The Washington herald., 1910-08-19
WALL STREET NEWS
PrOfit-taking Ends Markets
Upward Movement.
POLITICS ALSO PROVE FACTOR
lnsurgent Victory in California and
RooseveIt's Predicted Opposition
to Administration Aid I'm Hating
ProEresS-Rock Island and wabash
Two of the Stocks that Gain.

New York. Aug. 1s.-It IS more than
three weeks since the market turned up
ward. and prior 10 the opening to-day
stocks had In that time advanced an
average OF SO a share. and considerably
greater gains had been made in many
II the active speculative shares. The
Edvance was interrupted by small re-
dictionary days and by only one day on
which there was a recession Of a full
Eoint
An advance so nearly continuous is
seldom seen in an upward movement Of
so long duration, and this fact alone
induced many spectators to take profits
on top OF yesterdays brisk advance. or
10 venture fresh commitments for the
fall More and more spectators had
taken the long side as the advance con-
tinued, and paper profits Of C great many
OF them were sufficiently large to tempt
realizing sales
Abroad, In particular, profits were sub
stantial for it was London that led the
advance following the arrangement Of the
anairs Of the Pearson-Farquhar syndi-
cate. and when stocks were close 10 the
lowest prices. It was from London spec
ulators and investors that conspicuous
portion Of the buying originated.
London Takes Profits.
On privious days OF the week London
was taking profits in a quiet way, taking
advantage OF yesterdays and Tuesdays
brisk upward movement 10 sell stocks
bought in the earlier stages Of the recov-
cry and to-day London selling, II not
more extensive. was at least more open.
In the London market before the be-
ginning Of business here. when stocks
were very active and because of a quiet
leak under the pressure OF heavy
realizing sales and in the early trading
in this market, London sold at least
2QOo0 shares on balance. These transac-
tons for London account were soon fol-
lowed by heavy offerings by spectators
IN this country so that altogether the
market was undoubtedly subjected TO a
greater pressure Of realizing sales than
on any other day since the upward move
ment began.
Net Losses on Day.
The days reactionary movement be-
gan with the opening OF the market but
after very active first hour the market
became dull and hardened as il has on
every other Of the few reactions of the
past three weeks only in the last hour 10
become both active and weak again on
a renewal of aggressive selling. Net
losses on the day exceeded 81 a share in
the active stocks and were probably due
principally to a disposition TO take
profits natural after long advance and
enhanced perhaps by the sweeping in
surgent victory in California and by re-
ports that Col Roosevelt proposed 20
come out actively and aggressively in
opposition to the Taft administration.
In the case OF London. selling I'm the
last three days has been also induced
by consideration Of this country's unfa-
vorable trade statement for July. though
this attracted no great amount OF adverse
comment among spectators here
Among the more active stocks to-day
were Rock Island common and Wabash
preferred. and these were the only ac-
tive stocks 70 score gains on the day.
Big blocks Of these shares were taken
over by the bankers who relieved the
Pearson-FarQuhar syndicate Of the bur
den Of carrying them, and It was re-
ported that these bankers had revived
Mr.. Farquhar's scheme Of linking Rock
Island, Wabash. and other roads in a
transconunental system. The report
was generally dismissed as absurd. or.
as Mr. Farquhar might say, as fan
tastical
Bond trading on the stock exchange.
as was the case yesterday. was more
active than on most days In recent
weeks, and in the bond houses it was
agreed that there had been considerable
improvement in the investment demand
In the past few days. To-day there was
announced the sale of 100000 bonds OF
the Colorado and Southern, a transac-
ton so small as ordinarily to attract lit
tie attention, but conspicuous, neverthe-
less. in the market news Of the day. for
the reason that II represents the biggest
sale OF new American railroad bonds in
more than a month
The Bank Of England made a favor
able report Of condition, showing fur
Their increase in the ratio Of reserve TO |
Liabilities. Money rates were unchanged !
here and abroad, and the crop news was
again favorable