Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-09-08
STOCKS DRIFT TODAY
Trading Apparently Aimless in
New York.
ALL EYES ARE ON ARDEN
Meanwhile Spectators Wait and
Do Little Else.
GENERAL TONE PRETTY FIRM
Money Market Developments Are
All in the Direction
Of Ease.

Special Dispatch to The Star
NEW YORK, September S.-Stocks drift
ed more or less aimlessly throughout the
greater part of today's session. Until
well into the afternoon the tendency was
from early irregularity to lower prices.
Business was of a desultory sort and
considering the long intervals Of approx
mate stagnation 1t was astonishing that
the dealings amounted to the aggregate
which was recorded. AS matter of fact
the range of interest was decidedly mar
row and the transactions in a few issues
accounted for the bulk Of the days deal
ings.
Apparently the market waited upon de-
velopments at Arden or in those ofnces
here with which Mr.. Harriman's active
career has been identified. 1t was a reas-
enable assumption that II Mr.. Harriman's
condition were critical. preparations
would not be neglected. to cope with con-
tingencies. but In the absence OF definite
information or authentic Indications, the
stock market itself reflected a waiting
mood in the Wall street community.
The opening was in marked contrast
with yesterdays violent downward
tional changes from last nights closing
figures. The average of these inclined to
advance. but in the subsequent dealings
the initial irregularity became more
pronounced. and late in the forenoon the
market was distinctly softer. During the
noon hour to the accompaniment of pes
simistic rumors about Mr.. Hartman. the
market slid of to a level, q point or so be-
low last nights close. From this there
were moderate and irregular recoveries
in the early part of the afternoon, but
the trading lacked snap.
Features Of the Trading.
Particular price movements were not
without features of interest. In the early
afternoon the market was strong for
Canadian Pacific. American Cotton Oil,
American Agricultural-Chemica Ameri-
can Tobacco preferred and Pittsburg Coal
At the same time Brooklyn Rapid Transit,
Reading, Rock Island and Amalga-
mated Copper were Arm. Southern Rail-
way was steady In contrast with the
preferred stock.
Throughout the greater part of the
session Pennsylvania was notably diff
cult to depress. and U. s. Steel COM
mon. although made the target for
vicious. not to say scurrilous, attack
by a Boston pamphleteer. displayed the
same characteristics Of resistance to
pressure which have marked its course
lately.
Union Pacific preferred broke with as
in which ii has held above the level OF an
investment issue. but the other Hartman
stocks, whether because of support ex-
tended or not. displayed on the whole a
strong undertone. The so-called Gould
issues were apparently more affected than
anything else on the list by the possibility
that Mr.. Harriman's active career was
over. Missouri Pacific was without doubt
the weakest stock in the market, and its
weakness was at least alphabetically
reflected by Texas and Pacific and Wa
bash preferred.
All Eyes on Arden.
The direction Of attention toward
Arden more or less precluded the di-
version of notice to other matters Of
marketwise consequence. These. how
ever, were more or less Of a routine
sort barring the announcement that the
Cuban loan OF Az per cent gold bonds
had been largely oversubscribed. a fact
which testifes to the existence Of an
investment demand at attractive prices.
Money market developments were. II
anything. in the direction of ease, but
just at present all Characterization Of
monetary conditions are relative. The
market is quite stagnant, and lending
rates are firmly held.