The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1908-07-08
Market Starts Actively and
Moves With a
Rush.
ONE SMALL SETBACK
IN FIRST HOUR
Prices Then Become Steady and
Advance Gradually, the Leaders
About Two Points.

WV YORK, July S-StOckS oFent
strong again today, sold higher during
The first hour Of trading, and then fell
back about TO the opening prices AT
noon the market was holding steadily
with 4 tendency upward by the slow
graGatiOns which have characterized
the ST uation for two weeks.
Wall Street is in q cheerful mood and
very bullish. Were it not that those
in control Of the market nip every at
tempt to push prices beyond point
or two day, an upward swing OF
prices would start nat would carry
quotations TO a much higher level But
those in control seem bent upon keeping
the prices at the maximum with a
minimum Of selling, and il must be
said that the brokers supposed TO rep
resent the Hartman interests chiefly
are managing the campaign with a
skill that challenges the admiration OF
all Again and again bull tactics have
failed 10 carry prices beyond a fair rise
AID the plungerS have retired crest
fallen. hardly knowing to what TO
aScribe their failure.
Trading Mostly Local.
\ noticeable feature of the situation
is that the commission houses rep
resenting out-Of-town business are do
ing little. Today there We're few orders
almost entirely by houses having a
large New York patronage. especially
those with uptown connections. The
bulk Of the business came from New
York city and is purely professional
in character.
With the ticker printing quotations at
a rate which made traders think Of the
old days, when over million shares
day changed hands, stocks were strong
and active today at the opening, under
the leadership OF Great Northern, St.
Paul. Union Pacific, Reading, and the
Steel shares. Advances averag ing a
point were recorded all along the line.
Specialties became strong and sustained
material advances.
In this group Illinois Central was
the leader with a net gain Of 2lz points
il is now the general opinion about the
Street that as the Fish party has been
eliminated rs a disturbing factor. this
stock should sell much higher on its
merits Conservative bankers, in dis
Cussing its prospects. say that one could
call il the spinal column of the United
States a s its tracks cover territory from
the Great Lakes to the Gulf OF Mexico,
every acre of II being productive.
Copper Stocks Sluggish.
The copper stocks opened slightly
lower. but were dragged up with the
balance of the list. National Lead
stock shows accumulation by insiders,
and there is talk Of material improve
The Steel trust announced that btisI-
ness * about mp TO 80 per cent Of
normal, being the highest percentage
of operations recorded since October.
News from Pittsburg today is 10 the
effect that, starting tomorrow, every
wheel. every car. and every mine in the
PittsburE district viii be working full
time Something like "a. 1000. 600 tons OF
coal must be mined and delivered at
Northwestern points before the close OF
navigation Oh the lakes. and that means
putting 5000 miners to work and an
output for the next three months which
will strain the facilities Of the district
10 the utmost.
1t is such items of news as this that
gives VIII Street its present optimism.
Market Goes a Little Higher.
After midday all the gains were held
and in several of the stocks new high
levels were made for this movement
Reading was the point of operations
chiefly by the hopeful bulls who sought
at different times to make it the leader
In starting the market higher Each
attempt, however, was headed off by :
prominent Wall Street house which
threw enough stock into the hopper tC
keep the price steady. At l O'Clock the
bulls had been able TO add only x tC
tho price of 1l6, where ii opened in 7he
morning
Other stocks did better as 10 nriae
a., Union Pacific had recorded a full point
and was very active St Paul was do.
ing well Steel preferred was realI,
the leader Of the market in regard tC
advancing prices. having gone uD from
1854 at the opening to los at / O'Clock
Illinois Central had added two points
and a quarter to 132. the opening price
This afternoon the entire list is buoy.
ant. and the tone of the market grow,
stronger every hour.
The market moved actively with add
ed strength during the afternoon. Trad.
ing, as was the case yesterday, tool
a wide range when Il became apparent
that there would be no heavy drives
upon single stocks
While the market closed strong a
or near the highest points for the day
there was some evidence OF profit-tak
ing in the last hour. IL looks this aft.
ernoon as though a considerable sch
ing movement Of this kind might star