The Washington herald., 1908-08-13

New York Aug 12-Weakness in the
1dusrriaIs, especially in American SmeIt-
ng and Refining. National Lead. Utah
Copper. and Westinghouse Electric. con
tended with strength in all the s0-caIlsd
Hartman issues for the mastery Of the
market. and the latter won 10 the ex-
tent that in most OF the active issues the
greater part OF yesterdays declines were
recovered in q few stocks. and new high
records for the year were established
Advances were made IN London before
our openinS. the markets there having
generally taken on "a more cheerful tone,
and. as a rule the leading stocks showed
In The early dealings here small gains
over last nights closing. A recession
followed; but on the whole. the railroad
issues succeeded very well in resisting
the pronounced weakness in some OF the
industr.als and IN the local fractions. es-
pecially Third Avenue. which suffered
from the effects OF the order issued by
the Public Service Commission for a
partial restoration Of the much abused
transfer privileges
Baltimore and Ohio Strong.
Baltimore and Ohio was one Of the
stocks that most successfully resisted
che decline. bGr Northern Pacific also dis
played notable frmuess, and Ister in the
cay made a new high record for the
year on the circulation OF premature ru-
m-rs Of a large extra distribution 10 the
stockholders OF the road.
BY Il o'clock the upward movement
had become general and from that time
until the close the trend Of prices was
toward a higher level The close was ar
substantially The highest quotations OF
tle day, Union Pacific. St Paul. BaIti-
more and Ohio. Reading. and Southern
Pacific, which sold higher than ever be-
fore in their history. being the leaders
on the side OF advance
Mr. Brya1.s speech Of acceptance Of the
Democratic nomination was entirely with
ogr market influence. The volume Of
rra1sa cro-s was the smallest for the
week so far. and there were periods dur
Ing the day when II looked bs q the mar
ker was again about to relapse into dull
ness. but ire fluctuations were wide
enough 20 AFFORD opportunities % make
speculative IE-us. and as long as this
continues 10 be the case a fair degree OF
activity may be looked cor-
Standard agents BuIIish.
a feature Of The dly-s business was
The large quantity OF stock bought by
brokers often employed by the STANDARD
OIL interests. and the circulation Of bull
tips on stocks, oS which these brokers
were the largest buyers Possibly this
buying. and the talk that accompanied Il.
represented a form OF manipulation
which in the past proved successful on
occasions.
Reports from the West regarding crop
conditions were favorable. com having
received the be-e5t OF rains. where. I'D
70 yesterday. the drought remained ur-
broken. and good progress being reported
IN The sections over which rain fen ear
ler iu the week some damage was said
10 have been c-used by excessive rains
in portions CF The cotton belt. and this
was made the basis for "a sharp advance
f. the price or the staple IN the early
t-al-uE- but @ reaction e1sued on heavy
o.fe~i-ES at the advanced quotations. The
grain markets were heavy. partly On the
satisfactory weather reports and partly
Cu the estimate OF the Canadian census
bureau which placed the wheat crop Of
-Ea Dominion 40 -af-gHEFs9 bushels an
increase OF 100000 bushels over last
year and other crops at relatively high.
asures.