The Washington times., 1908-07-30
STOCK MARKET
TURNS VERY DULL
Firm Opening Weakened by
Sales on Profit Ak
ing Account.
QUOTATIONS RALLY
AT A SLOW PACE
Announcement Made That George
Gould Will Issue Statement
Late This Afternoon.

NEW YORK, July 3O-The New York
stock market is dull and very unsteady
today. There is little news Of import
ance, beyond the rumors that the ne
gotiations between the Hartman and
Gould interests are pro. ressing satisfs =
torlly, and Will probably END, as d. es
the summer novel with the principal
Characters welded and happy ever q fIer.
The inference is from the behavior OF
the market through the forenoon that
the decline in prices has spent itself
and that there will be another upward
swing Of the quotations more or less
pronounced.
At the opening. Kansas and Texas
was = higher, Copper, y, and IN all, Is;
Canadian Pacific and Reading, q: Bal
tmOre and Ohio and ST. Paul. "a, and
Smelling, Erie common and Northern
Pacific, = higher. Wabash preferred
unchanged; Pacific Mail opened q low
er; Union Pacific and Southern Pacific
unchanged Great Northern preferred
opened u higher; Pennsylvania cpened
Is lower.
In most instances the initial gains
were wiped out during the first hour by
prOht-tsking.
Copper Stocks Strong.
The Copper stocks continued strong,
owing to the improvement in the Cop
per trade. Amalgamated was the
strongest stock on the list, rising nalf
point TO its previous high record at
40. Canadian PACING advanced 10 a new
nigh record Of 111n. This was a gain
OF = of point from its closing price
last night The Steel shares. Reading,
and Union Pacific We're also strong, Al
though they showed no material change
IN prices.
\ jump Of points in Lackawanna
attracted attention. The whole market
seemed 10 be awaiting the official an
Houncenent promised today Of how the
SN,Uou,eCu OF Wheeling and Lake Erie
notes due Saturday would be taken
care. The general belief in the Street
this morning seemed TO be that a syndi-
cate composed Of Kuhn, Loeb &, Co
and Blair x Co. would advance tht.
funds TO the Wabash railroad to take
up the notes.
eNldenceS or prOf1t-taking. Announce
nIent was made IN the foreign market
OF tne failure OF jObber in American
stocks who is believed 70 have been
snort or shares Of the United States
SteeI corporation The Bank Of Eng
iandS minimum discount rate was M
cnahSed- On the curb market trading
" ''S larry active with prices steady.
Brokers in a Waiting Noel.
With dull market all the morning
brokers were IN a waiting attitude ar
noon. when it was anncunced that a
statement might be expected from
George Could, after 3 o'clock this At
telHOon anCut the negotiations under
way with reference to his railroad prop
critics This gave Wall Street little
satisfaction, as the Statement would
not be available for purposes Of spzcu-
laton during the session today.
The impression here IS that GouII
VIII lose control OF the Lake Erie and
Western. and that Hartman VIII here
after control il.
Considerable interest attaches to the
operations today in Lackawana which
opened This morning at sos and during
the morning hours sold UP TO 5l3.
About the only other feature Of The
market worth mention was the EFFORT
made by room traders for a break in
Union Pacific, but they were able only
to cause fractional declines in "the
stock All their offerings were we'll
taken and TO break ensued.
The tone Of the market Is less assu--
ing than in the early days Of the week,
but late this afternoon It was inpos-|
Eiblc TO predict which way the market
might GO Prices were very firm, but
the trading was limited and almost ex-
CluSively Of the professional kind
The market hardened somewhat in the
last hour Of trading and closed strong
on the lower level for the day. Some
stocks. notably Canadian Pacific and
Tennessee Copper made full point gains
over the opening figures. Indeed the
strength of copper shares was the
feature Of the days trading
At the close the market was brighter
than during the greater part of the day.