The Washington times., 1908-08-08
NEW YORK STOCKS
STILL VERY FIRM
Opening Is Strong and
Prices Advance
Rapidly.
PROFIT-TAKING
IN EVIDENCE
Market Shows Irregularity and
Some Nervousness, But
Closes Very High.

NEW YORK, Aug. S.-The stock mar
ket today was pretty much a cOnunua-
ton OF that of yesterday. having u
strong opening. a temporary setback
from prOft-taking, then a steady move
ment TO near the closing, when a good
deal Of QgofiJ-taking appeared from
traders who DID not want TO trust the
market over Sunday. The market was
more irregular than yesterday, though
the leading stocks climbed to new tops.
and many OF them closed in new high
territory.
The most important changes at the
opening We're. Louisville, IA; Lead, l.
Northern Pacific, Southern Pacific. Mis-
r. souri, Pacific and 500, p; Great North
ern preferred, Steel common, Union Pa
cific and Car Foundry. g. and Ana
conda, Locomotive and 3. R T., 4. De-
clines were: Smelling. p: Atchison, Is;
Sugar and Delaware and Hudson. 4,
and Steel preferred. 3. Reading opened
q higher, St Pau g higher. Rock Is
land preferred opened rs higher.
Reading Is the Leader.
Reading was one Of the issues to move
70 a new high price, and the story that
the decision Of the commodity clause Of
the Hepburn law is in favor Of the rail-
road persists While this stock was
strong and active throughout the ses-
sion, 1t was very irregular, fiuctuating
rapidly between the points Ia and 127.
SHELTERS. Amaisamated. Anaconda. ana
Lead were strong. All the railroad
stocks found ready buyers. Public in
terest in the market continues undated,
and is growing daily.
All the wire houses today. had orders
the bulk of them being buying orders,
and il was from this source that the
market received one Of its greatest ele-
ments Of strength today That the pub
lie has suddenly become bullish and is
. buying stocks freely is apparent. and
the commission houses are preparing
for heavy business on Monday One
OF the features of the market TODAY IS
the almost complete cessation Of orders
TO sell from those who bought stocks
at the low figures Of several months
ago. It is evident that these persons,
too, have become bullish. and are hold
ing on in the hope Of selling at still
higher prices.
Curb Market Active.
On the curb market the Guggenheim
shares We're once more in the leader
ship, with the entire market active and
strong.
London was very irregular with most
stocks showing declines, but improved
as trading progressed.
The crop report put out by the United
States Government yesterday has i'm
pressed Europe with a feeling Of conf
dence that the worst is over in this
country.
j. p. Morgan & Co. have purchased
from the AtChisOn railroad $1,000. 600 Of
first mortgage 1 per cent bonds This
IS the bond issue which officers OF the
Atchison denied several days ago would
be made. Their denial. however, was only
official notice TO the Street that IL would
be forthcoming very shortly. The At
Gibson directors statement was teChni-
calIy correct. because the bonds had al
ready been sold 10 the bankers
0ld-Style Bull Market
Tho market during the week has been
continuously active and strong Of the
Old-styIe bull market variety. It Is
seldom In Wall Street that such oppor-
tunity has been presented to make
money on stocks, Within a period of
three weeks there has been a vast re-
covery or prices that has carried the
market I'D from 10 % points and in
stock letetrs sent out by commission
houses. in press reports and the lttera-
ture Of the Street IL was all forecast,
and the way of the Spectator has been
marked out plain as a pike-staff.
What the future has In store for the
market is not so easily forecast
Stocks now as compared with three
weeks ago are much higher, many
think as high as they ought to go on
merit, and the market from now on
viii be probably a sort Of weather at
fair. as any further rise must be pre-
dicted on the prospect OF bumper crops
and returning prosperity In business.