The Washington times., 1908-07-10
NEW YORK STOCKS
SUFFER REACTION
Market Opens Strong, and
Gains On Active
Trading.

NEW YORK. July 1O.-WaH 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 to swing upward. until advances
Of about a point were recorded in the
leaders.
Union Pacific. Reading. and ST. Paul
showed the greatest activity. The metal
stocks failed 10 share in the upward
movement because or the appearance
of 4 large volume Of pTOft-taking or
ders put in by traders who had pur-
chased these stocks prior TO yesterday )
squirt of strength. Shelters declined q
or point, while Amalgamated lost s.
Al the end OF the first half hour ali
proht-taking orders were executed. caus-
ing declines OF about Il point in the
Delaware and Hudson stock lost Il
point on the announcement that the
puDhc service commission would allow
II TO issue only SIS. 1850 Of the $40 800 900
applied fer 20 be issued under a mort
gage Of 100000 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
1ectS for capitalization under the mort
gage Of the Delaware and Hudson Com
pany.
The quarterly report OF the United
states Steel Corporation, 10 be issued
this month, will show about 35OOO10
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 AGE. $50
tons The untitled tonnage Of the Steel
corporation has been on the decline
since December 81, 1906 when S, so. rs
tons. the high record, was reported.
The SkTi1kage has now been under Way
about eighteen nontlis-a longer period
than in the case of the depression OF
l903-1S0L
The smallest unified tonnage ever
reported was for the quarter ended
tons were on the books. The opinion
In steel circles is that untitled tonnage
on hand has about reached the bottom.
ana that an Improvement can be looked
Tor from now on
Up to midday the market held It's
strength well under the pressure of
nrofit-taking sales. At that time it
began to appear that the holders OF
such stock had about cleaned up their
accounts. and the market began 10
show signs of better prices. The gains
were slow up to z O'Clock.
The difficulty with these explanations
is they DO not explain. The real fact
seems to be that the upward movement
has practically spent its force and .
reaction being due mas come. helped
along by the immense profit taken Of
the late hours Of yesterdays session.
and that Of this morning
How far the reaction may go IS not
now apparent. but that II has begun
was not doubted Mt ! o'clock TODAY
The market about midafternoon re-
sumed its activity at the lower level Of
prices reached Just after - o'clock
Leading stocks were about 1 point be-
low the opening. Profit-talCing contin-
ued at this level during the remainder
Of the session
Stocks were firm and active at the
close, and the tone of the market hope
ful.