The Washington herald., 1908-07-22
FEVER GAINS MADE
Market Just About Keeps
Even After Recession.
no WEAK SPOTS ARE SEEN
General Tone Is Slightly Heavier
After Break in Mondays Quota
ing Leads the List in Advance.
Price Touches New High Mark

New York July T--Prior to the open
ing OF our market this morning. Ameri-
can stocks reacted in London from last
nights closing level. partly in sympathy
with the depressed conditions abroad, and
partly as result Of realizing sales for
this side. and while the earliest quota
Lions here were somewhat above the Lon
don level a large volume OF selling was
net that gave the market, during the
first hour or so. a somewhat reaction
ary appearance. periods recurring from
time 10 time during which the general
LIST was rescued from heaviness only by
[he pronounced strength Of q few issues.
Prominent among the stocks which
rendered this sort Of service was Read
ing. which rose 20 q point where the
quotation equeled the best previously re-
corded n the present year. and where
a new high record for 1903 was estab-
Ashed. when consideration IS taken OF
Fhe fact that the semiannua1 dividend
Of Per cent was deducted from ti6s
price only q few days ego. The stocks
OF other anthracite roads. especially
those OF Erie. on the local exchange. and
Lehigh Valley. IN Philadelphia, were
also strong. and there was a continu-
snce OF the advance in Westinghouse,
based on reports Of an early termination
OF the receivership. which. by the end
OF business. placed this stock nearly 20
points above the level al which It sold
ten days ago.
Realizing Is General
The realizing IN the general list, how
ever. gave a somewhat heavy tone to
stocks like Union Pacific, St Paul. North
ern Pacific, Pennsylvania, United States
Steel. and others recently prominent. al
though a fair volume OF buying was
supplied by the commission houses On
reactions. and. while prices were bid up
70 near the highest levels IN the early
afternoon. the movement to take profits
was only Temporarily checked. and again
made itself felt in a considerable degree
OF irregularity IN the late trading, which.
however at no point disclosed any real
weakness
L. s. Steel Common reached 4515. a new
high record for this movement. and sue
cessfully resisted the efforts OF a group
OF Speculative operators 10 depress Il.
notwithstanding the fact that, IN add
tion such sales. there was a large vol
z1rne Of realizing.
All the local traction issues advanced
IN the forenoon. and retained part OF
their gain 10 the end Of the session, but
prodt-taking kept Consolidated Gas from
sharing their strength.
Railroad shares Bought.
Atlantic Coast Line and Southern Rail
way preferred showed the effect OF good
buying. based on the outlook Tor bust
ness Improvement IN the South, ard Col
oradO Southern, whose earnings have
been relatively better in the past half
year than those OF many q the other
Western roads. moved up easily on
comparatively small volume Of buying
a new record Of activity was reached IN
the bond market the Rock Island col
lateral trust IS and the Erie convertIbIes
being among the strongest features
The expected announcement Of the sale
Of S1S0oo, 90 bonds Ct Central Pacific was
made. but attracted little interest.