The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1908-08-06
NEW YORK STOCKS
SOARING HIGHER
After Irregular Opening
Market Becomes
Excited.
RAILROAD SHARES
IN LEAD TO-DAY
Bears Hopelessly Crushed Between
Easy Money and Faith
of the Bulls.

NEW YORK, aug. 6.-The New York
stock market opened today with prices
irregular. became stronger in the early
trading, advanced slowly through the
forenoon, and remained firm on a mar
rover volume OF business than was
recorded yesterday. Reading was the
leader during the morning with a gain
of one point at the opening Copper
stocks were strong, and Shelters. Anal
gamated. and the Hill shares all shared
in the upward movement.
Pressed Steel Car advanced / point
because OF an order for 1000 freight
cars placed by the Wabash.
Apprehension OF an extensive strike
on the Canadian Pacific was RESPONSE
bic FOR downward movement of nearly
two points for that stock.
Sugar attracted attention by adNanc-
ing ~ points to new high record Tor
this year Of 134iG
London Has 8 Scare.
In London American stocks were IT.
regular with most issues showing de-
Clines. The unsettled conditions there
were due to fresh doubt as TO the crop
situation in America. There is no doubt
that the crop damage reports concern
ing wheat in the Northwest have been
greatly exaggerated and have been put
cut 10 affect the grain and stock mar
ket. Nevertheless, they always strike
who deal in American securities.
Cotton opened Irregular, but later be-
came strong. Wheat was on nearly a
cent a 6ushcl in Chicago. On the curb
trading was moderately active under
leadership OF the active stocks and COM
bluatiOu traction, the latter advancing
. points in the 1rsJ fifteen minutes Of
trading.
The bear element in Wall Street was
never more demOTaliZed than at the
present time. Whether the cause be at
ulPuIed 10 crop prospects, easy money
ana favorable politics. 10 a COmbina-
ton against them Of the wealthy bank
ers ana Spectators, such as J. =. Nor
gan and q. II. Hartman. or 10 the fact
that the market has finally entered
upon course that does not mt bear
tactics, II is nevertheless true that those
who would depress the market are hay
ing the hight OF their lives,
Shorts Hard Pressed.
During the past fortnight line after
line Of short selling has been Iald. ON,
to be met with persistent buying of the
bulls, which upset all calculations anu
carried the leading stocks into new higa
territory The bears IN every instance
have been hOpelessly crushed, battered
and pelted until their only recourse was
10 turn~bulls and retrieve some Of thelI
losses.
There seems to be no chance for snv-
thing more than IuIl IN the Inward
course of the market for some time l,
come Nothing but bull talk Is heard In
Wall Street and something like dam
aging rains and floods or some Ercat
disaster that would give the commercial
world temporary scare would bt
slioh8 enough 10 check effectuaily the
use OF JhiS market Such at least is
the appearance Of things at the present
time
Mop. Leads the Market.
The market after the noon hour be
came very active and strong, with the
railroad shares given the preference by
the traders, Missouri Pacific had q
sensational rise of nearly three points
about noon, suffered a decline on pront
taking sales and again quickly recover
ed At l O'Clock Missouri Pacific hac
crossed the line Of 20. Reading hac
scored at rs and many of the Othel
snares were IN new high territory.
one OF the peculiar features OF the
market is that the trading is still al
most exclusively professional Much o.
The stock coming la to the market Il
bellVed 70 come from small holders II
different parts Of the country, but there
Is ulJle buying from this source. IN,
small wire houses do not figure upoI
the floor TO any appreciabIe extent.
The buying is OF the professional
plunging order, and the question is be.
ing naturally asked what is TO come
Of the stock after the rise has spent II,
course Apparently Wall Street Is dOinE
little TO educate the public into a cam
pa ign Of buying stocks, and II seems Il
be going into the hands of the big spec
ulatOrs and manipulators only.
in the middle of the afternoon IN,
market had steadied slightly and wa
working along upon the high level.
reached yesterday.
After the excited squirt OF trading il
the early afternoon, the market turned
quiet at a little lower level and CLOSED
small fractions above the opening. Tn,
high points of the day on twenty Of
more stocks was in new territory To-
this movement.
The situation at the close is un
changed. STOCKS as a whole are a littI,
higher, the bears are in hiding, and n,
signs appear which indicate a drop IL
the market.