The Washington times., 1908-07-14
NEW YORK STOCKS
SUFFER SETBACK
Market Opens Firm and
Prices Go Much
Higher.

NEW YORK July 1.-THE stock mar
'ket todsy Is duA and without special
feature. Trading Is almost entirely in
the hands Of the professionals. with
large Broadway house and the Harri-
'man brokers evidently bent upon Civ
ing active support to the securities OF
the Pacific railroads.
Canadian Pacific was the leader IN the
early trading, confidence in the stock
being based upon good weather reports
In the Northwest, and the expectation
that the earnings Of the roads for the
balance OF the year will be greater than
expected.
Rumors We're. specially thick today
One story which was widely circulated
was that several Southern iron COM
panies would be consolidated with one
or more Northern companies. to b fOl-
lowed by the merging of them all with
the United States Steel Corporation.
There was no official confirmation Of
this story, but it is widely credited and
had some effect upon the activity in
the steel shares.
Politics Disturbs Market.
A Wall Street house, whose comments
upon the market attract much atten-
Iion. summed up the situation today by
saying that the market was in a state
of uncertainty again because Of the poll
1tlCdl happenings Of the past day or TWO.
The action of Samuel GOmpeTs in es-
pOusing the Bryan platform and general
Democratic cause has evidently disturb
ed Wall Street
II this is followed by the return Of M
Hearst and his refusal to hold an in
dependent convention, II is thought here
that wall Street Will have a cold sweat
Commenting upon this phase OF the sit
'uatiOn. the house referred 10 says that
there can be no permanent return Of
prosperity and no real bettermcnt or
the market until IL Is settled beyond
n
November. This may he regarded ultra
political, but IL is as good an eXplana-
ton Of the state Of the market as any
offered today.
stocks opened today with general ad-
Vances all through the list. Canadian
Pacific showed a gain of IL points;
American Locomotive up one, with the
balance Of the list showing fractional
gains. Northern Pacific advanced q Of
point Following the initial quota
lions the market laDsed into dizziness
and moderate reCeSSiOnS were recorded
in the most active issues. The gains
in Union Pacific and Reading We're wiped
out entirely and replaced with losses
of about = point. Steel shares continued
10 show strength. the common advancing
Is of point.
Wabash ', al lake Notes.
Following a conference between law
yers and large security holders Of the
Wheeling and Lake Erie Company an
nOuncement was made that the $500 900
OF notes maturing August ] would prob
GDly be taken up by an issue Of short
term notes by the Wabash railroad.
Note holders refusing to make the eN-
change viii be paid cash for their told
lngs. This cash is 10 be raised by sew
e:al of the largest holders OF the Wheel
ing and Lake Erie obligations
1T noon the market was holding up
fairly well with prices about on the
same level as at the opening
After midday the market became dull
er, though prices were firm. The volume
of business declined from the early
trading and the market fell into nearly
the same rut which marked the days
prior to the meeting Of the Denver con
ventlon. Shrewd floor traders were say
ing at / o'clock that the sagging off OF
the market was brought about through
manipulation TO allow shorts to cover.
though it is not expected that this
movement Will acquire any momentum
today.
The market remained dull and
strong through the afternoon. with
Atchison, Canadian Pacific, Reading,
and Union Pacific among the most
active railroad stocks. The Steel
shares and Coppers were the strong
est among the industrials. Prices
CTept up to or near the highest for
the day and on the leaders closed
strong and fairly active. In the last
half hour buying was for short COW
ering.