The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1909-08-17
PRICES BREAK IN WALL STREET
AFTER A SHARP BULGE IN
THE MORNING.

NEW YORK, Aug. Il, p. m.-SInce
noon the market has receded until the
list is generally one 10 two points lower
than top prices in the morning bulge.
Weakness is due to the same influences
which were at work yesterday. Holders
Of long stock are taking profits and it is
impossible to hold the market until the
liquidation has been further exhausted.
Union Pacihc has been again subject
20 heavy fluctuations It opened at
21Sls, sold TO 215l4, dropped back to pos,
and al this hour hanging uncertain
around 2u. st. Paul went through the
same movement. only less marked, and
is now at 159. after selling up to 1903
Illinois Central opened at f59. sold to
1e0, an dropped back 20 l5S1z. This suf-
fees to show the general movement of
the railroads.
Steel opened at ia. and sold of to
T6ss It has been one of the strongest
issues today.
The market at this hour is pretty well
oemoralized, weak, and duh
Market Becomes Steady.
NEW YORK, Aug l7.-Noon-1he
market steadied after some slight IT.
regularities in the early tTading@due to
the slump of yesterday and the uncer-
talnty this morning about which way
prices would go. It was soon found
that the liquidation had about run its
course. developing a great body Of stop
orders on The way down and disclosing
the fact that commission houses We're
large buyers of stocks in recent days
transactions.
The irregularity at the opening Of the
market was most marked in Union Pa
cific. The common stock opened = of 4
point lower than last night 5 closing,
and the preferred half a point up. In
the early trading these positions were
exactly reversed. and the movement III
both proceeded until the common stock
mad gained a point and the preferred
had lost an equal amount
About the middle of the morning most
Of the railroad shares and Steel began
20 strengthen and the majority of the
more active Issues gained from half to
4 full point under good buying by room
traders and commission houses.
Business Gets Dull.
But as the noon hour approached the
market turned dull ssain and prices
lapsed back 70 about the opening level
During the rise Atchison sold up to
J30sk. Union Pacific was fairly steady
around 215 and Southern Pacific reach
ed 1875. Steel rallied we'll and Amalga-
mated recovered all the lost ground of
yesterday. But at noon the market is
still dull and listless and the buying
power, so much in evidence on the
morning bulge, is no longer in evidence
and the prices are slowly receding.
An effort was made TO create interest
IN copper stocks by the circulation of
rumor from Boston that efforts are be-
ing made to effect an organization in
Europe of an association Of copper pro-
duCers similar 10 that in this country.
II is said that preliminary negotiations
have been entered into 20 form such an
association 10 work in harmony with the
producers in this country, meeting on
the same dates and exchanging sta It's
tics BY cable. The effect OF such an
association Of British producers. il is
urged. would be to protect the market
for metal and assure higher prices for
the metal The story had little effect
in Wall Street.