The Washington herald., 1910-08-06
WALL STREET NEWS
General Advance Halls Just
Before Close of the Day.
REPORT CUT IN STEEL PRICE
Denial Comes Promptly, hut RumOr
Had Played Little Part I'm FIuctu-
ntiOns-Great Reduction in Build
ing Figures Both in Month and
an Compared with Inst Year.

New York, Aug 5.-From the opening
OF the market untfl well into the after
noon stocks advanced rather buoyantly
to-day In trading that was considerably
more active and spirited than that Of yes
terday. and the day before All OF the
active stocks participated IN the advance.
these gaining from one to two OF more
points. and before the upward movement
had been long under way quite as much
strength was displayed In the less active
stocks and specialtles. including many OF
the purely investment shares. In these
latter stocks the advances were main
tained throughout the session, and the
gains Of more than two points were scored
by eight or ten Of them on the day.
But the active speculative stocks we're
subjected in the afternoon TO selling ures-
sure arising in part from the profit-taking
OF professional operators who had taken
on stocks more cheaply in the morning
but coming principally, II seemed from
operators for the decline who. as always.
at the turn OF a bear market. had neg
lected opportunities to cover their com
mitments and appreciated the desirabiIity
OF covering new one.
RumOr of Cut in Steel Price.
1t was soon after this pressure was ex-
erted on the speculative shares that there
was circulated a report 10 the effect that
the United States Steel corporation had
made cut or $50 from the SOS a ton
price for steel rails, which has prevailed
Tor many years. On the probability OF
such reduction Il seemed a suficlent
commentary that a much greater reduc-
ton in price could stimulate very little
new business on account OF the action OF
Congress and the Interstate Commerce
Commission in practically prohibiting new
Z railroad construction
But though this report was speedily dis
missed and almost as speedily denied. the
activity OF bearish operators in fight
ing the advance resulted at the close
IN the loss OF the greater part OF the
earlier gains. Nevertheless. no particular
stocks showed such weakness as might no
impaired by renewal or genuine Iiom-
dalton. on the contrary the market dis
PLAYED even more plainly sold-out appear
ance and efforts 10 dislodge stocks were
more obviously unsuccessful than on nre-
vious days OF the week.
Among experienced operators the on,r-
ion gained strength at the close that the
line Of least resistance was upward. Ex-
perienced operators may have been the
more impressed with the strength OF the
market because It was obliged 10 contend
against some unfavorable reports. Rv
D no means all or the more important part
OF the news was OF that character. but
at any rate II was rather novel 20 note
market insensible TO such figures as
were contained in the report OF building
operations for July. and 70 such a pro-
ceeding against the railroads as that OF
the application for reduced rates by the
attorney general OF Iowa.
? Decrease in Building.
The building figures. those Of Brad
street, showed an expenditure OF 81
$4,000 In July, as compared with Ss3.S44.OOO
IN June and S61 s2s.OOO in July of last
year. About half Of the decrease was
due TO a curtallment OF building opera
tons In this city. but thirty-two Of the
sixty-elght cities reporting also showed
decreases
The action OF the Iowa oficial further
complexities railroad rate situation that
was intricate enough before. But the
reason for this Indifference Is the steadily
growing conviction that in the long and
at times impulsive decline the stock mar
ket discounted not only every unfavor-
able development that has yet appeared
, in the business reaction, but many which
the pessimism Of the time greatly exag-
gerated, II IS. for instance. now every
where acknowledged that apprehensions
OF monetary stringency were taken too
seriously. and many a broker. who in
fright over the money outlook. made
heavy borrowings OF longtime money at
81 per cent. is now lending the same
money at call at : per cent. can com
ment on that mistaken apprehension