The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1908-08-11
STOCKS GO LOWER
IN EARLY TRADING
Prices Break Badly and
Heavy Liquidation
Follows.

NEW YORK, Aug IA rush OF sell
ing orders from commission houses
united with heavy disposal OF UIbion
Pacific and Shelters by two large Wall
Street houses brought a reaction OF
point or more In the early trading Of
the stock market today. After twelve
days Of continuous rise the market
proved top heavy and sold of from the
opening which was weak.
The metals were probably the greatest
sufferers, Smelters losing points in the
opening and subsequent trading. Ana
algamated declined a point and a quar-
ter and Anaconda opened one-fOurth
lower. NatiC lal Lead dropped > points.
IN fact all the metal shares. except Col
orado Fuel and Iron, were weak This
and American Ice advanced one point
each.
After the slump OF the early trading
q slow recovery set in and by noon
most issues had recovered the losses Of
the proft-taking sales and the market
was steady and stronger.
Sentiment today in Wall Street Is
bearish- The impression grows that the
rise has gone far enough. and that a
reaction OF a few points is overdue.
This is the view held by that portion
OF the Street that has a reputation for
conservatism. There is the original
bull clique which is apparently as con-
ndent as ever, and is talking eXcitedly
and asserting over and over that the
rising market has only started. Bat
the drop this morning was a warning
signal that the market soon will have
q recession, whether it come today, to-
morrow or next week.
fa II
a distinct victory in breaking prices to-
day. and they will naturally be more
confident and aggressive. They will get
a leverage some time soon and tOpple
the pyramid of high prices over with
crash which will take some time to
get over.
In London American stocks we're low
er in the early trading. There was con-
siderable profit-taking in Canadian Pa
clnc- Wheat was slightly higher in
chicago, and cotton was a trife lower.
on the curb market trading was quiet.
with prices Irregular. Chicago Subway
was q strong feature, rising TO %, a
new nigh record on this movement.
Cumberland Ely. Nevada Consolidated.
ana Bay State Gas were all strong
around their previous high prices.
Inc selling movement in the market
continued well through the session,
without the slaughter in prices which
marked the first hours trading The
feature of the market was the liquida-
ton or long stock by prominent Wall
Street houses which have been the
matnstay OF the bull movement.
a. A. HOuseman & Co, II was esti-
mated, sold 10000 shares of Steel COM
mon, Baruch Bros sold some American
Smelling, and belief prevails that i'm
portant banking interests sold stocks in
London before our opening. Arbitrage
brokers were then sellers Of inteTna-
uonal stocks, about $1,000 IN all, OF
which large part was Union Pacific.
Reading, Amalgdmated Copper, and
Steel. g u. Macdonald was active on
the bull side OF Northern Pacific, which
was advanced above AS.
Government bonds remained IN
changed today and firm, but other
issues, especially railroad bonds. were
irregular and inclined 20 be weak.
At 1 o'clock the market was quiet
that the market would have a substan-
tial rally before the close.
The market closes irregular, but on
the whole firm, from one to three points
below the highest figures reached on
the rise. In the main the railroad
stocks have recovered most OF the
ground lost IN the liquidation of this
morning. Shelters and the other met
ais, except Colorado Fuel and Iron, are
several points behind. 1t was upon
these stocks that the heaviest drives
were made and they closed weak.
There Is much uncertainty as to the
future course of the market, opinion
being about evenly divided between the
notion that the market is TO have fur
ther recession and that the rise VIII go
forward tomorrow without further
break