Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-08-04
HEAVY PROF|T-TAK|NG
Today's IrreguIarity More
Closely ResembIed Reaction.
DEALINGS OF A MIXED SORT
Industrials Keep the Lead in
Advances.
NEW HIGH RECORD FOR STEEL
"Pennsy" Notable Exception to the
Railway List-Money Market
Continues Firm.
NEW HIGH RECORD FOR STEEL
Special Dispatch to The Star.

Special Dlspatcn To he star
NEW YORK. August 4-In most of its
aspects today's market for securities was
much like yesterdays There was the
same irregularity of prices in the initial
transactions, the same evidence of re-
newed realization and the same display
of aggressive strength in various direc-
tons. There was this point of difference,
however. that the dealings today more
closely resembled n reactionary move
ment at times than did yesterdays mere
irregularity and unsettlement.
The fact seemed to have been clearly
established last week that at last Wall
street had a market on which stocks
could be sold in considerable volume. The
result. of course. was to encourage just
such realization. profit taking or liqIida-
ton, whatever one chooses to call it-un-
loading even-as has been witnessed this
week
last few days have tempted operations for
The short account is a matter of conjec-
ture. but 1t is probable that the under
lying strength of the market mas been an
enectual deterrent to the Indulgence of
bearish proclivities. Operations for the
short account may have figured in this
weeks sales but so far selling for any
account seems unable to dislodge stocks
in any quantity.
Today's dealings were of a sufficiently
mixed sort to warrant any Inference as
10 their origin. but the dominating char
aetsristics were those of profit taking Off
set by aggressive buying in new direc-
tions.
Industrials Prominent.
The industrial stocks were even more
markedly prominent today than yesterday
and in the last five sessions of the stock
exchange the advance in the average level
or industrial issues has been very SUBJ
stantially greater than the progress of
the railroad list, which has indeed changed
but little since last Thursdays close.
united States Steel preferred reached
new record figure at the opening. In
dustrials generally were in line. Scoring
fractional advances, while railroad is
sues inclined to sell off with the nota able
exception of Pennsylvania. Subsequent
~, more extensive Irregularities de-
Neioped on volume of transactions on
the scale of millon-share day. and
while Irregularities characterized the in
dustriai quarter, that department was on
the whole more aggressively strong than
the railroad list, in which an increasing
number of issues scored material recess
sions. Pennsylvania was in marked con-
iraSt buoyant and rose well above New
York Central, which was barely steady
Tor the greater part of the day. Union
Paciflc was firm, while Southern Pacific
sold off. although both railroads made
spiendld reports of earnings for June
and the fiscal year.
Well-Balanced Division.
After midday the market presented an
appearance of well-balanced division be-
tween advances and declines
New developments or rumors of pendinp
developments seemed to have little
marketwise influence. Conjecture received
severe setback when only the regular
, dividend and an extra dividend at the
same rate as last year were declared on
American Tobacco common. The decla-
: ration of the regular dividends on the
american Shelters securities issues were
also more in line with the probabilities
OF the future action of other corporations
than much of the current guesswork
The money market was very firm. with
out any tangible change in quotations.
The indications are that large aggregate
OF accommodation for over the year is
available at per cent, which will tend
10 keep rates from going above that
inquire for some time to come.