The Washington times., 1908-08-14
NEW YORK STOCKS
At LOWER LEVEL
Selling Pressure Breaks
Prices and Market
Reacts.

NEW YORK. Aug. 1.-THE liquidation
which started in the stock market yes
tGrday WAS continued today, and prices
have suffered still further Esaction.
Most OF the stocks at noon were OF a
point or more from yesterdays lowest
Several efforts were made during the
morning 10 start a rally with Union
Pacihc. Reading. and Smelters as the
leaders. but the market has No buoy
ancy. and after a few minutes of driy-
ing FOR an advance trading settles back
into the slowly receding movement OF
The market, which seems TO be now I'M
der fun Roadway.
In the early trading Southern Pacific
sold of a, TO 81, while others sustained
fractional losses, generally ranging from
= TO Il Rock Islands. which were the
weakest feature yesterday, were better
supported and were exceptions to pre-
ya1ling heeViness.
Default On Bonds DisCredited.
Rock Island preferred opened Is high
or, at 81, and made a further gain of
a in the first few minutes. The COM
mon stock was firmeI and fraCtiOnaliy
higher. Brokers in the bond crowd do
not credit the TumOTs Of a coming de-
fault on Rock Island SIS. The volume
OF business at and after the opening
was only moderate in amount, ana
showed no evidence of any desire TO
liQuidate large holdings.
In London American stocks were
heavy owing to the weak closing or the
New York market last night. Canadian
Pacific was the chief sufferer in the for
etgn market. losing 4 point
On the curb, stocks are generally
weak and moderately active. Bay state
Gas was a tTife lower and there was
an absence of the excited trading which
characterized that stock yesterday.
The market remained reactionary up
h "a a
effort 70 rally prices under the leader
ship of SHELTERS and the Steels. about
/ o'clock met such volume or out
coming stock that II had TO be aoan-
doned. and the market went along fair
" Arm on the lower levels set by the
selling pressure Of the morning.
The IsOst active stock today has been
Reading tt was sold fuTiOusly in the
early trading. and the buying seemed
largely 10 be concentrated upon H.
Houses which have supported Reading
during the upward movement undertook
10 take care Of the stock, one broker
taking over one 10000 share lOt. But
the buyers met too much stock and the
price fell a full point before / O'Clock
and the stock was inclined 10 weakness
from that level
There is little news and the situation
this afternoon Is not very cheerful Tor
those who have long stock. Unloading
OF long stock does not appear to have
started. the selling today being largely
tnat OF commission houses ana lluSc
who may be selling the market short,
This accounts for the comparatively
steady prices at about one point below
the opening. This also furnishes about
the only hope for a rally and the resto-
ration of stocks to the higher plane OF
the early part Of the week
The market livened up a bit late In
the afternoon, and prices were d little
better at the closing Northern Pacific,
which did not suffer TO the extent of
af az rs IN RI cd
a point above the opening. Union Pa
Cific was only IS lower than in the morn
ing. Reading and ANA gamated Copper
did not recover 10 the same extent but
were well above the lower points Of the
morning.
At the last the market was quite act
i've, with stocks being well taken care
OF.