The Washington herald., 1910-08-25
WALL STREET NEWS
Market Active in Decline,
but Rally Comes Later,
LONDON IS A HEAVY BUYER
Streets Trading Fraternity Processes
80 See Reason for Decline ia the
Political Condition - Funds Going
20 the Interior for Crop Moving
PurDOses-MOney Rates Go Up.

New York. Aug. M-The stock market
became more active to-day in accordance
with a renewal OF the same sort OF liquI-
dation that has been noted on other re-
dictionary days in the past week. The
trading was a close counterpart to that on
Monday. To-day. as then, heavy London
selling. combined with sales for the ac-
count OF spectators in this country 20
produce declines ranging around two
points in the active shares before the
declining movement was arrested by any
particular rally. and the rally in the late
trading produced only fractional recov-
cries from the low prices OF the day.
IN the early stages Of this recovery
London bought more heavily than at any
other time Of the year, and the rapidity
Of the recovery supplied II with profits
that proved tempting. Even yet, though
the reaction in the past week has been
rapid. the prices show profit on the Lon
don purchase prices. Locally spectators
did not turn 10 the long side as early as
did their London associates and remained
on the long side after London had begun
20 take profits
No Dig MA0es
There was a prevalent idea here that
the market was TO benefit from agrees
sive manipulation. designed for the dis
tribution OF big blocks Of stocks taken
over at the price sale on the course Of
the July break. The action Of the mar
ket IN the past six days has done much
20 discourage this idea. and to-day this
circumstance alone undoubtedly overcame
the patience Of many spectators who
bought stocks in the later stages Of the
recovery or missed the opportunity for
proft-talking supplied by the high prices
early last week. But when stocks sold
on. Wall streets trading fraternity pro-
fessed 10 see reasons for the decline In
developments. The hearty reception ac-
corded 70 Col Roosevelt upstate was
the favorite reason among many OF the
traders; others based their bear argu-
ment on reports that President Taft
had decided TO recommend further reduc-
tons in the tariff. but the lack OF mill
tant radicalism In Col. Roosevelts speech
impressed favorably people who com
T, ment upon It, and 1t Is BY no means be-
heved that the majority OF men OF i'm
80 se'tANN ANFA aANtiSt 10 Tariff revision.
Funds for the Interior.
The movements OF funds TO the interior
for crop movement purposes is moving
slowly. To-day was sent another ship
ment Of 10000 through the subtreasury
10 New Orleans making 100000 for the
present movement to that city. and the
subtreasury shows a loss Of 1890. 600 70
the banks since Friday. as compared
with gain OF S2.S7SOOO by the banks in
the corresponding period last week Most
OF the banks marked up time money
rates, but money got no frmer in Lon
don. and the advance In sterling ex-
change rates halted.
On the whole. developments in money
were not unfavorabIe The opinion was
general that the Bank Of England's dis
count rates will not be changed to-day.
Lehigh Valley. reporting for July.
shows continuance OF the reactionarv
tendency in its business. the COMPANY
reporting a decrease Of $4,000 IN net
earnings. as compared with an increase
OF $4,000 in gross earnings.