The Washington herald., 1909-07-14
WALL STREET NEWS
Stocks Lose Gains Made the
Day Before.
TRADING IS PROFESSIONAL
Steel Reaches New High Record at
the Opening and that Fact Seemed
to Encourage Rather Than RE
strain the Pront-taIxing Impulses.
Wabash Active Again.

New York, July ls-The average price
OF stocks to-day declined Just about as
much as # advanced yesterday. and the
story OF the days market is, in fact,
wholly comprised in this brief statement.
Transactions were, as was the case on
Monday. largely confined to a small num-
Der Of the leading stocks.
The character Of the business done was
obviously nineteenth professional. and
there were few. If any. occurrences IN
the news to stimulate either purchasing
or selling orders. What seemed TO be
the case was that the Improvement In
sentiment which made itself felt in the
market on Saturday to-day entirely ran
it's course, so that there was a well-nigh
universal inclination on the part OF the
hab'tual operators 10 take their profits
and see II they could not make a little
money by speculative sales for the fall
Steel Mt High Record.
Right at the opening OF the market
United States Steel common stock sold at
a new high record price. and the fact
seemed to encourage rather than restrain
the pTodt-taking impulses noted
The liquidation in the stock was not as
heavy as yesterdays buying, nor did any
large blocks Of the stock come out but
the price Of the Issue retraced exactly
and no more the ground covered IN yes
terday's advance. The weakest quarter
Of the market was Amalgamated Copper
for which reason was to be found sup
posedly in the recent heavier tendency
tn the price Of copper metal, while
American Smelling and Refining common
declined a point, owing TO selling OF the
kind invariably seen after the promul-
alton Of such an expected piece OF good
news as that contained in the annual re-
port Of the company published this
morning.
Pressure upon al the Wheeling and
Lake Erie securities was doubtless con-
nected with the impending reorganization
OF the company. Virginia-Carolina Chem
ical common stock broke sharply IN the
afternoon, recovering later a portion of
its loss upon the announcement that the
directors OF the company had declared
a 3 per cent dividend upon the stock.
which II is understood. was 10 be an an
nuaI distribution. There were specula-
tors who had anticipated that a larger
distribution would be made but Il would
seem as II to-day's action OF the direc-
tors was fully as liberal as any fair
minded person could look for.
On the other hand the strength giving
rise TO rUmors which seemed 10 be gener-
ally believed that some action IS rela-
lively near at hand, which viii improve
in no small degree the market position OF
l-TfvoFu CawfroT cHorpC
wabash Active Again.
Wabash preferred stock was again ac-
tive and strong. while persistent accu-
nulation Of the second preferred stock
OF the ST. Louis and san Francisco Rail-
road Company, as well also as the vari-
Gus mortgage Issues of the company,
was again to-day noticeable.
The present prospect for a large corn
crop in the country this year has doubt
less a good deal TO do with the move
ment described, as we'll also with the ex-
treme frmness OF Undertone Of all the
securities Of the Rock Island Company.
the St Louis and san Francisco parent
organization. There was also more or
less discussion to-day regarding forth
coming new plans OF a financial nature
Of the Pennsylvania Railroad Company
II Is well known, OF course. that the
company must raise a large sum OF
money 20 meet its maturing notes next
year. and the common suppOsition is that
the Pennsylvania will choose TO refund
its notes by a stock issue which VIII be
offered to the shareholders at figures that
viii invite a ready subscription. but It
IS highly questionable II any announce
ment OF this sort will be made for a long
time.