The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1908-07-10
NEW YORK STOCKS
SUFFER REACTION
Market Opens Strong, and
Gains On Active
Trading.

NEW YORK, July 10.-Wall Street to-
day continued to express its satisfaction
in the nomination of Bryan by marking
up the prices Of securities on the stock
exchange. Although the opening was
Irregular. with a majority of issues
showing fractional declines. due to prof
:t-tal1ing sales. the assured election OF
Taft. IN Wall Streets mind, caused
prices 70 swing upward, until advances
Of about point were recorded in the
leaders.
Union Pacific. Reading, and St. Paul
showed the greatest activity. The metal
stocks failed 10 snare IN the upward
movement because OF the appearance
of a large volume Of profit-taking or
derS put in by traders who had pur-
chased these stocks prior 10 yesterday
squirt of strength. Shelters declined q
of a point, while Amalgarnated lost 3.
AZ the end of the first half hour all
proht-taking orders were executed, caus-
ing declines Of about y point in the
leaders.
Delaware and Hudson Lower
Delaware and Hudson stock lost y
point on the announcement that the
public service commission would allow
II 70 issue only $l9 1S7. 500 Of the SIC. 800 900
applied fer TO be issued under a mort
gage OF $50,OOO.000. In rendering its de-
cision the commission holds that no
proof has been presented showing that
certain purchases Of stocks and bonds
Of subsidiary companies are proper sub
JeCtS for capitalization under the mort
gage Of the Delaware and Hudson Com
pany.
The quarterly report Of the United
States steel Corporation, TO be issued
this month, will show about $500 O0l
tons Of business on hand. a de-
crease OF about $4,000 as compared
with the preceding quarter. On
December q, 1907. the untitled bust
ness on the books aggregated 4.6i25 53
tons. The untitled tonnage OF the Steel
Corporation has been on the decline
since December 81, 1906 when $50, lis
The shTinkage has now been under way
about eighteen months longer period
than in the case Of the depression OF
19O3-1sO4-
The smallest untitled tonnage ever
reported was for the quarter ended
September 80. 1904. when only BOZ, -
tons were on the books The opinion
in steel circles is that untitled tonnage
and that an Improvement can be looked
for from now on.
Up 20 midday the market held its
strength well under the pressure o.
began TO appear that the holders OF
such stock had about cleaned UP theii
accounts. and the market began q
show signs OF better prices. The gain.
were slow up to II o'clock
After noon the market became VERY
sluggish, with prices irregular and un
certain. Several Of the leaders showed
signs Of weakness, and lost much o.
the gain Of the carly trading
Various explanations were offered To-
the lull IN the upward movement sucl
as a bear attack upon the market by
Lawson. continued selling pressure b!
some Of the commission houses. an,
reports that the favorable showing IL
the business world had been overwOrlI
ed as a bull argument
The difficulty with these explanation
is they co not explain The real fac
seems to be that the upwtrd mOvemen
las practically spent its force and
reaction being due mas come, helpet
along by the immense profit taken O
the late hours Of yesterdays session
ard that of this morning
How far the reaction may 60 Is no
now apparent but that IL has begun
was not doubted At L o'clock today