Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-08-10
SELLING PRESSURE
Prices Fail to Yield to RealiZ-
ing Sales.
FIRM UNDERTONE HOLDS
Opening for Most Part at Fractional
Advances.
MOVEMENT IS IRREGULAR
Gains Largely Outnumbered the De-
clines-Vigorous Buying of the
Coppers-Money Demand.
Special Dispatch 10 The Star.

Special Dispatch 10 The Star.
NEW YORK. August 10.-For awhile
in todayS stock market it looked as
though the crop report had not lost us
stimulating effect upon prices despite
the fact that expectation of fine show
ing had given way to the publication
of the indications of the most important
outturn in the history of American
agriculture. This was in the early
dealings. when stocks generally refused
to continue the movement which devel-
oped in the late trading yesterday.
Selling pressure by the trading Gle
ment was indeed applied. but the weight
of this was not important enough TO
depress prices sufficiently to dis'odse
weakly held stocks, and although there
some irreguarity throughout the
forenoon the transa cticns up to the mid
die of the afternoon left the market. al
though dull. still displaying the firm un-
dertone which has characterized it for
most of the summer.
The opening was for the most part at
fractional advances over last nights clos
ing prices the initial quotations meaSur-
ing well mp to the al'-round gains scored
earlier in London, where an increase OF
hulishness on American securities was
the reported consequence of the govern
ment crop exhibit.
How much of factor in the local bust
ness the crop statistics were is uncertain,
although there are few who doubt that
eventually the crops which they indicate
representing buying power, of say about
SS,UUAG0,0eo, Will play very important
part in the stock market considerations.
For the present at least, at all events for
today. the price level of the list was prob
ably rather maintained by publication of
the crop condition figures than deranged
on account of it.
Steadying Influence.
\ further steadying influence was ex-
erted on stocks by renewed weakness in
the wheat market, but at that stocks were
not much more than steady for a consid-
cradle part of the day. despite the spec
tacular displays OF strength by few is
sues.
Louisville and Nashville Atlantic Coast
Line and Rock Island preferred advanced
liz. Union Pacific and Denver and Rio
Grande preferred, Ii, Rock Island and
American Smelling, /, and Denver and
Rio Grande common and National Lead.
q. Canadian Pacific ran off, III, and
New York Central, -.
The railroad list showed an inclination
10 run off, except in a few strong spots.
Vigorous buying of the copper stocks
caused a general rise later. Rock Is
land preferred was extensively bought,
but the common was quiet after the
opening advance.
Large Buying Orders.
Some large buying orders were also exc
cuted in Southern railway. Rock Island
preferred gained 3as: Amalgamated Cop
per and American Smelling, H. Pull
man Ia. and Chesapeake and Ohio, Dem
yer and Rio Grande, and Great Northern
preferred, and the ore certificates, l.
Central railroad of New Jersey declined
points, National Biscuit, rs. and Ameri-
can Cotton Oil, l.
Call money seemed to establish itself
firmly above. the per cent level. A large
aggregation of accommodation was fur
nished at 212 per cent and one conse
quence of this was shown in the de-
Inand for sixty day loans. quite number
of which were made at 2A per cent.
There was little doing in the four
months money at 80 per cent, and over
the year loans We're made at / per cent.