The Washington times., 1908-07-16
MARKET MOVING
5 SLOWLY UPWARD
New York Stocks Have Set
,.aa back in Early
Trading.
LIST GETS STRONGER
AS DAY ADVANCES
'Coppers Develop Weakness, While
Steel Shares Invite the
Public to Buy.

NEW YORK, July 16.-The stock
market today, after a weak opening
and a further decline under selling pres
sure. rallied slowly and by noon had
gained from one-half TO a point on
most OF the leading stocks. Copper
stocks were the weakest and most ir-
regular today, due IL is said. to the
selling out OF one or two large houses
who had been accommodating the stock
IN the expectation OF a larger rise than
has taken place. The fact that these
houses had mIsread the market had
a discouraging effect. and the coppers
lacked support most OF the morning.
The professional character Of yes
terday's trading attracted the attention
OF small investors and the result was
the sale Of quite a volume Of invest
ment holdings. AS this selling made
It's appearance manipulation grew less
active and the market had something
of a reaction. Losses Of about half a
point were recorded IN the leaders dur
ing the first half hour ~ trading.
The copper shares were the chief
sufferers. Amalgamated losing Y and
A1aconda q Reading lost only -,
while Union lost g. Specialties were
active again, Consolidated Gas rising
one point. Baltimore and Ohio declined
8 points owing TO the continued talk OF
an injunction 10 restrain payment OF
the dividend recently declared. Can
adam Pacific reacted one point.
Car Foundry Reports Activity.
The American Car and Foundry COM
,pany, one Of the largest industrial cor
porations in the world, announced that
1t IS now employing 700 more men than
It did six weeks ago. and that it has
received an order for 100 steel coal cars
from the Lackawanna, and one from
the Central and Northwestern for 700
freight cars. The company also reports
that there is some Improvement in the
number Of orders for repair work.
In London American shares were
slightly lower
The early selling orders sent in today
by the commission houses. which af-
fected the market adversely, were fol-
lowed later in the forenoon by almost
an equal volume of buying orders. II
was evident also that the big interests
back of the market came to Its support,
as the rise Of the middle of the morn
ing could not have been held up by out
side buying orders alone. Il IS thought
the market to so down, as they have
not yet accomplished all they desired.
Vest eTday's selling movement, carried
over into the first hour of today Is now
spoken Of as the result Of prOfit-taking by
the professionals, which was inevitable
under the circumstances Now that II Is
measurably exhausted the expectation Is
that prices may go some higher when
another prOfit-taking on the upward
turn would be due.
Market Turns Professional.
About noon the market settled down
into the slow upward march which
has characterized its movements since
the beginning of the month. Trading
was in smaller volume than yesterday,
the sales to noon being around Isl, 00C
as compared with $4,000. Judging by
the orders to buy coming in from the
commission houses, speculative sentI-
iment through the country is spreading,
especially in the steel shares. they be
ing quite strong and fairly active to-
day
CoppeTs remain weak and do not
rally with the same spirit as the rail-
roads and industrials. The northwest
sern railroads had a slight setback on
the news from Washington that COM
iplaint had been lodged with the Inter
state Commission against the charge OF
Improper rates for lumber shipments
from Oregon eastward.
TIE tone OF the market at 1 O'Clock
Is decidedly bullish with little doing
except in the leading stocks and those
not as active as yesterday.