Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-07-28
New York Stock Market
Falls Off.
BREAK IN MISSOURI PACIFIC
A Sharp Rally Follows Soon After,
However.
GRAIN MARKET IS DEPRESSED
Statement From George ]. Gould One
Cause of Reaction-Lots of
Gossip Afoat.
Special Dispatch to The Star.

Special Dispatch to The Star
NEW YORK, July 2S-Opening firm the
stock market underwent a general reac-
ton. which was mainly in sympathy with
break of three points in Missouri Pa
c1fc stock. The market quickly rallied
however. and later rose extensively in all
quarters
Even Missouri Pacific recovered practi-
cally the whole of its large loss. The
drop in the latter stock was not clearly
accounted for through any specific devel
opments. 1t was probably in a great
measure due to the statement made by
Mr.. George ]. Gould upon his arrival in
this city that he was not aware that any
provision had been made for meeting the
100000 of Wheeling and Lake Erie
notes maturing August 1.
The recovery in the market was to no
small extent attributable to very sharp
rise in the Erie issues. The movements
in that quarter at once set on foot va
yious rumors to account for 1t. One was
90 the effect that Erie interests would aid
in financing the Wheeling and Lake Erie
and the Wabash Pittsburg terminal re-
quirements and would receive In ex-
change the right to utilize those lines.
Another report had 1t that the actual
control of the so-called Gould properties
had passed into the hands of interests
dominant in the control of Erie. and that
the latter company would be utilized as
the eastern outlet for the Gould system.
Naturally no specific confirmation OF
these stories could be obtained, but the
view has prevailed for long time that
outside interests have obtained what con-
stitutes virtual control of the old-time
Gould system.
A Great Deal Of Gossip.
The situation today was otherwise I'M
usually replete with matters of tmpor-
lance. These could not. however. be
classed altogether upon what might be
culled the constructive side of the ac-
count There was. for example. good
deal Of unfavorable comment upon the
advance notice given by the interstate
commerce commission that any attempt
freight rates would be closely scfutinized
and apparently from an unfriendly point
of view.
Anticipatory discussion with regard to
the purport of Mr.. Tafts remarks IN &C
cepting the nomination for the presi-
dency was very keen. and while divergent
opinions were entertained as to the char
acter OF the document, it was the general
disposition to assume that it would have
a strengthening effect marketwise
A very sharp break in the grain market
likewise attracted much attention. al
though the movement there appeared 10
represent the suspension or abandonment
of manipulative processes ratner IMAM
any real developments in the agricultural
situation.
The United States Steel stocks were
prominent features of the market through
out the day In advance Of the publication
of the quarterly statement of earnings
and the declaration of the quarterly divi-
dends. Estimates as to the earnings Tor
the quarter ranged between $7.OOOVU and
$19OOO.OOO. The regular quarterly divi-
dends were declared upon Union Pacific
and Southern Pacific stocks somewhat In
advance of the usual period.
An initial dividend was reported de-
clared on Utah Copper, and was followed
by quite a rapid rise in that stock. 1t may
be seen from the foregoing that the Wall
street community had many matters to
discuss during the course of the business
session. and upon which to base their
ventures.
Strong in London.
American stocks were decidedly strong
in the London market, and foreign houses
were quite liberal buyers here. notably OF
the Erie and Canadian Pacific shares. An
other one of the days runors attributed
the strength of Canadian Pacific to alleg-
ed negotiations looking to the control Of
the Boston and Maine railroad.
Money market and foreign exchange
circumstances showed no substantial al
teration. The subtreasury Gas again a
large creditor at today's clearing house
settlement for the second time In week
for the reason that the Central Pacific
railroad anticipated the payment Of its
note to the government falling due Feb
ruary l next
London Stock Market
LONDON. July 2S-The late afternoon
stock exchange market was steady. but
extremely sluggish. owing to various in
fuences tending to the restriction of busi-
ness. Many brokers were away at the
Goodwood races. and the impending Paris
bourse settlement and the tendency Of
the stock exchange holidays next Satur-
day and Monday contributed to create an
indisposition to speculate. Consols sold
UP to S67s. a shade above last nights
close. Home rails made gains of q quar-
ter to three-Quarters per cent on balance.
American railway shares showed an un-