The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1907-08-09
WALL STREET NOTES
Prices Again Battered Down
to New Low Records,
SHELTERS BREAK BELOW PAR
Atlantic Coast and l.. a \. Severely
Attacked, as Is COHee-RumOrS Of
Trouble DisprOVed When Clearing
House sheets All Go Through.
Bears Helped by Margin Accounts.

New York. Aug S-The extent of the
inside support given to the market re-
NAMED the most interesting question after
the close to-day. That there was any
buying of this character many were in
clined to doubt, attribuung the recovery
entirely to short covering and the in
siders, assigning an attitude of aioof-
ness. The majority opinion was other
wise.
With prices battered down from two
to five points. support was a matter OF
necessity, it was argued, for the protec-
ton Of various interests allied with the
management Of companies whose stocks
were most severely punished. With many
OF the insiders. also. support was mat
ter Of choice. Stocks were becoming so
cheap that they could not resist the
temptation to take them on for a turn.
The latter variety Of support, II was
pointed out is not likely to be very en-
during, and of the former doubts We're
expressed that it was intended for any
further purpose than merely to stay the
decline
Many traders expected a continuation of
Wednesdays late rally in the early trad
ing and bought sparingly at the very
opening. These and others who We're
long of stocks were quite swept off their
feet by the violence Of the break in the
first hour For that matter. probably not
the most aggressive bear expected that
renewed attack on prices would bring out
such a flood of liquidation or result in
market SO fitful and feyerish
Weekly margined accounts. again thrown
over in large numbers. helped bear traders
10 greater extent than they had ex-
pected and a four days lost of twelve
TO six points in some shares may well
have convinced even them that the down
ward movement had progressed far
enough. There was extensive covering Of
bear accounts throughout the remainder
o. the session anu very little concerted
eXertiOn Of renewed selling pressure.
Atlantic Coast Line and Louisville and
Nashville. because Of the troubles threat
ening railroads IN the South, We're con-
spicuous among the stocks which made
new low records for the year in the
first hour.
Atlantic Coast Line sold down to 81 81
as compared with a low Of 81 in the March
break. Louisville and Nashville selling
at Jos, was two points below the low
in March. and lower than it had sold
before since 1904. Though not directly
concerned IN the litigation in the South
ern states, these stocks appeared more
affected by it than did the Southern Rail
way shares The latter, however, have
long been under pressure.
With Copper down TO H1-2, Shelters
at 80 IS. Reading at 80 is, and Southern
and Union at 81 II and II l. respect
lively. and all Of these prices reached be
fore Il o'clock there began to be appre-
tensions that the clearing house. sheets
would not go through clearly.
Rumors of trouble. rife and plentiful be-
fore the customary II o'clock announce
ment, subs!ded entirely subsequently. The
solVency of brokerage houses henceforth
remained unquestioned. even by rumor,
and naturally induced a better feeling.
When Shelters broke b@low par 10 the
lowest price in three years. there was ju-
bilatiOn in the ranks of a large bear
party, which has sold the stock persist
emily on the theory that it was selling too
high for an per cent industrial At the
low price of the day, s97s. the stock
showed loss of 74ls points from the high
record established last year II sold at
l2ls at one time last year. Anaconda, at
4S3s. sold at the lowest price since 1895.
London traded actively in the market
The London market was irregular and
feverish on account Of the previous days
trading here, and it was rumored that
there was trouble among pools in Cana
dian Pacific and Missouri, Kansas and
Texas On account of the time consumed
in executing orders for London many
London sellers who sent over orders In
the early break secured much better
F.H.fE lG1ar HHrlv- L..