The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1910-08-11
WALL STREET NEWS
Stocks Sell Off, Owing in
Part to PrOtit-taking.
MARKET DULL ON THE DECLINE
In Active Speculative shares the
Trading After First -Four Repre-
SentS Shifting Positions OF the
Professional observation-disclosures
ment by Railroads in Evidence.

New York. Aug 1o-London bought
stocks on balance this morning for the
first time since the last week in July,
when, following the transfer OF the
Pearson Farquhar holdings, London led
IN the buying movement which marked
the turn from the long reaction. The
London purchases were not very large,
not amounting to more than 1900 shares
On balances. but possessed significance
because current prices show handsome
profit on London purchases made week
before last, and II has been apprehended
that London might at any time take
profits.
In the early trading also business from
the commission houses was better than
or most mornings OF late. orders from
their customers being stimulated. nc
doubt, as was the case yesterday. by the
favorable government crop report The
buoyant and active advance OF Yesterday
continued while these orders were being
executed. and in this early trading there
was also IN evidence considerable cover
ing by nervous shorts.
Due TO Pront-taking.
subsequently stocks sold off, in part
on profit-taking and in part on offerings
by bearish operators, who continue fight
ing the market, and losses Of one TO two
points from the high range OF the morn
ing were frequent in the active shares
But the market became very dull on the
decline, showed weakness or softness in
no quarter whatever. and in the late
trading the active stocks gradually ad-
vanced TO level close TO yesterdays
close. The ordinarily Inactive and purely
investment shares gave a better account
OF themselves. many OF them gaining
two or more points on the day.
In the active speculative shares the
trading after the first hour represented
nothing more important than the con-
stantly shifting positions OF professional
operators and at the close were imma-
terial The worst that could be said of
the market was Of the buying move
ment which set IN after the government
crop report had subsidized. It's best feature
was the same substantial strength which
has resisted the efforts OF bearish opera
tors for several days and has overpow-
cred all their efforts TO produce a break
on which 10 cover at a profit
Less Untitled Orders.
The United States Steel corporation
made its first monthly statement of I'M
Tiled orders. It showed a tonnage OF
S.s7O,s31 booked at the end OF July The
amount is 2S6.Ss3 less than at the end Of
June, which agrees fairly well with the
average Of preliminary estimates.
This week the iron trade papers in their
weekly reviews note some little increase
in business from the railroads, this COM
ing as the result Of reinsurance on the
crops, but II is, OF course. fatuous 10
imagine that the manufacture OF steel FOR
rails and cars will be at all Importantly
revived until the railroad rate questions
are settled.
Until that time the railroads NAV he
expected TO economic in some such wav
as Is indicated IN the June statement Of
the Rock Island. which was submitted
to-day The eompany's gross earnings for
the month increased by $4,000. but
though It paid much higher wages. If
was able 10 report an increase OF $3.50 600
in net earnings. Obviously this result
could not have been brought about except
for very drastic retrenchment and almost
entire abstinence from purchases for i'm
provements.