The Washington herald., 1908-07-18
Rapid Changes in Attitude
of Traders on Exchange.
SLIGHT ADVANCES AT CLOSE
Consolidated Gas and Brooklyn
Union Gas Score Largest Gains OF
the Day-GcOd Demand for Bonds
Makes Spectators Look for Greater
Activity in stocks in the Future.

New York, July 17-There was in the
market to-day a marked contraction Of
business as compared with yesterday aud
days earlier in the week. and the trading
showed a tendency to run into hitherto
neglected stocks and narrow specialties
to the comparative neglect OF some Of the
issues usually most active
Fair strength was shown at the open
ing. the first transactions in most stocks
being al or above last nights closing fig
ures. but 4 considerable volume OF selling
was met with that caused a reaction TO
level point or Sc lower. where buying
was met with that checked the decline
and forced the covering OF a few shorts
Thereafter. until the early afternoon.
prices moved IN an aImless way, within
narrow limits. but again hardened, recov-
ering by ? o'clock practically their best
prices OF the morning, only 70 recede IN
the last hour. until finally. IN the last
few minutes. the tendency again turned
in an upward direction. so that al the
close slight advances predominated IL the
active issues.
Consolidated Gas and Brooklyn Union
Gas scored the largest gains. on reports
shat the decision in the suit to deter
mine the eonstitutonaIity Of the So-cont
gos law Of this State, which Is 70 come
up in the Supreme Court IN October.
would probably be decided IN favor OF the
companies.
Tobacco shows strength
American Tobacco preferred was also
very strcne for a somewhat similar rea-
son, rumor asserting that the company,
which has received a great deal Of atten-
ton from the administration, had nothing
to fear from the courts. United States
Steel again aroused favorable comment
by its strength IN this movement
II the railroad list the Gould stocks
were again strong as a result OF the
recent buying by important interests and
the depletion OF the floating supply thus
caused. and Southern Pacific retained
practically ali its recent advance. stoutIy
resisting selling by bears. who directed a
considerable part Of theI2 operations
against it on the grouud that as il has
recovered nearly AL Of the decline from
its highest price Of record. it is for the
present out Of line with the rest Of the
market
Bond Deals Larger.
Transactions in bonds exceeded the
large total OF the preceding day. and the
fact that bond buyers no longer confine
themselves 10 issues OF the highest class
encouraged the expectation that the will
ingness 10 take a speculative chance. es-
sendal 10 the success Of operations in
stocks viii soon manifest itself among a
considerable section OF the public An
apparent rise In the Union Pacific funding
IS was due &c the fact that these bonds
are row quoted fat instead Of and in
terest," but the bond market generally
showed a better tone The movement OF
money from the interior 10 New York
appears 70 have ceased and the banks for
the first time in a long while lost on the
weeks currency movement
As a group the stocks OF the South
western roads were stronger than the
rest Of the railroad list because Of the
movement to advance freight rates Con-
siderable importance was attached to the
announcement by the house Of Marshall
Field & Co. Of an advance in the prics
OF print clOths-this being regarded as an
indication Of an Improvement IN mer-
camille business conditions such as the
firm itself had predicted some weeks ago