The sun. [volume] (New York [N.Y.]) 1833-1916, 1908-08-02
FINANCIAL AND COMMERCIAL.
Aun,ak 1.

SATURDAY. August 4.
A large number Of STOCKS. including such
important issues as Reading. Union Pacific.
Great Northern. Missouri Pacific. ANAL
rmated Copper and National Lead. made
nav high records for the year in to-day's
market and the trading attained a breadth
/ greater perhaps than at any other time
since the present upward movement started.
| That the activity and strength resulted In
some measure from the covering Of short
contracts there can be little doubt. but 1t
heoually certain that this was not the most
important factor on the side Of advance.
for the bears would not have gone in a
'precipitate rush to unless impelled
iy some strong reason. The reason In this
case was to be found in the continued aoou-
mutation OF stocks by important interests.
based or the continued Improvement In
business and the belief that the deal by
which bankers representing the Hartman
interest undertook the purchase Of the
Wheeling and Lake Erie notes involved
other matters of great Importance In the
railroad world the nature Of which would
probably be disclosed later on. Readings
advance was the most spectacular Of any
in the market. With transactions ag0e-
eating 1000 shares simultaneously executed
at a price range Of from INK to 122h the
stock made a new high record at the start
and made a further substantial gain In the
next few minutes. The dealings In this
stock continued very heavy all through
the first hour on a repetition Of the rumor
OF an early favorable decision In the suit
TO have the commodity clause Of the Hep
burn law declared unconstitutional. q story
OF which there was no confirmation, but
in the last hour the buying became less
aggressive, and finally q little before the
close a reaction to about last nights closing
level occurred in response to profit taking
sales. Although at the close prices an q
rule were at or near the lowest Of the day
they showed in nearly all cases advances
over yesterdays final quotations. National
Lead and Distillers Securities. each with o
gain Of more than 2 points, retaining the
largest gains. Union Pacific, notwith-
standing it's sharp rise In the first hour.
closed at a small decline. and United States
Steel. which in point Of activity ranked
next to Reading and Union Pacific, also
ended the day at a decline. being forced
to withstand rather heavy selling. ono
house disposing OF upward Of 10000 shares
of the stock. Recurrence Of rumors Of
crop damage in the Northwest brought q
sharp advance in the wheat market. but did
not affect sto cks. What was perhaps the
most notable feature Of the stock market
was the ease with which selling orders
could be executed, the absorptive powers
shown by some Leading issues being greater
than at any other time during the week.
Transactions in stocks amounted to we'll In
excess of 100000 shares and in bonds to
81, $50. 900 par value.
The reports Of the commercial agencies
indicated that the Improvement in business
the country over was not uniformly main
tanned during the last week az in the earlier
part Of the month, trade In some sections
being slow, while in some lines Of industry
activity did not compare well with that
In others. The market for cotton goods
especially was depressed, owing probably
to the fact hat auction sales will be held
in the near future to dispose Of large stocks
left over on account Of the conditions which
prevailed last winter, and railroad earnings
In the last couple Of weeks have not made
as large a percentage Of reduction In de-
creasee Of gross, compared with last year. |
as at the beginning OF July. This change |
is also shown in the fact that according to
the fortnightly report Of the American
Railway Association the number Of freight |
cars idle on July "a was 500, $50. against
sos $50 on July 8. Pennsylvania state
ment for June showed for the lines east Of
Pittsburg a decrease Of "a, 100 900 in gross, |
which was approximately 81. 900. 900 less than
the decrease in May, the falling of In net |
for the month being only S7oo, 900. For the
lines west Of P%ittsburg there was q decrease
Of sl,7eo,00O in gross, but an increase Of
10000 in net, and two other roads In the |
system, the Philadelphia, Baltimore and
Washington and the Northern Central also
showed increases in net. Chicago and
Northwestern succeeded in reducing oper-
ating expenses, s. that in June there was
Q decrease Of only slse 900 in net, although
the decrease in gross was Of nearly ten
times that mount. The ~clearings Of all
the banks in the United States for the week
amounted to $2,sl2, 4e4 900, against 1884,
$4,000 in last week and $2.ees, l54 900 last
year, the decrease as compared with .
year ago being 1873 per cent. An increase
Of 81 $751; 1925 in the surplus reserve Of the
associated banks was shown in the weekly
bank statement, a document that on the
whole was rather embarrassing.