The Washington herald., 1908-07-08
STOCKS HOLD FIRM
Selling in All Lines Fails to
Reduce Prices.
SOME SHARES UP At CLOSE
For First Time In Long While Lon
don Is an Active Buyer I'm New
York MarlSet-Huge Stacks Of Gold
PilinE Up in All Big European
Centers-Market shows Strength.

New York. July THE spontaneous In
stinct with the great majority OF profess
sional dealers In stocks to-day was. after
yesterdays sharp advance in prices. to
close out either the whole or the larger
portion OF their commitments for the rise
or to indulge in speculative ventures for
the decline
Selling Of this character. was, therefore,
easily the dominant influence in the mar
ket to-day. but, more OF less surprisingly.
prices declined very little. and there were
several active stocks that advanced. The
real question OF interest regarding the
days market was. therefore, Just what
was the species OF the new buying 70
which this steadiness was due. and the
true answer TO the inquiry appeared 10
De- when the character OF the days bus-
ness was carefully gone over that the
market had assumed a good deal OF
genuine breadth and substance, owing 10
the developments Of the various inhe-
rently favorable factors in the situation
with which all persons who give their
daily attention to wall street affairs are
sufficiently familiar.
London Houses Buy.
For the first time to-day in a long
period. London houses of the best sort
were buyers Of stocks here. the pur-
chases being seemingly Of a thorough
going investment order. Prices for in
vestment securities in general were. how
ever. distinctly firm in London. as they
were in Paris and Berlin; and the one
important financial factor that was dwelt
upon in all discussions abroad were the
continuous hcaping up Of idle money in
bank reserves, and the effect that sooner
or later must be had upon financial values
by the cheapening of the production OF
gold.
At first to-day the market opened at
quotations that We're in nearly all cases
considerably above those that were final
ly made yesterday. Then a hesitating tone
developed. owing to profit-taking sales.
and prices declined Again prices rose.
only 10 fall again. and again rallied.
leaving on irregularly
The volume Of dealings in stocks was
about the same as yesterday. but the
buying OF bonds prOportionately increased.
the bond market again showing that same
diversified attention Of investors that was
It's especial feature last week.
Market shows Strength.
The variability Of the stock market it.
self was illustrated in the fact that.
while such leading stocks as American
Smelling and Refining common. Union
Pacific. Reading. and Northern Pacific.
were fractlonalIy tower at the close of
business than they We're yesterday. the
Amalgamated Copper. Great Northern
preferred. and Pennsylvania shares re
manned unchanged. while United States
Steel common and preferred, Delaware
and Hudson. Illinois Central. Louisville
and Nashville. Southern Railway pre-
ferred. Southern Pacific. Brooklyn Rapid
Transit and Missouri Pacific advanced.
That the market should have thus with
stood such a formidable quantity OF
realizing sales as were to-day made was
commonly and Justly regarded as attest
ting strong and sound essential position.