The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1909-09-13
MARKET WEAK EARLY, GROWS FIRM
WITH A GOOD UNDERGONE IN
GENERAL LIST.

tinued TO show a better tone, with
gradual betterment in values. The shorts
DO not appear 10 care TO take any
chances. and the manner in which
prices have been advanced on them in
dictates that there is but little stock
pressing to a sale.
Union Pacific is now 2o4Js. but = point
away from Saturdays close Southern
Pacific but p off. or at 1865. St Paul
has actually added 81 net advance In
ion Pacific preferred is about the weak
est stock on the list. being over points
off. steel common is 1915. a y net ad-
vance, and tho preferred =. lower than
at the close Of last week
The promise is for a fair closing.
NEW YORK. Sept 13-1n one way
the market was satisfactory. and that
was in the lessened volume Of business.
The waiting atmosphere was welcome to
the financial interests as well as 10 the
commission. and brokerage houses. The
Street seems to realize that it is more
than likely that prices viii find a new
low level-perhaps not 10 such an extent
as IL did on THURSDAY last, but as com
pared with present prices. 1t is admit
ted that the market has lost its greatest
velop another with anything like the
temerity that its late leader possessed.
Under the circumstances IL is but ma
tural that the purPort OF the gossip that
comes out Of Wall Street is of the most
conservative character. Margins that
would have been accepted with thanks
three weeks ago, would be declined to-
day. The trend of things is still de-
cidedly uncertain. Matters are shaping
themselves slowly. and, until the align
s-r h
tons. il ought 10 be a case of pull close
20 the shore.
While the opening was attended with
2 general trend toward lover values.
there we're better recOVeries than might
have been expected, all things consid-
cred. and the net losses up to the noon
hour we're Ey no means serious. Indeed
the market presented all the appear
snces OF narrowing down.
Going Slow.
The best advice obtainable was 20 the
effect that financial circles, because of
the lessening surplus In the banks would
welcome a decreasing volume Of trade
buying on slumps and selling on bulges.
II is an old, wear-worn policy, but IL is
apt just at present, and any strength
is likely TO meet with actual liquidation
on account OF insiders.
Breaks Then Receivers.
The market broke at the opening. the
worst decline being in Union Pacific.
which was ex-dividend 21a per cent, and
was 21a points additional lower. From
there 10 recovered TO 20Ii and was back
20 204lt, making a drop Of barely point.
The shorts covered Quickly, evidently
not caring TO take any chances with
their luck Southern Pacific opened rs
of at IS. eased to 1854 and rose TO 126la.
a . net loss. St. Paul recovered all of
its early gain.
The whole list was weak early. and
Ike the leader practically everything re-
covered in proportion, Reading taking
the bit In It's teeth and running the
shorts in at an actual advance Of = of
point; 60
was slightly lower. not seriously of.
Hills acted well, although Northern Pa
cifc lost Z and recovered all but a Of
its decline. Gould stocks were COM
palatively steady. save Western Union.
which report saws has passed to the
control OF the American Telephone and
Telegraph Company. Here there was a
4 point rise, unusual. unexpected, and
record breaking-but warranted II the
rumor be true.
Metal stocks were decidedly weak.
hut they recovered with the rest OF
the list. Copper lost IL with a = point
recovery. Smelling strong. Steel COM
mon opened q Of. rose TO 1874, only a
traction below Saturdays close. Pre-
ferred point off.
NdHdulan racine 1913 report records
a continuation Of the decadent tendency
OF earning power as evidenced by the
amounts available for dividends which
has been prevalent for some years past
In the year just ended the road earned
So per cent on its common stock: in
1895 the figure was 100 per cent: In 1907
l37 per cent. and in 1906 1AI per cent.
Yet. strangely enough. Canadian Pacific
broke all records for big gross earn
ings. They amounted 70 over $4,000 600
an increase Of 100000 over the pre-
vious period