The Washington herald., 1908-08-12
MARKET HOLDS FAST
Much Resistance to Decline
iii Face Of Selling.
LONDON OPENS IRREGULARLY
New York Follows Example and
Opens at n Lower Level Than
Monday Nights CIOSinE-American
Smelling and National Lead De-
cline for a Few Minutes.

New York. Aug 1.-THE markets re-
slstance- to decline was no less remark
able to-day than on other recent days.
although much less successful. because
the power 10 be resisted was 50 much
greater
The volume OF selling was large while
tie market was strong. and seemed 10 be
at all times measured to the absOrptive
capacity OF the market. decreasing on
the declines and increasing on the raj
lies IT was the greatest in the first
hour. and again reached considerable
proportions a little before the close
when. however. IL looked as # a greater
proportion Of the sales represented spec
ulative commitments for the fan than
distribution or realizing on long stock
Support was not as strongly rendered in
the last hour as in the earlier hours Of
the session. the change in this respect
being. perhaps. designed 10 encourage the
growth Of a short interest. as the basis
for quick rally. and. notwithstanding
that the final quotations were the lowest
Of the day. the undertone was not weak
London Prices Irregular.
Quotations received from London be
fore the start Of business on this side
showed irregular price changes, and the
opening here was at q lower level than
last nights closing figures. the declines.
however. exceeding small fractions only
II few cases The first movement
away from the opening level was IN the
direction Of higher prices. Northern Pa
cifc being the leader Of the advance
hut the helpful influence Of this stock
was soon cOUnteracted by a decline IN
American Smelling and Refining and Ma
tional Lead, which, about the midCie OF
the first hour. became weak just as had
occurred al the same time yesterday
The weakness Of these two stocks caused
q general reaction al the end Of the drst
hour. but there vas a fair rally at noon.
after which the market was firm and dull
until an increase in the volume Of sell
ing resulted in a sharp decline
London was a seller 70 the extent of
possibly 40000 shares. distributed through
the active list but with Union Pacific and
United States Steel figuring more largely
than any other stocks
Cause of Selling.
This selling may have had no further
significance than that sentiment in Lon
lon was somewhat depressed by the ac-
ton Of the British securities, practically
all OF which were heavy, as also was the
market for copper, the price Of the metal
declining 12s Sd q ton from yesterday 3
closing level.
There was lirtle n the way Of news 70
account for the decline. beyond what has
come 10 light regarding the check 20 the
Improvement in railroad and Industrial
business. but the fact that The industrial
list last night closed q period OF twelve
days Of unbroken advance. and that the
railroad list suffered only a few small -e-
CessiOus in The same period created a
feeling that reaction was due
The strength Of the Hill stocks was
ascribed 10 the favorable news regarding
crops IN the Northwest spring wheat be-
ing now out Of danger. while the weld IS
better than indicated by the rumCrs cur
rent last week