The Washington times., 1908-08-05
Stocks Open Strong and
Sell at New Ad-
VanCeS.
SHELTERS AND LEAD
BREAK THE RECORD
Prices Recede Slightly After Noon
Hour and Market Becomes
Quiet and Steady.

NEW YORK, Aug. 5-The New York
stock market today is holding the
strength Of yesterday remarkably well.
absorbing an immense volume OF stock
thrown in by the proft-taking sales, and
making new high levels for somestocks,
Under excited buying Of Guggenheimer
shares the entire market opened buoy
antly and moved of into new high ter
ritory during the first half hour Of
trading. Shelters, National Lead,
Amalgamateo, and Steel shares were
At the opening Canadian Pacific
showed an initial gain OF IA per cent,
and American Smelling Is. Union Pa
cine was up IS. St. Paul and Northern
Reading gained g. AmalgamaJed rose
y. and Steel common a
The cause for enthusiasm Just now
seems to be the advancing price of COP
per metal. coupled with a general beue.
that business Is recovering IN all de-
partmenJs- +. H. HaTriman's confident
talks IN the West have had a tonic
effect It is generally believed InaL
Gould has surrendered completely to
Hartman and that the Gould systems
will now be rehablitated.
Plttsburg reported today that negOtia-
tons have been opened by the Gould
interests with the Pressed Steel Car
Company for several Thousand freight
cars 70 handle the tonnage Expected
this fall. under the old Carnegie con-
tracts Of which the GOulds nave not
Yet taken advantage. one report han
II that the order is for 10000 ears.
On the curb market Cumberland Ely,
Nevada Consolidated, and La Rose were
leaders with a good demand in the ell
tire mining department. Cotton ana
grain were both slightly lower.
Market Firm and Steady.
Up to noon the market was exceed
e.
ent buying # al the stock offered. Ma
tional Lead and American Shelters
We're supported by the Guggenheimer
interests. In London there was a large
short interest in Canadian Pacific but
the TACT, though made known early in
the torenOOA had little effect upon the
market mere, ;he bears being in a panic
OF fear and not having the hardihood
10 sell even that stock short.
About midday the market steadied
down, with prices a little lower. and
business IN much smaller volume The
lul seemed TO be in the nature of a
breathing spell, which was sorely needed
AFTER the excitement and stress of the
morning II viii take little time to
dl6est the enormous volume Of stocks
thrown upon the market today by the
pront takers, and a stop in the advance
Is hkeIy 10 last through the rest of the
session today.
In the middle of the afternoon the
market was plugging along quietly with
no signs of surrender by the bulls. and
with the leading stocks at about the
hlsh level or yesterday 10 points
above the opening this morning. The
situation is hopeful and nothing but
Dull talk Is heard upon the floor Of the
exchange.
me afternoon market settled down
10 steady work at small rs.essIous
from the high points of the morning.
when steel Shelters reached g45s. SuggT,
1S5i Reading, 125; Union PaCific, 1856 and
National Lead, &19. These stocks lost a
point or more in the later trading M
are still in high territory.
Inc market at the close was strong
and the bulls cheerful.