Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-08-03
Reactionary Tactics Mark
ed the Days Dealings.
DUE TECHNICAL REASONS
Sequence Had Been Anticipated by
the Traders.
ACCUMULATION THE DESIGN
Market Activity Was on a Limited
Scale-Railways Yielded Easily
to Pressure.

Special Dispatch TO The Star.
NEW YORK August 3.-Concurrently
with the reaction in the securities market
this morning came reports from many
forms of industry tending to confirm the
belief that the return to normal business
conditions was proceeding without halt
and at a pace beyond the expectations
Of traders earlier in the year. In a meas
Ure these reports gave confederation to
the theory that today's setback was due
merely to technical conditions, and that
from the point of view of operators for
the advance the action of the ma rket
was rather to be welcomed than other
wise. The superficial appearance of the
market itself and its freedom from radical
and disturbing movements are a further
index to the character of the change from
last week
The reaction such as it was, had been
anticipated by traders, and from the
point of view of many Of the most Pre- mi
nent of them it was. in fact overdue
All last week the securities list enjoyed
an advance that was apparently too
rapid to make much for an underlying
strength of foundation. considering the
season of the year. the trial from which
the market has only lately emerged and
the compa rative absence of public interest
in securities.
1t was to be expected, naturally that
there would be some sort of a setback,
slight if the purchasing of stocks last
week should prove to be for the purpose
Of accumulation. and heavy if it became
apparent movement for distribution by
the so-called large interests was in prog
reSs. So when this morning stocks be-
gan to show tendency to sell off in
terest was conferred on discovering which
of these two movements was in process of
development.
I,ar inc hat ,riao Nv
hibited. beginning with the second hour s
trading. established belief that accumu-
lation was the design of those who move
the market.
General Downward Tendency.
In the first hour stocks moved irregu-
larry. but with a general downward ten
dency, seeking a level of stability. That
level was apparently found at recessions
of from one-quarter to three-quarters of
A point below Saturdays closing figures
for the more active securities. At this
level. as has been noted, a firm tone took
the place of the early irregularity and
in short time a decided Improvement,
though measured in terms of fractions,
was visible.
There was no exception to the general
rule that the railroad stocks had yielded
most easily to pressure. but in the In
duStrial list Amalgamated Copper and
such securities of less activity as National
Lead, American Locomotive and United
States Rubber were conspicuous excep-
tions to the general decline; while the re-
action was in progress these were. in
fact. advancing substantially, though
Amalgamated Copper succumbed to the
force Of the common example after the
first quarter of an hour of the session. and
thereafter gave reason for but little at
tention.
Activity in the market was on limited
scale The commission houses had few
orders and the professional operators
who have been carrying the market along
were apparently content to wait for some
real event or striking news development
upon which to base an active campaign.
Foreign Trading Small.
Trading for foreign customers was in
small volume. the closing of the Lon
don exchange for a bank holiday and
the critical labor situation in Paris eff
fectually checking speculative operations
In Americans.
A feeling rather OF amusement than
of anything else was aroused by the va
cation sentiments of Mr.. Hartman at
the Wheeling and Lake Erie road out Of
the difficulties of its matured SS.OOO.O 600
note issue. There was some belief in
Wall street sthat his remarks were per-
haps disingenuous or at least not to
he taken more seriously than his pro-
fessed altruism. AS to the published
statement of President Delano of the
Wabash that Mr. Gould was participant
Of s2O0.ON. that fact was hardly new
in all