The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1910-08-24
WALL STREET NEWS
Stock Market Displays Lam
guidness All Day.
AWAITING A FRESH IMPULSE
Little Interest Taken I'm Political
Controversy Now RaginE-Weather
Reports Are Favorable and Crop
Output Estimated Larger Than at
Any Time This season.

New York. Aug. 23.--In trading that
seemed to be almost entirely Of profess
sional origin, the stock market drifted
idly backward and forward to-day. and
displayed few features Of interest 20
Spectators looking for a definite trend
In the London market before the local
opening there was a continuation OF the
reactiOnary movement. which gained con-
siderable Roadway IN the New York
market yesterday. and at the local open
ing prices were generally Off az about
the range Of the lower level in London.
Before the session was far advanced,
however. London. which had been sell
ing stocks consistently for more than a
week, bought moderately on balance,
and there was a discontinuance Of the
selling pressure latterly exerted by local
spectators. The market then became
steadier and advanced generally until
the last half hour. when prices drifted
of once more. At the close the market
was irregular, but showed fractional
gains in most Of the active stocks. with
rather more strength in the railroad
shares than In the industrials
The only encouraging thing about It's
action was that the dullness succeeding
the four days decline showed a cessa-
ton OF the speculative liquidation for
both local and foreign account that ae-
Oompanied the four days reactionary
Gfsvement.
No Impulse Provided.
To-day stocks seemed again 10 have
reached a condition approaching equlli-
brium. and the market 10 be awaiting
some fresh impulse. In the days news
there was nothing 10 provide an impulse,
The damage done to railroad property by
the forest fires In the Northwest was not
considered OF sufficient Importance to az
feet the stocks Of any OF the railroads
concerned.
Nor was more than languid interest
taken in the action Of President Taft in
supporting the former President in the
factional squabble in this State The
departure OF the latter on a political
speaking campaign may have served TO
deter purchases until II Is known to what
extremity the radical propaganda IS to
20 but had no other effect on the days
transactions.
The quarrel between the Vice President
and the former President the financial
community continued 10 regard with
amusement. remembering that the Vice
President is the same Sherman who
Col Roosevelt took into his confidence
on the occasion Of the celebrated ''Prac-
teal men" correspondence with Mr.. Har-
riman, and rejecting that there may be
in existence other correspondence OF equal
interest and suggestiveness.
Weather Reports Favorable.
Weather reports were again favorable,
the governments weekly report saving
that excellent conditions had prevailed
throughout all the principal corn and cot
ton sections. The disposition is becoming
increasingly general 70 estimate the out
put Of corn, cotton. and wheat greater
than at any previous time Of the sum-
mer.
Pittsburg. Cincinnati. Chicago, and St.
Louis. the second big railroad TO report
for July. displayed the same tendency
as did Baltimore and Ohio in its state
ment for the same month. An increase
Of $4,000 in gross earnings was con-
verted into a decrease Of S260O0O in net
earnings by a heavy increase in ex-
penses. The local monetary situation
continued easy
In London discounts again advanced
and sterling exchange rates were again
hardened. Demand sterling bills are now
IL cents higher than was the case little
more than two weeks ago, and this
steady upward movement supplies one OF
the few perplexing propositions in the
general monetary situation