The Washington herald., 1908-07-11
SALES HURT PRICES
RealizatiOnS Begin in Wall
Street Market.
REACTION LONG EXPECTED
Drops I'm Quotations Anticipated
Because of Continued Advances.
One Man n Henvy Seller, and His
Deals Mystify the Operator - Alb
sorDtiOn Unable TO Keep Up.

New York. July 10.-For the first time
In The present week, the weight OF realiza-
tons in the stock market, coupled with
speculative attacks upon values. was suf-
ficient to bring about a depression in
market prices that lasted throughout the
entire day, the lowest quotations being
generally made at or near the close OF
business.
Ihis was by no means an unexpected
phenomenon. The market has been ad-
Yancing continuously ever since Sat,lr-
day Of last week, the rise having been
generally distributed and IN certain
stocks very considerable. No stock mar
ket can go on advancing IN this way
without reactions. even one which is
sustained by large public buying which
Is admittedly not the case in the present
condition OF affairs. The market has
been and is strictly a professional one
purchases Of securities for the outside
pubic being limited to the bond market
and 70 certain stocks Of Investment grade.
Inc only matter OF surprise is that such
reaction as occurred to-day did not
Jake place earlier IN the week
One House Heavy Seller.
AS It was. the one distinct feature Of
to-day's business was the extremely
heavy selling by a single commission
mouse. either by It's own brokers or
through orders distributed to other mem
bers Of the stock exchange. which were
variously said TO either represent profit
taking or speculative sales for the de-
cline for the account of a single operator
OF late come into new prominence IN
wall street, who has been for several
months the largest daily individual BUYER
and seller OF stocks in the financial list.
at least among the professional trading
class. According TO common report, this
Fpeculator was a buyer Of stocks or an
extremely large scale earlier in the week,
ana opinion was about equally divided as
10 whether his transactions, which were
also IA larger way a continuance OF
those OF yesterday. represented merely
proht-taklng or a change of market DO
siton- At any rate, the selli z OF stocks
proved sufficient to overcome whatever
powers OF absorption the market pre-
sented, and declines Of between / and 2
points In the leading issues were COM
mon.
Strong Early In Day.
Early in the day the market was strong.
but the highest prices were made shortly
after the opening OF business. and
the general declining tendency OF values
soon manifested itself DuIlness reigned
in the midday hours OF the stock ex-
change session. the market at this time be-
Ing very narrow and exhibiting but little
support, so that efforts 70 sell compara-
lively small quantities OF stocks developed
a scarcity Of buyers.
In the afternoon the market soon be-
gan to present that familiar appearance
known 70 professional Wall street as one
fuI or stocks. and upon this prices de-
clned quite rapidly. closing at the lowest
points as described. Stock exchange bust
ness to-day was devoid Of striking Incl
dent.
Grain Market Strong.
There were those who attributed the
fall IN prices to the continued strength
Of the grain market. but the fact is that
the grain market was more irregular than
strong, and that final prices for wheat
were lower than those Of the day before
Quotations for corn were exceptionally
strong, owing 20 apprehensions that spec
ulators, who have sold corn for delivery
next September. may find that supplies
or the staple are not adequate for the
fulfllment OF their contracts The price
Of wheat was subjected during the day 70
all sorts OF contradictory advices regard
Ing favorable and unfavorable weather
in every portion OF the spring and winter
wheat section.