The Washington times., 1908-08-01
PROFIT-TAKING
LOWERS PRICES
New York Market Stars
Strong and Closes
Weak.
EARLY TRADING
is VERY ACTIVE
Vast Amount of Securities Unload
- ed During the Week-Em-
harnesses Wall Street.

NEW YORK, Aug. 1.-The New York
stock market today had a strong open
ing and a weak closing. Proht-taking
of a pronounced kind was the rock on
which the bulls grounded after a very
snort and merry cruise.
In it's enthusiasm over the alliance be-
tween Could and Hartman, Wall Street
was in high spirits. New high records
were made in Amalgamated Copper,
American Locomotive, Shelters, Read
ing. Illinois Central, and Missouri Pa
cific. The Gould stocks were in active
demand for the first time In many
weeks. Trading was on a heavy scale
at the start.
Reading resumed its upward course
at the opening. showing an initial gain
of l Per cent. although showing some
irregularity. Baltimore and Ohio was
up y; Great Northern, Northern Pa
cific, Erie first preferred. "A: Missouri
Pacific. Is; while Atchison showed a de-
cline of Il. and Union Pacific was I'M
changed. The industrialE were general
ly strong. Amalgamated Copper gained
Il; American Smelling, IS; Colorado
Fuel, y. and Republic Steel preferred,
e Steel common was of =.
Puts Bulls in Good Humor.
The opening put the bulls in good
humor, and the impression was that the
market would see a lively session for
the week end But within half an hour
of the opening the profit-taklng orders
began to appear in volume. 1t seemed
as though every wire OF every commits
sion house brought orders to sell The
stock thus thrown upon the market was
too much for the digestion Of the bull
element. The market remained firm for
a time. and in fact was fairly strong
throughout, but the opening prices ana
the higher levels found in the early
trading could not hold, and prices eased
off TO a point on the same level or below
the opening.
On the curb market there was con-
siderable enthusiasm in the early trad
ing under the leadership Of Cumberland
Ely and Miami. both of which were &C
tive around high levels established yes
terday. The entire curb list was &C
tive Much OF il, however, was manipu-
latlon, as big campaign is planned,
and the public is not yet taking much
interest in the market.
Stock Is Accommodating.
While the market closed lower, the
volume Of trading fell off in the last
hour and prices held fairly we'll at the
lower levels. There is evidence that
the market is getting top heavy again
and today there is probably three times
the amount Of stock in Wall Street
that was available for trading purposes
q week ago. The operations Of the past
week have brought out al immense
amount of shares on proft-taking. and
IL Woulc seem under the circumstances
that the progress Of the upward move
ment, II 1t is to be continued, will be
slow IN the face Of the stock that is
being poured into the street from hold
ers all over the country.
II begins TO be apparent that the
wise ones who bought stocks months
ago are now returning it TO the specu-
lators at a good profit. and the profess
SIGNALS are having the time Of their
lives taking care or stock that under
other circumstances they would be I'm
Ioading Upon bull-mad public
Pennsy's Earnings Fall Of.
PENNSYLVANIA railroad earnings foT
June show a decrease Of S2.722,3G0 in
gross. but the operating expenses were
reduced s2.011.5O0. Net earnings were
smaller by S7IoSOO-
The number of idle freight cars in
creased 5l20 between July and July
2. However, the number Of cars out
of order has been reduced by 1900 which
means that these have been put into
service in place Of the other idle cars
so that the increase is not so large
as it seems TO be on the surface. This
means that there has been A check In
business boom which Wall Street
thought had begun. Shortly after these
figures were published the stock market
became very dull
There was a holiday in the LondOr
The issue Of $4,000 of wheeling and
Lake Erie notes were paid as present
ed at the Office of Blair az Co. today.