The Washington times., 1909-08-31
WALL STREET MARKET VERY DULL
AFTER MORNING OF COMPAR-
ALIVE STRENGTH.

NEW YORK. Aug. 51.-2 p. m.-While
The tone of the market is firm, there
hre practically no stocks whose huctu-
ations are worth noting. The forth
coming cotton report, Mr.. Harrimau's
condition, absence of room traders, and
other influences arc at work on the
market. provocative Of suspicion. doubt
and dullness. Most traders are I'M
willing to risk commitments, and the
trading is narrow n volume as well as
price.
The more active stocks are holding
well at the advance. just before the
noon hour and at this time there is no
indication Of the unloading Of stocks.
Most brokers are in a confident mood.
but afraid to venture until some OF the
doubtful matters affecting the market
are cleared up.
Market Opens Strong.
NEW YORK. Aug. S1-Noon.-Opera-
tons on the Stock Exchange during the
morning in general have been marked
by a show of strength al the opening.
followed by a recession. and this in
turn by a rally. AT this hour most
stocks are at about the opening figures,
which were fractions higher han last
nights closing. Business has been well
distributed today. and has not run to
specialties as nue. as formerly.
Copper may be taken as an illustra-
ton Of the general movement OF the
market during the morning. II opened
nearly half a point up at s45s, sold 10
IS. receded TO SIS, and at this time IS
At s4z. Reading passed through about
the same fluctuations. opening at 1904.
sold 20 161, lapsed TO 159A, and sold back
10 1904.
The Pacific roads have been less active
and have shown smaller fluctuations.
The market as a whole is steady with
usine at a moderate volume. Senti-
ment seems treasured by Mr. Harri-
mans statement. but there Is an indis-
position to take on commitments pend
ing the publication Of the Government
cotton report on Thursday which is ex-
pected to show a low condition for the
crop.
SHELTERS Show Up Weak.
American Smelling and Refining after
a strong opening and a considerable
further advance I'm the first few minutes
eased of on scattered sales representing
in large part the uneasiness Of light
wasted spectators over the reports Of
loss to the company through the foods
IN Mexico. Atchison showed a consid-
cradle degree OF quiet hrmness and ap-
peared 10 be bought in conservative cir
cles. where it was thought that the
declaration of the dividend now only
about six weeks OF would be a matter
or considerable bulIish import.
SOM uneasiness is felt about the sit
uation IN PittsbUrg. Miners OF the
Pfttsburg district fear a general strike
Will be declared affecting between $500
and 5000 workmen within g few weeks,
n an amicable settlement of the eXplo-
Eive question is not made at the con-
ference being held IN the office of the
Pittsburg o Company. The question
hut no agreement was reached and the
conference adjourned TO 10 O'Clock this
morning.
Southern Pacific Report.
Southern Pacifc's report for June and
twelve months ended June 30. 1909. Ia its
own commentary on the reserve power
possessed by these lines in periods of
business depression and the resultant
economies which must necessarily be
put 81 force at times when earnings
are showing TREMENDOUS declines.
Gross earnings for tho year ended
June 30, 1909. were reported as S120. 521.-
eN9 including the entire system proprie-
tarv and leased lines. This shows a re
ductton OF 100000 from the figures re-
ported In 1865 and S5,6)O.000 under the
record established in the year 1907. But
IN the face Of this reduction in gross
operating expenses lave beer reduced
no less than S8,S60.O0 making il possible
70 show an increase IN net OF $4,000
over 1908