The Washington herald., 1908-07-28
MARKET In SEB-SAW
After ReceSSiOns and Adj
YanceS, Closes Lower.
DECLINES ARE NOT GREAT
Opening Is Steady and Quiet, Not
withstandinE Declines in Quota
don-Tenor OF Tzft's Speech One
of the Features OF the day.

New York July Z7.-The market to-day
was decidedly irregular, but. on the
whole. showed declining tendency and
az the close. with very few exceptions,
stocks were lower than at the end Of
business on Saturday.
The declines ranged from small frac-
tons 10 II points or more. Missouri Pa
ciAc. with q loss Of S1s points. being the
greatest sufferer.
The opening was quiet and steady, not
withstanding that Americans suffered a
considerable decline in London before the
start Of business here. and after The lapse
Of a few minutes sharp upward move
ment, that carried some Of the active Is
sues a point or mere above their opening
level. the rise being accompanied by an
increase in activity which extended into
a number OF stocks not usually active.
But on the advance. stock was met with.
and not only were the early gains lost.
but the reaction continued until prices
dropped below Saturdays closins level
Then followed another rally, succeeded
by another reaction. which carried prices
lower than before, and during the day
similar movements Of greater OF less
ranges followed one another in quick sue
cession. with the rallies apparently taken
advantage OF fOr realizing pronJs on the
long side. OF putting out commitments for
the decline.
Largest Transactions in L. P.
The largest transactions were in Union
Pacific. and there was an absence Of sup
port IN this stock not 10 be explained
by anything in the days news OF the
rumor that the dividend would be de-
clared within the next few days i1 order
that Mr- Hartman could preside at the
meeting Of the directors before leaving
for his vacation in The West
United States Steel was pressed for sale
o. ruDOrs that the statement Of earn
mss for The quarter. 20 be published On
the close Of business tomorrow. would
make a disappointing showing The
probability is that the figures VIII come
Up 10 expectations and the rate II which
new business has been received since the
beginning OF the current quarter indi-
Gates that The turn for The better has
come, so far as the United States Steel
corporation IS concerned
Rally in steel Common
IN the last hour Steel common scored
a fair rally. partly in sympathy with
Great Northern ore. which made a new
high record for The present movement
and closed at q net advance Of - points
on the prospect Of large operations dur
ing the remainder OF the session in the
ore lands leased by the steel corpora
tions.
The weakness OF the Gould stocks was
ascri0ed 10 uncertainty as 10 what would
be done 20 meet the s. .000.001 notes Of
Wheeling and Lake Erie. which fall due
on Saturday
London sold about 1000 shares Of
stock. although outside OF the Ameri-
can department the market over there
was strong Uncertainty as 10 the tenor
Of M Taft's letter OF acceptance of
the Republican nomination was the most
potent influence in the market and the
professionals were determined 20 pre-
vent any good from coming Of IT,
whether IL was favorable or otherwise
ives; May object.
II favorable 10 Wall street. they
argued. IL might be badly received IN the
West. causing the loss OF some doubtful
States. and II drastic, might produce an
effect On prices something Ike that pro
duced last week by the Presidents state
Dent IN regard 20 the Standard OIL case.
They also sought 10 make some capital
out Of the reported intention OF the Dutch
government TO make a naval deuOnsrra-
ton against Venezuela and 10 bornbar5
the ports Of that country unless ample
reparation was made for the recent dis
missal Of the Dutch minister by Presi-
dent Castro
Another matter which was construed as
unfavorable was the granting Of tenn
porary injunction by a judge Of the
United States Court ir Georgia restrain
ilE the principal railroads operating IN
the Southeast from increasing the freight
rates on staple products brought into that
section from the West The order issued
was only temporary, and in railroad quar-
ters il was said that The road called upon
10 show cause could make out a strong
case in favor Of the advanced schedules.