The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1908-07-29
NEW YORK STOCKS
DULL AND HEAVY
Sales for Profit Take
Life Out of
Market.

NEW YORK. July 29.-Proft taking is
again IN evidence on the New York
Stock Exchange and in such volume as
temporarily 10 check the advance IN
prices. The market is strong In spots,
such as the Erie and Union Pacific
shares, but even these in the morn
ings trading lost some Of the advance
Of yesterday and OF the opening today.
The Taft speech fell dat as a mar
ket influence. 1t seemed to have a
two-sided effect. Many seemed 10 think
Il would be a radical document and
accordingly sold stock, while others
tive and bought largely. These diver
gencieS in opinion Just about neutral
lied one another ana the effect on the
market was unaDpreciable.
OF much greater import are the ru-
mors sdoat yesterday and again today
that Z II. Hartman Will in the future
be the dominating power in the Gould
railroads. This ard the new alliances
formed IN behalf Of the Erie system
which has finally gained its own en-
trance into PittsDurg. have had more
influence upon the market in the past
twenty-fOur hours than all the gossip
and the final reading of the Taft speech
Believe Gould Eliminated.
It is now conceded that the Harri-
man interests have practically elimi-
mated George Gould from the railroad
world, anC this alone has given the
railroad shares their strength during the
past two days.
Union Pacific in the early trading was
IN good demand around top figures The
500 shares were again strong. and the
old Misunderstanding and the Steel
shares-were active.
Amalgamated Copper and Shelters
were leaders OF the mining and indus
trial lists Steel common was a lag
gard in the early trading. Amalgamated
touched a new high record upon the
announcement that there were good
sales of copper metal at the new nigh
figure esta biished this week. The cop
per Improvement also had influence on
the curb, where Cumberland Ely and
Nevada Consolidated both rose 10 new
high figures for this movement. Other
curb stocks were active, particularly
those of the Cobalt and Goldneld camps.
At the end Of the first hour profit
taking began in great volume, from
which the market had not recovered
a. the noon hour.
Market Dull and FeatuTeless.
Profit taking continued into the after
noon and soon after ] clock even this
let up and the market became very
enough to take hold OF the ropes again
and pun for higher prices About noon
also il was learned that the negOtla-
lions between Mr. Gould and the Har-
riman interests have not proceeded as
far as popularity supposed, and there
was an immediate check in the advance
OF the railroad shares
There was dearth of news in the
early afternoon and the market drifted
into a Hstless condition where all sides
seemed TO be waiting for something
TO turn UP. In the middle Of the after
noon prices were near the opening
prices, with the volume Of business very
limited.
Through the afternoon the market for
securities remained dull and closed near
the opening prices, some stocks not
having recovered the losses Of the early
selling for profits. No news Of import
ance developed late in the day and the
tone Of the market was essentially
weaker than IL was this morning.
II seems likely that the market may
now have a reaction which will take
q day or so.