise. The
movement was at first taken to mean
the squeezing out Of the shorts IN Lon
don and here, but no one seemed to
large short interest in this market.
Then it was suggested that the crafty
professionals were riding the market
TO a reaction 10 further I'LL up their
safes with long stock.
Market Well Supported.
The market was not allowed to get
beyond control by the well organized
bulls. and all the nervousness and ir-
regularity was practically in new high
ha oil, 1.eI
a few stocks below the higher OPEN
ing of the morning. The professionals
showed faith in their position by pour
ing out money Unsparingly to protect
the market AL in all prices have adj
Vanced without regard 10 values, help
ed along by the eagerness of the pup
lie TO get into the market and skim
of some Of the cream. Yet the saving
fessionals who are not yet ready to let
the market 90.
This attitude Of the professionals is
Que largely 10 growing realization
that the wheat crop this year NAV be
q bumper one, and that corn is about
out of danger Only an average crov
has been figured on heretofore A burDl,-
e crop IS expected to start a boorl in |
industry everywhere. Just at present
In business and in the stock market
and especially in the metal market.
Some of the new high records made in
the early afternoon were Union Pacific,
1855; Shelters, 107; National Lead, %;
Steel. AIS; Amalgamated, So; Reading
1905; ST. Paul. 1444i; Brooklyn Rapid
Transit, 557s, and Great Northern, 1895.