Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-07-30
The HEAVY PROFIT TAKING
Market Took on Hesitating Tone
Later.
LONDON GENERALLY HEAVY
leading Features of the Days Trans
actions Were B. & o., Atchison,
R. L, N. s. w, r. and S. P.

Special Dispatch to The Star.
NEW YORK. July 3o-The highest
prices reached during the recovery in the
market since about the middle of the pres
rnt month were scored during the first
hour of business this morning. While large
and vigorous buying was later conducted
in a number of Individual securities, ex-
coedingiy heavy proht-taking sales were
apparent in other directions. and the gen.
eral market began TO take a rather
hesuatiug tone
Early in the afternoon a sharp and COM
mon reaction developed, for which a spe-
sfc motive was found in the announce
mcut that the directors of the Brooklyn
Union Gas Company had decided to sus-
pend dividends on that stock. This intelli-
Esnca found it's most striking reflection
naturally in Consolidated Gas, the view
being apparently taken that on account
OF the close Identity of control in the
two companies. and by reason of the fact
that they have been similarly affected by
the reduction in the selling prices ordered
by the last legislature, a similar fate was
in store for the holders of Consolidated
Gas.
The early strength of the market seemed
TO represent nothing more than renewal
of the tendencies which have prevailed for
more than two weeks. There was little
or nothing in the news over Sunday bear
particular stocks.
The London stock market was generally
heavy because OF a resumption OF selling
for Paris account. which carried down the
prices for Russian securities and for the
other internationally listed issues
Operations here for foreign account show
ed. however. a small preponderance OF pur-
chases.
Leading Features of the Day.
During the period of the markets most
pronounced strength the leading features
OF the dealings were Baltimore and Ohio.
Atchison. the Rock Island shares. Norfolk
and Western. Reading and Southern Pa
Cifc
Transactions in the last named were upon
tremendous scale and were naturally ac-
Companied by the same rumors which have
attended the trading in that stock for some
time past. although the reports were no
more definite or better authenticated than
they have been previously.
During the same period in the market
substantial advances were scored in Brook
Ign Rapid Transit. Amalgamated Copper
American Smelling, Central Leather. Amer
ican Cotton oil and Virginia Carolina
Chemical but all OF the stocks mentioned
participated In the irregular movements of
the afternoon.
Nor was the special animation in the Sc
curiues accompanied by any actual news or
gossip worth mentioning. 1t was altogether
probable that operations for the short ac-
count played very considerable part In
the reaction after midday. The profess
sional element of the street quite commonly
took the ground that the recovery market
had attained an extent warranting a re-
action II only for technical causes and
made that venture accordingly.
As might be expected, there was mate
rial contraction in the business of commits
sion houses and some curtalment In activ-
fly in comparison with last weeks aver
ages.