The Washington herald., 1909-07-22

New York. July A.-Prior 10 the open
Ing OF the market to-day stocks had ad-
yanced on six successive days, and on
the last three OF those days had closed
al a higher average OF prices than pre-
viously since the panic.
There was a further advance at the
opening. and in the trading Immediately
thereafter. in the course OF which Union
Pacific sold up TO 1891. a new high rec
ord, and other stocks sold at higher prices
than previously in the year.
But this advance was soon stayed. and
throughout the remainder OF the session
prices declined at first slowly and in a
hstless market, but in the last hour more
sharply and in more active trading. The
reaction occasioned little surprise. for
extensive profit-taking was by no means
unexpected after a six days advance.
ana that selling by professional traders
should accompany the profit-taking move
lheht was also 10 be expected.
Reaction Noticeable.
The reactionary movement was most
noticeable IN the Steel shares, Union Pa
cihc. Southern Pacific Rock Island. Read
ing, and those other active stocks which
had prohted most from the previous ad-
vances. and as the market on the early
days oe the week had shown strength in
most Of the standard stocks. so practical
~ all OF Jnese were embraced in the re-
dictionary movement.
In no instance. however. was there
4ost more than small proportion OF the
previous gain. and IN no case was there
a break Of sufficient amount to indicate
any particular weakness in the technical
position, such as Is often disclosed by the
execution of stop-loss orders.
II was, on the other hand, a gradual.
orderly. and seemingly natural reaction
winch showed no weakening in the under
Iylns stability or the market and no
caange In the attitude Of important hold
ers OF securities. Exceptions to the re-
dictionary movement were noted in Amer
lean Beet Sugar, American Can. Interna-
uonal Paper preferred. Mackay Compa-
MES New York Air Brake. and other
ordinarily inactive Industrial stocks. and
among the standard railroad shares. the
New York Central remained conspicu-
ously strong until just before the close.
win that stock. which has latterlv
sold at prices yielding a lower investment
return than other shares Of its character
rumor was rife throughout the session.
out none Of the many statements regard
ing il was susceptible Of even seni-ofn-
clRl confirmation.
News from Flood.
The days news advices apart fron
some reports OF new disagreement be-
tween the tariff conferees. contained
nothing Of unfavorable market import
until the late trading when the news of
damage from the flood at Galveston and
some fear Of a repetition OF the loss In
the big Galveston flood in 1900 may have
accelerated the selling movement
Otherwise the news Of market impor-
tance pertained almost entirely 10 the
crops and this was so highly favorable
as 10 be followed by decided declines I'm
all the wheat options. by moderate de-
clmes IN oats and corn and bv a wide
break In cotton which carried the prices
OF the various options from SllO TO 81. 20
a bale below the range at yesterdays
closing.
In copper an advance Of II OF cent
in the pound IN the price Of the metal
by all the leading selling agencies and
producers indicated that the reaction in
the trade brought about by the accumula-
ton OF large stocks of copper abroad
had ceased and that the copper market
was no longer marked by a retrograde
tendency in contrast with that OF other
lines OF industry I'm this country.