The Washington times., 1908-07-22
NEW YORK STOCKS
STILL ON A RISE
Chicago Court Decision
Inspires the Bull
Traders.
PROFIT-TAKING
MUCH IN EVIDENCE
Market in Afternoon Shows Tend
ency to Irregularity in Prices,
Though Generally Steady.

NEW YORK. jay i5.-The stock mar
ket today IS strong and justiies the
boast Of the bIllg that prices are o &c
higher Much satisfaction is expressed
over the decision ~ the Chicago ccuf.
in the Standard on case and the
bupyancy Of toe market this mornlng
was attributable quite largely 10 that
one thing.
Liverpool cables brought the Informal
ton that American stocks were we1Her
in London, and hat realizing sales were
on In earnest, but t5Is did nOt affect .ne
market Fere- Tbs opening was nrm and
prices gained in the early trading r.
ceiving The usual setback during the
nrst hour from TC3lzIng SalCs. steadte
and continued upon its upward way.
The feature OF the trading in the
early part OF the day was the attention
paid t. stocks that have been less ac-
tive Of late, such as Missouri Pacific
and others Of the Central West group OF
lines. Trading was much wider dis
leaders, Ike Reading. Union Pacific,
and Great Northern were less active
IMAM they have been previously upon
this movement
Copper Shares Strong.
The copper shares also showed i'm
proyement. Amalgamated gaining 3.
Anaconda Is, and Shelters 4. The steel
shares showed evidence Of profit-taking
at this point Realizing sales made
their appearance, resulting in losses OF
about y point from the high figures in
the leaders. The steel shares were the
chief sufferers in this movement, the
common declining 4 and the pre-
ferred !.
In connection with these issues it was
reported about the street that a junior
partner of J. Z. Morgan is Interested
In a pool In the common stock with
noted magazine editor, and a director OF
the Steel trust, who is now in Europe
G T1ngT~ not
around 30. and as yet show no DISPOSE
ton to take profits
Westinghouse Electric was again &C
tive and strong. advancing 49, points
during the first hour Of trading. This
makes q gain OF nearly % points in the
last two days 1t made jump Of >
points on one quotation OF 100 shares.
In replying 10 a rUruOr that OyeTtureS
had been made to the controlling in
terestS Of the Sloss-Shefheld Steel and
II on Company by the United Steel Cor
puIatloH. FTeSIaehI } NJ Sauen. OF the
SlOST-Shefheld Company, who IS in town.
says that no proposition has been made
20 the controlling interest of his COM
pary. SO far as he knows there are
no negotiations pending.
Market Shows Irregularities.
Just after midday the market began 10
exhibit signs Of irregularity. Reading
during TIE morning had risen about two
points, and had again touched 119. then
II fell under selling pressure nearly to
IL, and was active and huctuating as
regards price. Union Pacific passed
through similar vicissitudeS. St. Paul
was a little flrmef. as was Grear North
ern. A god deal OF prOfit-taking
cropped out in the Steel share. which
made them slightly irregular soon after
noon.
The market in the middle OF the af-
tenOOn was strong, aud the general list
was showing gradual gains with the ir-
.reEularitieS mentioned. The attitude of
traders was hopeful and trading about
normal volume for this movement
About the middle of the afternoon the
old leaders became active and higher
in price. resuming their place in the
records Of the day. Reading, Union
Pacific. SHELTERS. and the Steels stead
led and hardened to near the highest
points Of the day.
As the result Of the trading most Of
the active stocks Of the past few weeks
and many others not SO active have
scored new high levels, In some in
stances a net point having been added
70 the former high prices Of the move
ment.
The market closes steady and strong
and with nothing in sight to give the
bull manipulatorS any anxiety. Profit
taking appears 10 be about the ONLY
power that can weaken the market, and
most OF those who sell out buy again
In some of the cheaper shares hoping
for another turn This largely accounts
for the increased activity in some of
the hitherto neglected shares today-.