Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-08-05
SHARP RISES IN RAILWAYS
Market Again Demonstrated Alb
sorptive Capacity.
SOME PR0FIT.TAKING PRESSURE
Prices Harden Toward Close-Read-
ing Conspicuously Strong-Am.
Smelling Led Industrials.
Special Dispatch to The star.

Special Dispatch to The star.
NEW YORK. August 5-There was a
decided contraction in the volume of bust
hess in the stock market today, although
the indications were in the earlier deal
fngs that the very moderate reactionary
movement had not run its course. The
opening was for the third successive day
Irregular, and Irregularities continued to
be the dominating characteristic of the
list
At the close last night the average of
prices showed the first recession since a
week ago last Monday. but at that the
decline was hardly to be dignitied with
the name of reaction. Ii was for the
greater part of the session today a matter
of conjecture as TO whether or not the
average price levels at the close would
show any further setback.
The losses shown at almost any period
were OF such trihing character as to he
OF little weight in the balance against
the more substantial advances. There
were no really soft spots in the list. The
PETERBOROUGH issues were sluggish. New
York Central, Union Pacific and Penn
sylvania were not particularly buoyant.
but there were enough standard rail-
road shares to take up the burden OF
leadership.
Firm Features.
Reading was conspicuously strong and
other firm features were Missouri Pa
cific. Wabash preferred. Illinois Central
and Rock Island. Western Maryland
and Chicago Great Western, stocks of
two railroads in reorganization. enjoyed
very sharp rises. almost doubling yes
terday's prices, In fact.
In the industrial quarter American
smelling consolidated gas. republic steel
and the Great Northern Ore certificates
were uniformly strong. The railroad
equipment stocks were under some profit
taking pressure. as was natural con-
sidering the, part that they have played
in the general advances.
On the whole, the market justified
anew the favorable opinion which has
been formed of its absorptive capacity.
The fact that prices tended to harden
as trading slackened was regarded as
auguring a more or less speedy resump-
tion of the upward movement.
The fact that there has been market
during the last week on which stocks
could be sold to the extent that they
have supplied is rather discouraging to
the theories OF those who have steadfast-
ly refused to believe that there was much
but manipulation to account for the rise
in quotations.
Favorable Railroad Reports.
The supposition that Wall street has
been selling stocks to itself is always
rather difficult OF acceptance.
The days news included a series OF
more or less favorable railroad reports, q
brief expression of opinion by promi-
nent banker which held out an encourag-
ing view to the crop and credit situation
and further weakness all around in the
staple markets.
The approaching termination of the
congressional session is unquestionably
q bullish factor. but it did not figure
largely in the days consideration. The
general tone of sentiment throughout the
street would probably be found if one
were to take stock of such an intangible
potency to be one of confident con-
servatism. inclining to overcauttiousness.
on the part of all but the ultra profess
sional element.