The Washington herald., 1908-08-14
ABSORBS FEW ISSUES
Market Fails to Keep Up Ap-
pearance of Strength.
ADVANCE AT THE OPENING
Active Stocks Make NOG.Ceu BILE
Moves AT Beginning OF Session,
but Soon Drop 10 Level of Wednes-
day Nights CIOsing-Bank OF Eng
land Rate Remains Unchanged.

New York. Aug 13.-The most notable
feature Of the market to-day was the de-
crease IN its ability TO- absorb stocks.
and the failure of large operators 70
maintain by manipulation an appearance
Of strength in the fabric OF prices while
endeavoring 10 reduce the size Of their
lines by selling in well concealed ways
more stock than they bought openly.
With few exceptions. the active stocks
showed advances at the opening. but
within few minutes prices dropped 10
last nights closing level The decline
did not stop there. and there was. on the
whole. a sagging tendency during the
hrst hour. with the exception that Ameri-
can Smelling and Refining and National
Lead. which. during the corresponding
period yesterday and on Tuesday were
weak. while the rest Of the market was
firm. again were. contrary TO the general
course OF prices. moving upward in dis
regard OF the heaviness elsewhere The
second hour brought a return OF the
greater part Of the earlier losses. but in
the afternoon the market again sagged.
until in the last hour the decline became
pronounced under the influence OF Sc
we're break in the Rock Island issues. the
. Per cent bonds Of the Chicago. Rock
Island and PacIhc R2lread issued in ex-
change for the stocks Of the St Louis
and san Francisco suffering the most Sc
vereIy Of all the securities in this group
Decline Revfves RumOrs-
The decline in these bonds. which
amounted TO ~ points. revived The IN
affairs Of the St Louis and san Fran
cisco and while IT was stated or appar-
entity good authority that tie bankers
who held the balance Of the notes. which
mature at the end of the present month.
had consented 10 an extension Of the
tine. the street appeared 70 be premature
" concerned as 10 what measures would
be taken 10 meet The S-oplnd0 note issue.
which VIII mature next December Brook
lyn Rapid Transit was. next 20 the Rock
Island issues. the weakest point of the
list. but Third Avenue and Interborough
metropolitan also suffered large declines
on @ comparatively small volume OF trad
ing The Gould issues were strong in The
forenoon. but afterward declined with the
rest Of the market The most active
and United States Steel. were all heavy
and closed al practically the loves,
prices Of the day
Fewer transactions.
The volume Of transactions was smaller
than yesterday, but Increased as prices
declined IN rH= last hour. the reaction
apparently being the means OF brinsing
out q supply OF stock
40 change OF consequence occurred n
The money market. and in view OF The
strong position Of the banks no aQprehel-
sion was felt that there would be d re-
cu--e1ce of high rates IN the coming
fan. even if the government should soc1
call upon the banks for the return Of an
other portion o. the special deposits
The Bank Of England made no chang,
IN its rate. but presented a strong return
for the market. and the markets ovei
there were d-uer. with a substantial i'm
provemert IN De Beers and Rio Ttnro-
Copper made some recovery from yes
-erday's sharp decline