The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1909-07-23
WALL STREET NEWS
Prices Change About in Puz-
cling Manner.
IDEAL PROFESSIONAL MARKET
Strong Gains Are Made soon After
the Opening and Then Stocks Sag
on ListIessIy I'm Manner Tempt
ing Renewed Operations for n De-
cline-wheat and Cotton Drop.

New York, July PIN tho stock mar
ket to-day prices moved forward and
backward in a manner puzzling TO the
speculator or investor unaccustomed 10
those rapidly changing fluctuations which
disclose little definite trend. but which
make the ideal market from profession
al standpoint and are most noted IN a
professional market.
At the opening advances over yester-
days closing prices were numerous. and
IN several cases broad. ranging as they
did from - to Ia point The abrupt
ness OF these gains caused much buying
Of stocks sold short the previous day. and
further gains were made IN the course Of
this covering movement.
Strong Selling Sets In.
The market then sagged of lstlessly IN
a manner tempting renewed operations
for a decline, and most OF the active
stocks were subjected to strong selling
pressure.
In the early afternoon. after much
backing and filing. the Steel shares,
Union Pacific. and many other specula-
tive favorites sold we'll below the high
prices OK the early part Of the session,
but when operators for the decline
sought 10 cover their contracts they
found the tone as strong as It has been
on all the previous days OF this month,
and that stocks were easier 10 sell than
to buy.
Thus IN a market IN which professional
trading predominated the strength was as
patent as in those days early in the
week when the commission house on or
ders from the outside public supplied a
larger portion Of the business. and the
close showed gains IN practically all
OF the active stocks. In some OF them
only were the gains decided and based
on definite news of trade developments.
Advance I'm Copper.
Conspicuous among these was Amalga-
mated Copper. in which an advance OF
two points was associated with a sharp
advance in copper metal prices in London,
an advance that was the more striking
since II followed a series OF advances on
earlier days Of the week. a further gain
in Rio Tintos carrying the price two
pounds sterling above that OF a week ago.
and an increased demand and higher
prices for the metal holder This change
IN the position OF copper metal, indicated
by other circumstances as we'll as those
noted. was regarded as the really most
significant development Of the week. II
brought the conviction to-day that q
definite. decided, and probably enduring
change for the better had been made
in the copper situation, and that this
important industry was no longer out
Of line with all others.
wheat and Cotton Drop.
Wheat and cotton sold on somewhat IN
accordance with highly favorable weather
reports from the spring wheat sections
and confirmation OF yesterdays report OF
a widely diffused and much-needed rain
fall in Texas. In July wheat there was
a drop OF more than cents a bushel,
bringing this rapidly expiring option into
closer touch with prices for later deliv-
cries
In part this decline was ascribed 70 re-
ports that the leading wheat spectators
had sold out their July contracts and
also disposed or the wheat carried over
from May. But the fact that July wheat,
owing to the recent favorable weather
for harvesting and threshing IS moving
rapidly TO market was also. no doubt. an
active cOntributOry cause. In connection
with the movement Of July wheat, some
OF the banks which have many interior
correspondents in the winter wheat sec
ton noted for the first time a demand
for money for crOp-moving purposes. in
Kansas City money was In particularly
active demand, but the transfers 20 that
place and other centers IN the winter
wheat belt brought about only a slight
hardening OF the demand for money and
no general change in rates.