The Washington times., 1908-07-21
PROFIT TAKING
STOPS THE RISE
New York Stocks Suffer
Decline in Early
Trading.
READING LEADER
IN THE RECOVERY
This and Brooklyn Rapid Save the
Market From a Serious Down.
ward Movement.

NEW YORK, July 21.-The New York
stock market struck a volume of sell
ing for profit taking today, from which
At did not recover during the early trad
Ing, except that a few stocks were so
well supported on the buying that they
did not show great losses.
The selling pressure began with a
bunch of orders sent from London by
the early cables, and this was augu-
mented by orders TO sell from nearly
all the commission houses which yes
terday were the most active buyers on
the advance. This quickly demoral!zed
prices and 1t was evident before ten
minutes had passed that the advance
had reached its height for the time be-
ing and that the market would now
have a recession more or less pro-
nOunced.
After the shock Of the first selling
orders had worn off little the leading
stocks began to rise and gains Of one
quarter TO a full point were recorded.
Toward noon the downward movement
set In again, and prices began TO sag
of slowly. There is left some bull talk
10 the effect that the reaction viii be
but temporary. but the bears are in
great form today. and think they have
scored a substantial victory, the effect
Of which will not wear of for several
days.
Reading Is the Leader.
In the first trading under the leader
ship Of RcaGins and Union Pacific. do
clines Of about one-half d point were
recorded throughout the list Baltimore
and Ohio attracted attcution because
of its weakness, decltsIing one point.
This was partly due 10 heavy sales
Of this Issue in London and also 70
the fact that the company's earnings
for the fiscal year ended June 80, showed
a large decrease in gross as well as
net.
The company reported for the month
of June a gross decrease of ST. .sS4,
and net decrease Of $685. $50. Operat-
ing expenses decreased $500. 974
The traction shares were strong, IN
terboroCgh Metropolitan advancing =
and Brooklyn rising a. Pressed Steel
Car advanced = of point.
point but at the end OF the first hour
had recovered Is of this. Profit-taking
also made its appearance in the Steel
and the preferred Is
At the end OF the first haIf-hour all
issues recovered about "a on their low
figures Following this the downward
movement was resumed and prices
touched the lowest Of the morning.
Losses were increased to an average
of / point in the leaders. At the end
of the hour all issues recovered Z a
point from their low prices. In the re-
covery the Steel shares. Reading and
Union Pacific were the leaders.
Market Receivers Losses.
After the heaviest profit-takinE that
has marked the present movement. the
market recovered its former level. and
went higher on few leading stocks
early in the afternoon. About midday
the floor traders who have consistently
supported Reading for several months
began TO buy the stock in 1.OOO-share
lots on an ascending scale. 1t became
necessary for the brokers of this group
to take among them about 10000 shares
before the selling pressure was finally
broken.
While this was going on intense ex-
element prevailed upon the floor. It
was regarded as the final test OF
strength between the bulls and the
bears. The taking over Of this Immense
amount of stock was all accomplished
in less than thirty minutes and then
trading settled back into it's normal
volume, most stocks on the list recov-
ering some of their losses and fully
launching the upward movement again
B. R. T. Shows Much Strength.
While this diversion was going on IN
Reading, the supporters of Brooklyn
Rapid Transit were having an inning
at another post. This stock had been
fairly firm all the morning, and as soon
as the support of Reading showed it.
self. the buyers Of Brooklyn became
more aggressive and this stock was also
carried to a new high level The SteeIs
felt the impulse of the rise, the HarrI-
man railroads began to climb, and By
80 o'clock the market was again in
the hands Of the maniUulatOrs who have
engineered this movement with such
SKIN and success.
During the melee the shorts which
had become very enthusiastic on the de-
cline OF the morning, were seen hurry
Ding 10 cover, and II was estimated at
j o'clock that about as much money
had been lost by the bear crowd in an
hour as had been made by the bulls In
q week
In the middle Of the afternoon the
market was on the rise with every
prospect of the movement continuing
to the closing hour.
PRICES FOR TODAY ON