The Washington herald., 1910-07-30
WALL STREET NEWS
Reaction Follows Two Days
of Market Advances.
INVESTMENT BUYING is SEEN
Foreign Capital Picks Up Many MIL
lions of Cheap stocks-Weakness
Follows Announcement that Atlas
Portland Cement Dividend Was
Passed-BanISu Show Gains.

New York. July 29.-In the two marke
sessions previous TO to-day the averag,
price Of stocks had advanced more thar
s. a share. The recovery had more thar
made good the losses sustained Monday
and Tuesday. and had made good about
tyo-thirds Of the loss In the entire two
weeks preceding the end Of the trouble:
OF the Pearson syndicate In view OF
the rapidly Of the recovery. a reaction
to-day was not at all unnatural.
Most brokers and specialists. indeed, ex-
pected a reaction to-day. and whatever
surprise was Occasioned over the action
OF the market was over the fact that the
reacuonary movement was feeble. Lon
don sent over higher prices in the morn
Ing and at the opening here the market
briskly continued the advance of the two
previous days, short covering contrlb,r-
ing somewhat as in previous days. 10
the upward movement.
Investment buying.
But there was also good. healthy in
Yestment buying from persons OF both
large and small means. and il IS now evil
cent that the break in the marker this
week has been followed by more substan-
ual investment buying from the outside
puohc than has any other Of the long
series OF market breaks this year. For
elsn investors have picked I'D many mill
mons OF cheap stocks until now n feature
or the country's export trade may be said
TO be shipments of securities across the
Atlantic.
Inc sales have made exchange more
decidedly in this country's favor. sterling
rates declining again to-day. and have
made certain the prospect Of further gold
importations from Europe. The response
OF investors here to the cheap prices was
not as prompt as was that abroad br4
.o-uay and yesterday commission houses
oid very satisfactory business.
only Tor a brief period TODAY d,d the
market snow any weakness or vaciIIa-
uon' That brief period followed the an
hcuncement that the per cent DIVIDEND
on Atlas Portland Cement had beep ,ase
co ana maximum decline Of eight
points IN the common stock of the sloss-
sheffield Company to the ACCOMPANIMENT
Of reports that a decrease in the divi-
dend on that stock would be made 9TH
erwise. the market presented a vigorous
appearance throughout the session
1here was relaxation Of the nervors
tension Of previous DAYS OF the W.
The trading was less active. oaImar
more orderly, and composed.
Crop Report Mixed.
Crop reports were mixed. Cotton wos
somewhat stronger and some Of the
weather reports were unfavorable on
the other hand. wheat was weak and
corn distinctly so. Il IS the condition
Of corn that IS watched most closely. and |
scattering rains in some Of the most 4
parched sections Of the West relieved
some Of the apprehensions that have
been felt regarding that crop. It Is evil /
dent, however, that much more moisture /
must be had at not distant date II the
corn crop is 10 be saved from consider /
able damage.
The banks have this week gained !
again from the interior and on the gold
movement from abroad, but the bank
statement may show an expansion Of !
loans, due 10 the activity and strength
Of the stock market. II is. nevertheless.
expected that the bank statement will /
show a considerable increase in surplus
reserve.