The Washington herald., 1916-08-11
REACTION HITS
new YORK LIST
Setback of Strictly Technical
Nature Experts Look for
Values to Rise.
CBy the International New, service.)

New York Aug 1O.-ACtion OF the CtOCk
market today was in perfect accord with
the theory that values are rising. After
the advance Of the last few days and
particularly that Of this morning and
yesterday afternoon. reaction was log
ical and it came. This setback was strict
" technical II Is due TO the fact that
many short contracts were covered on
the advance and that pront-taking was
engaged in by those who had been ac
cumulating stocks.
Although the reaction needed no other
explanation. Wall Street was not salts
fed. but had to invent a rumOr that the
Austrians had sued for separate peace.
That rUmor got brokers excited in the
last hour and they told one another that
It was their reason for selling stocks,
whcih they knew was not so.
Another rumOr not quite as absurd was
about early in the day. It was to the ef-
feet that the allies had proposed to pur-
chase the entire output OF American cop
per companies for the calendar year Of
-al7 at q cents a pound. Wall Street
playfuLy suggested that the allies must
be afraid OF the blockade being broken
by the U-liners and were TO buy all tho
copper lest the Germans get it by sub
marine.
Nevada Consolidated earned at the rate
Of S972 a share and sold its copper at an
average Of 27.23 cents a pound. II sold
at ST a share n the market That IS
Il is earning - per cent OF its market
price. Utah Copper sold its metal at
2613l cents a pound, earning at the rate
o. q per cent OF its market price. Chino
Copper sold its metal at 26I6S cents
pound. earning so per cent OF its market
price. Ray sold metal at y 067 cents a
pound, earning s. per cent OF its quoted
price.
steel Tonnage Declines.
steel reported a reduction in tonnage
for the month Of 1866 in untitled orders
Some traders told themselves that they
ought 10 sell on this so steel reacted a
dollar a share. As a matter Of fact, the
Steel Corporation has 0vertaken con-
sumption TO the extent OF only about six
days in two months.
Wheat was a performer early in the
day. making new high records. Septem-
Der sold Up to *l.46 IL. which is IS IL
cents a bushel above the price quoted
on July l for the same option At the
close of the dIy the United States gov
ernment let Il be known that any pools
attending to take advantage of the pres
ent disastrous condition In grain would
be promptly prosecuted
Some specialties wer" pushed up today
bu- nearly all fell back again. Marine
II IfTreu MADE a nlEh record Tor the
movement. so did American C'an. Baldwin
Locomotive and Railway Steel Springs
i correction with Baldwin 1t IS re-
ported that the company plans to sell its
real eOtate in the heart Of Philadelphia
= would increase the efficiency of opera
tiOns by doing all the work of the con-
-e-n az the rev plant Al Eddystone, a
few mIIes from the CITY. As sOnD as n
shift Of business is made the production
cost will be reduced.
Some important bankers said TODAY that
While they had been expecting the market
20 improve, tho sudden burst, following
tn crop report, took them by surprise
and they felt that the beginning Of the
hig campaign could he more orderly.