The Washington herald., 1909-08-12
WALL STREET NEWS
Market Termed Most Inter
eSting of the Week.
SHARP CONTEST BY TRADERS
Quick Price Fluctuations Make the
Opening BuOyRnt-AIert Floor Ope-
ratiOns Attribute Heavy Selling to
brokerage House whose Transac-
tiOns in Stocks Have Been Large.

New York. Aug. n.-To-days stock mar
ket was the most active. and altogether
the most interesting OF the week. 1t
showed quick price fluctuations. sharp
contest insusated by operators working
for a reaction. and price changes at the
close unusually abrupt for market
which generally In recent weeks has been
characterized by the ordinary and delio-
crate nature Of tho advance.
The opening was buoyant, with sub
stantial purchasing orders based appar-
emily on reflection over the crop report
Of favorable deductions from the report
Of the Copper Producers Association, and
the expansion in important branches Of
manufacturing since the enactment Of the
tariff bill
But In the middle OF the morning Ses-
sion venturesome and alert floor traders
discovered heavy selling Of stocks by a
brokerage house whose transactions in
narily large throughout the long advance.
stocks have been much more than ordi-
Prompted by Intimation.
It was believed later in the day that
this selling was prompted by an intima-
ton from the stock exchange authorities
that II would be advisable for the house
TO curtan its line Of stocks. in accordance
with that unwritten law of the stock ex-
change which IS designed to remove the
barest possibility of any overextenslon
Of credits on the part or any exchange
member
But at the time the selling was no
n.
traders and their associates TO those re-
alizing sales from important quarters
which have long been anticipated by
critics of the market. but have been no
more apparent than is any reason for
sales Of securities under current condi-
tons In business and the money market.
There accordingly ensued selling OF
stock. both for long and short account,
which subjected the market to the sever
est test that it has sustained in recent
weeks.
Prices receded under this selling pres
sure. giving further encouragement TO
the hopes or reaction anl further stim-
ulatng snort selling until Steel common
had declined a point and others OF the
active stocks were well below yester-
DAYS closing
These comparatively low prices proved
tempting TO customers Of the commits
sion houses and others, and presently
the buying on the reaction became much
more insistent than the selling until the
fnvulnerability or the market 10 bear
raids was again demonstrated. The TaIly
was at a moderate pace until the last
hour. when the failure OF the attack
upon prices was so evident that il in
duced hasty and excited covering OF
short contracts. and, very likely, much
sharp upbidding Of stocks by operators
appreciaung the plight OF those who had
mlsconstrued a simple incident
Close showed Gains.
The close showed such gains for the
day Of points In Amalgamated Copper,
255 in Union Pacific, 23s in Northern Pa
cifc. rs in New York Central. 5ik In
Atlantic Coast Line ~ in Louisville and
Nashville. 2ik in Consolidated Gas, and
y In Great Northern.
The Copper stocks were strong through
out the day. the highly favorable report
Of the Copper Producers Association
having been followed by an advance in
copper metal prices here and abroad.
The striking gains Of Louisville and
Nashville and Atlantic Coast Line were
attributed IN part 10 report Of an early
stock issue by the Louisville and Nash
Vile