The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1909-08-11
MARKET TAKES. LIQUIDATION WELL.
STEEL COMMON EASIER.
HILLS ARE HIGHER.

NEW YORK, Aug. 1l.-One thing was
evident today. and that was that some
one was selling lots Of stock, not only
In Steel commons but of Union Pacific,
Southern Pacific. and many of the rails.
The most noticeable feature of the
morning was the fact that this liquida-
ton was well taken. that the buying
orders were sufficient TO absorb the Of
ferings with more or less steadiness,
giving a satisfactory impression to the
holders Of stock, and creating the opin-
ion that the end of the upward move
ment is not yet More Engagement
was found in the unquestiOnable
strength in the Hills and in the Copper
and Smelling stocks, both of the latter
showing real class in their strength
From ali industrial sections come the
most encc draging reports of conditions.
In the Carnegie Steel Company plants
Of the National Steel Corporation all
the plants are running double time ex-
cept the rail mills. The Jones & Laugh
lin Company is employing 20 per cent
more men than il did nine months ago
The National Tube Company is employ
ing 10000 men. All departments OF the
Maryland Steel Company are running
on fun time for the first time in two
years Westinghouse, American Steel
and Wire, and other companies report
the same aggressive business activity.
With this condition Of affairs indusTials
look promising.
Profit Taking Natural.
II is but natural that there should be
proit-taking on the high soints to which
prices have risen, and this may be eX-
pected at any time, This was evident
in the sales of large blocks OF Steel
common today: in the liquidation that
met Union Pacific at 2045s. that broke
Reading from 1875 to 1925. But the
selling ca used nothing approaching I'M
easiness ON the part Of holders. As one
broker put it. 1.-THE buying was As good
IS the selling"
The Hill stocks were strong, North
ern Pacific in even greater degree than
Great Northern, the former starting
with an advance OF three-fOurths of a
point and on the next sale tieing with
Tuesdays highest figure. The current
estimate OF the earnings for the June
20 fiscal year placing the surplus for
the stock at better than IL per cent on
the outstanding $3.50. 600, 900, combined with
the excellent prospects for business IN
view of the large harvest of spring
wheat formed the foundation for North
ern Paciics great strength.
Grows SteadieT.
AS the session progressed. the Hqui-
dalton began to show signs OF exhaust
ing itself, and there were recoveries
here and there throughout the list.
Passing into the second hour Of the
afternoon, and continuing with a good
show OF strength. the market presented
a irmer appearance. regaining some
of the losses, especially in the rails,
so that by o'clock the declines were
incOnseouential. the chiefest being 2
in Union Pacific. Southern Pacific was
steady, St Paul a fraction off. Reading
within an eighth of Tuesdays closing,
and the Hills about a point better.
Louisville and Nashville was IL higher
on the reported issue of new stock
coming.
steel common was y of, preferred
steady. Copper rose TO IS and went
back slightly. Smelling steady. Other
industrials showed comparatively little
changes.