The Washington times., 1908-08-02
Gould-Harriman Deal Also
Has a Good Effect
on Prices.
RAILROADS LEAD
IN THE BUYING
Weeks Largest Fluctuation in
Federal Sugar-Market Closes
Somewhat Irregular.

NEW YORK. Aug. 1.-The course Of
: The New York stock market has been
chiefly affected this week by the Taft
speech OF acceptance in Cincinnati
last Tuesday. and the elimination OF
the Could Hartman deal. which was
tefTected last Thursday. Both events
had good effect on prices. except that
after the delivery Of the Taft speech
Where was a mild reaction in the market
ssome Of the traders coming TO the con-
scIuslon that the address was more
-1niraicaI 40 corporations than had been
represented in the forecast.
on the whole the course Of the market
Ehas been upward. More than half the
list show good gains for the week. The
Headers OF the market have been Read
-efng, Union Pacific. the Steels, American
LOCOMOTIVES. with the shares of the
Gould railroads in good demand since
the details OF the IOuld-Harriman deal
were made known.
The largest nuCJuauon of the week
appears Ia Federal Sugar Refining,
which has recorded a loss OF 7le points
from "A former gain Of over 3 points
Canadian Pacific gained 6ls points dur
ing the weeks operations, and Della
ware. Lackawanna and Western had
the phenomenal rise Of points. Ameri-
can steel Foundry scored . point rise
and many OF the railroads ana indus
trials have from to . points To their.
credit. AmaIgamated Copper has 5is
points 20 its credit for the week, Ana
conda 2ls points, and Tennessee d like.
amount
Market Irregular.
Today the market has been somewhat
irregular After a strong opening ald
spirited buying. which sent most stocks
Up from ons-half 70 a fun point. heavy
selling for profit taking struck the
market and caused decline which
wiped out the advances and brought
some losses 10 a large part of the list
The market az the close was neavy-
weak. and Ll.
The outlook at the end of the week
IS not so good as last week. 3. IT,
Hartman. who has been watching the
market with an eagle eye for the past
six weeks. Is on his vacation in the
West and both his watchful eve and his
millions are absent from the market
It is probable that Mr.. Harriman's lieu
tenants will have much 10 do I'm his
BbsenCa with the conduct OF the market,
hut the assurance OF his guiding hand
is absent and in this fact alone many
OF the traders ind an argument for
.5~wer prices.
Another significant thing became ap-
parent today in the liquidation OF a
great volume OF stocks from the interior
OF the country II is now the belief OF
Wall Street that hundreds of persons
who bought stocks low during the duh
period last spring and in the early
summer are now coming mp for their
profits. The settlement of this vast
long stock account has never been for
gotten by the traders Of the Street, but
many of them supposed the liquidation
would not take place al this level, and
The theory had been worked out that
the sales would he slow like the buying
Il has become apparent. however, that
the public has learned something about
the stock game as il is played in Wall
Street and nov that quotations have
reached high water mark for the sum
amer they are unloading 10 the con-
lEternatiOu OF the manipulatOrs OF the
Street. II may be that this movement
which set in so steadily today may be
checked before the opening or the mar
9tet Monday but If IL is not there is
"A fair chance for a fan in prices that
Emay carry the market down several
points.
Bull Arguments Remain.
The substantial bull arguments-th=
crop outlook and the general revival
OF business-remain During the week
reports coming from the Department %
Agriculture in Washington are all IA
vOrabls. Private reports received by the
principal Wall Street houses are in a
similar vein, and the impression grows
that the agricultural returns for the
year Will be well above the average.
Added TO this is the inherent strength
OF the copper market. which has been
considerable Ola factor in the trading
this week. II is the general view that
there Will be no marking down OF the
prices OF the metal in the near future
News from the mines is favorable. and
many spectators are coming around TO
10 the conclusion that the coppers are
10 have an inning with the railroad
shares the steels, and some Of the
= speciaIties in the Industrial group like
American Locomotive and Westing-
house.
There is just now some weakening
in the opinion that the steel shares viii
keep up the clip OF the last few weeks.
j ne Wow now seems 10 carry weight
that the ~steels have discounted the
rise due 10 the improving business sit
uation. and that they viii not go much
higher Tor the present.
But all I'm all the market has strength
and while there are a good many signs
OF a dlsConcertIng nature this after
noon. the unexpected elements of weak
ness may he removed 10y Monday. and
the market swing upward again. To-
day, however, things are hanging in
the balance ia such a way as To leave
the market ia a very uncertain shape
with many traders exhibiting consider
able anxiety about the course OF the
market at the 6penlng on Monday
morning.