The Washington herald., 1908-08-06

New York, Aug 5.-The prices Of all
the leading stocks were higher at the
opening to-day than at the close yester-
day and during the first hour, an upward
tendency was maintained. many issues
making new high records for the year,
while the volume Of dealings was consId-
erably larger than in the corresponding
period on any other day since Saturday.
In the main. however. the advance did
not continue beyond the end Of the first
hour. for while there was no cessation
Of the upward movement in some stocks.
these were not the most important issues
and the strength Of speciaIJies. instead OF
promoting the growth OF interest in the
bull side, only accentUated the hesitation
IN The stocks. which had before been the
leaders Union Pacihc. for instance, hung
during the greater part Of the day around
156; AInaiSa-nated Copper at no time got
more than half 2 point away from its
opening price. and United States Steel
after crossing 461z. moved for the rest
OF me session within very narrow limits.
Lead Is n Leader.
National Lead and American Smelling
were easily the strongest OF the active
stocks. both advancing sharply and max
ing new high records for the year on
buying believed 10 represent the opera
tons cf certain insiders whose market
position appeared 10 be further Indicated
BY the advance IN Interua tlonaI Steam
Pump. another OF their specialties- Late
IN the day. an advance OF oae-tenth OF a
cent a pound In the price Of lead was
announced by the American Smelling
and Refining Company. United states
Rubber. with more than the usual activ-
ity, scored sharp advance. and Central
Leather was again active on reports Of
higher prices for the c0mpany's products
In the active railroad list the largest
gain was made by Rock Island preferred.
the collateral trust bonds Of the Chicago.
Rock Island and Pacific Railroad Com
pa1y also advancing on rum0rs that s.
Louis and san Francisco had concluded
arrangements whereby II would secure all
the money needed for the present years
requirements
Bond sale Rumo-ed.
Stories Of the sale by Atchison az an
early date OF Sl1,Gl51-5 bonds secured BY
1rst mortgage on the cutoff Of 90
rnlies- which eliminates some Of the worst
Sraces on the main line. and by a mort
gage on other property. were again cur
rent and aroused q good deal Of interest
amonE the bond houses. the belief being
general that the new issue would meet
with q favorable reception.
IN the last hour prices receded some
what from their high level. the decline in
Reading being greater than in any other
stock but the undertcCe continued strong
II spite Of The catching Of some st0p-Ioss
orders
London was q seller Of stocks on the ad-
vance IN the foreign. sentiment over there
being disturbed BY the decline IN con
sols, which have now lost practically all
OF last weeks advance
The grain markets were strong. but
their strength seemed 20 be derived from
the advance IN the markets abroad. and
the reports Of a Disappointing wheat yield
n France, than from the reirera1iou OF
ruDors OF damage IN the Northwest
There was a wide difference in the tenor
Of reports coming from the West. some OF
them asserting that conditions were ex-
celent, while others asserted that ire
parable damage had been done 70 the
crops