The Washington herald., 1909-07-20

New York, July 1a.-On the London
market. before the New York opening
to-day. most OF the American stocks dealt
In there responded TO Saturdays upward
movement in prices here. and many Of
them sold well above our closing prices
Union Pacific and ST. Paul were consplo-
uous among these. the former advancing
to a New York equivalent Of Iss.
From whatever side OF the ocean the
demand for the stocks IN London arose.
the advances there were reflected In a
strong opening here. with many of the
shares selling we'll above Saturdays
close.
Trading by the professional operators
was still as was the case last week, an
important factor in the market but the
orders from those brokerage houses which
do the largest business for men not con-
tent with Wall street interests were IN
considerably increased amount, and COM
mission business OF this character sup
piled greater percentage OF the days
business than on any previous day Of the
month.
Public Buying Is Good.
There was. in other words, fair re-
sponse on the part OF the outside public
to many favorable developments OF the
past on account Of which men whose
business # Is 70 speculate IN securities.
bought stocks heavily in the latter part
Of last week, and this public buying. most
strikingly IN evidence, as Is customary,
in the first hour OF trading, was accom-
panied by a further advance which car
ried the average price OF stocks 20 a
point well above the highest previously
recorded since the panic OF 1907 Several
standards sold at this time higher than
ever before.
Later in the day there set IN a profit
taking movement which was perfectly
natural IN view OF the fact that the
stocks had advanced for four days IN
succession, and also as a reflection OF
that upward movement. The stocks in
which the profit-making rnovCs1ent was
most pronounced were the Steel common,
Union Pacific common. Southern Pacific.
and other shares which were bought most
heavily by Wall street operators and
traders last week.
Offerings Quickly Absorbed.
All offerings in these shares were, how
ever. seemingly absorbed with ease. and
the extraordinary movement in the ma
jority OF active stocks only took of a
portion OF the previous gain.
The day brought few new developments
but those few were favorable. The Gus
tomary Monday morning reports from
the steel trade. emphasized later IN the
day by an advance m northern Iron. bore
out all that was ssid last week OF the
unexpectedly rapid recovery in this in
dustry. and IN the respect that they
showed a decided Increase IN orders for
cars and other railroad equipment had
its effect on American Locomotive, Amer
lean Car and Foundry. and Pressed Steel
Car stocks
The advance In these shares attracted
the greater attention from the railroad
equipment standpoint In connection with
Pressed steel Car also II was noteworthy
that the strength of the stocks seemed
in no way impaired by the sensational
and doubtless greatly exaggerated reports
Of the strike at the company's plants.
Other news reports OF ma-ket impor-
tance had reference entirely TO the crops.
The weather map for the cereal growing
sections was regarded favOrably in the
grain markets. Reports from the spring
wheat sections were particularly agree
able. and were followed by decided
strength in St Paul, Northern Pacific
Great Northern, Chicago and Northwest
ern, and Canadian Pacific roads. which
derived the greatest benefit from wheat.