The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1907-08-10
WALL STREET NOTES
London Selling Orders Come
Fast During the Day,
PRICES NOT EXAoTLy BEARIsH
Sentiment Helps As
saults ON CoDper-IaterbOrOug
Another Hard BIow-StaRdar6 Oil
stock RnIIies on GrOsscup's Action.

New York, Aug. 9-The London market
was disturbed yesterday by the passing
of the third preferred dividend on the
Grand Trunk Railway OF Canada and a
number of other incidents not so impor-
tant. There was heavy liquidation, and
this was particularly marked in Canadian
Pacific, Missouri, Kansas and Texas, and
the Coppers. Amalgamated alone sold
two points below the parity OF its clos
ing here on Thursday. It was practical
certainty that the feverish market there
would induce large offerings OF stock
from abroad in the early trading here.
fear that further break IN this mar
ket would result il is believed. brought
rather substantial support 10 prices at the
very opening here. The support. careful
analysis Of the market said, was eontin-
ued through the early trading, until it
became evident that fairly normal con-
ditions would prevail in the remainder Of
the days business.
Many houses. in this early period Of
support, put out selling orders, which rep
resented, in many cases, accounts car
ried over the severe break in the market
the preceding day In this and other
ways the market was still affected by the
strain Of the earlier DAYS OF the week.
With closing out Of accounts. carried
through the breaks in some issues and
concurrently, short covering in others.
the course Of prices was irregular; senti-
ment while not distinctly bearish. was
not at all bulish. \ fair expression of
IL was the remark OF one broker that
while stocks ought not, perhaps. 70 sell
lower, the weeks decline had been amply
justified by the events shown in the
week news. There was no change in any
Of the conditions that induced the pessl-
mistic feeling.
Copper YVES held firmly at the opening.
and in the early uradings sold above Lon
con prices. a bear attack on the stock
carried # substantially below the parity
Of LondOn's low. II closed with a loss Of
Is points Canadian Pacific was over
looked in the early support. the local bull
pool having apparently no desire 20 take
the London offerings except at price con-
cessions. London kept sending over sell
ing orders and there was some timid
short selling here. The stock opened o.
points or, and promptly lost ~ points
more in the early trading. The close was
weak at h6. a l0ss\of ~ points Of the
day.
The experience Of one Of the largest
houses on Thursday ran counter 10 the
belief that the small lot investment sell
ing was in excess OF the small lot invest
ment buying. The houses executed on that
day an even 100 orders Of twenty-five
shares or less Sevcnty-five Of these were
buying and twenty-five selling orders. a
ratio OF TO 1.
\ feeling that men formerly very active
in al Of the many lively speculative
movements in Reading were Indifferent TO
the course Of prices encouraged a sharp
professional drive on the stock. The op-
Grafton was one Of the most successful Of
the day. bringing a maximum decline OF
SIS points anu net loss Of rs on the day.
Sales Of exactly LOCO shares of Standard
OIL have been made in the five trading
days since the imposition of the Sc9. oG0. 50l
fine. The total IS unusually large. Yes
terday's quotation was 81 shares. and
very likely would have been much greater
but for the fact that at one time bids
were withdrawn. Just before the imposl-
ton Of the fine the stock sold M 600
Yesterday II got down to 486. but rallied
TO "a closing price of ATS on the news that
the company had secured writ of error
from Judge GTOsscup and was well on its
way toward a remission of the penalty.
The volume Of trading showed a marked
decrease in activity. Total sales were
more than $1,000 shares below the aggre-
gate on Thursday. and more than 400
shares less than the total on Wednesday.
the big day Of the week
At one time InterboTough- Metropolitan
common showed a loss Of S42 a share on
the price at which the stock was taken
by the pool formed immediately after the
organization Of the company It IS doubt
ful II many members Of this large and
unlUcky syndicate retain their allotments
If there is any with. for instance, a 200
share participation, the low price yester-
day showed a loss Of $4,000 on S106,000