The Washington times., 1908-07-27
Proft-Taking Knocks Prices
After a Strong
Opening.
RALLY FOLLOWS;
NOT SUSTAINED
Market in Afternoon Shows Great
Activity at a Lower Range
of Quotations.

NEW YORK, July 27.-New York
stocks are weaker today than last sat
urday. After strong opening the
usual avalanche of selling orders on
profit account came upon the market,
and prices weakened. Evidence Of
strength was not lacking, and profess
sional traders expressed their ability
and determination to press Tor higher
prices That the situation is we'll with
in the control Of the strong coterie Of
bulls who have been manipulating the
market for the past three weeks IS
apparent, and UP 10 midday there IS
nothing TO put doubt upon the notion
that prices may be maintained at their
present high level
But after an hours trading, during
which the proht-taking selling had full
swing. prices did not respond 50 well as
has been the case at other times during
this movement. Several Of the leading
stocks were of a full point. and at
NO were slowly recovering 1t was
ezy lined thes many were timid over
the prospect Of the Taft speech toner
r0=-, and the in preston has gained
ground that what leaked out on sat
urday about the speech did not fully
convey the innermost ideas Of the
speech. or tell very definitely what the
attitude Of the candidate Will be toward
corporations. The market at times
shows a wavering tone that is discOn-
certing.
Some Prices Go Higher.
During the morning some prices
moved into new territory, notably
Shelters at Ss5k and Amalgamated to
7FL. The strength OF these particular
shares is due largely TO the vitality
suddenly displayed by the copper metal
market. The action Of the Calumet and
Hecla in advancing it's price is accepted
by the entire copper world as proof
that trade conditions are improving
rapidly in regard TO copper. Appoint
ment Of a prominent copper consumer
10 a leading place in the Taft campaign
management rad its effect, as did the
announcement OF the fact that John y.
Rockefeller's sou-in-iaw will entertain
at dinner the Attorney Genera OF The
United States and judges OF the circuit
court OF appeals Of the Chicago dis
trict Wall street had theory that
this means a compromise In the stand
ard Oil prosecution
In London there was heavy selling in
stocks this morning that resulted IN
lower prices. but the American depart
ment OF the foreign market had already
begun to Improve when New York be-
gan business. The general list IN Lon
don, however, was heavy throughout
the day.
Union Pacific moved up to 1858 in the
early trading today, and the Hill stocks
were also stronger, Great Northern
touching 49,. Reading became active
around l19 On the curb market busl-
ness was only moderately active
Market Becomes Very Active.
Around the noon hour the market be
came very active. During the morning
Union Pacific had been the leader Of
the market in point OF sales The stock
opened at 1879. rose on the mid-fore-
noon rally TO 1855. and at 1 o'clock had
fallen back under selling pressure 10
IJ5ss. An enormous volume Of the
stock changed hands. attributed alike
to sales for profits ana short covering.
Reading acted similarly 10 Union Pa
ci.ic, opening ct ISL. selling up to ll9
and falling off 70 uliz. The volume or
this stock for sale seemed endless, and
trades ia thousands OF shares were fIe-
QUent.
There were many rumors in the street
one to the effect that George Gould
would return from Europe about the
middle Of the week, and that the ne
gOtiatiOnS between him, Kuhn. Loeb &
Co. and the Hartman interests would
probably be renewed, with view 20
the elimination Of Mr.. Gould from the
system as autocrat
General belief in this story was re
fected I'm considerable activity in the
Wabash and other stocks Of the Gould
system. Prices were not so much af-
fected. but there was a quiet accUmu-
latiOn of the stocks OF the Gould roads
going on all the morning on the basis
that the negotiations would come TO an
Immediate head and spectators are
figuring for rise when the announce
nent comes later that the Gould sys-
TEN has passed 70 new hands
In the middle OF the afternoon the
market was very active and prices
slowly advancing.
Selling pressure continued after !
O'Clock and proved too heavy for the
support of the market. While stocks
We're well taken, ii was on receding
scale of prices. The quotations melted
away until the close. which was active
and steady at i TO points below the
opening
The market this evening is essentially
lower. but can hardly be called weak.
but the hope of the bulls is temporarily
shattered. ana il is expected prices may
go lower before any reaction comes.