The Washington times., 1909-08-04
STOCKS COMPARATIVELY STEADY,
WITH SENTIMENT INCLINED
TO BE BEARISH.

NEW YORK. AUG. a. p. m.-Condi-
tons did not show much change during
the second hour of the afternoon. Here
and there a weak spot or strong
spot developed, but the changes were
actually immaterialIy and up to this
time the days losses have not been
IN ratio with the prevailing bearIsh
sentiment. Union Pacific is now 2g'
Southern Pacific 1855. St. Paul l5sl4'
Steel common IS, and the preferred l-s
There isn't much activity, but the I'M
dertone of the list is fairly good.
NEW YORK, Aug A-EveryOne was
talking of a reaction, expecting turn
downward IT was IN the air, probably
more than in the actual trend Of the
market. "A modest reaction the room
traders called It, and yet there were
many stocks that did not so OF from
yesterdays closing, some that were &C
tually hrmer, while the declines at the
worst were very moderate-that Is up
to / o clock Yet it was evident that
the large number of stOp-lOss orders at
levels slightly under the current levels
were a menace to the bull operations II
there had been the necessary. courage
on the part of the bears to make a con-
certed effort to get these stops. But
there isn't much of a bear size to this
market Most traders admit that it is
high time that there should be reac-
tion-that it is overdue, but with stocks
firmly held and the crop reports as en-
couraging as they are and wheat and
corn prices on the down grade 1t Is
hard TO make Roadway on that side.
There were some stocks that were bit
easier than others, but these more or
less prominent weak spots seem to re-
cover their strength after the nquida-
ton had proceeded well on toward me
noon hour. Reading was one of these
weakltngs, breaking to 160S4 from 1922,
but it recovered 70 1914, a bare = point
net loss.
At one time many of the stocks were
q little better than at the closing on
Tuesday, this betterment coming shorty
after the opening. In many stocks the
loss consisted OF this earlier rise rather
than as compared with the finals OF yes
terday. Thus in the first fifteen minutes
st. Paul, Pennsylvania, Steel preferred
Missouri Pacific, New York Central, and
Union Pacific all developed strength as
did Illinois Central and Interboro pre-
ferred.
Sentiment Favored Reaction.
sentiment seemed 10 FAVOR reaction
Room traders believed that there should
be a modest downward trend despite the
fact that conditions generally are re-
garded favorable. the tariff session is or
the eve of an ending through successful
elimination, and railroad earnings are
keeping up TO expectations. No one eX-
poets that any reaction viii be serious
but the time has come when certain
amount of unloading may be expected
and the leaders are liable 10 star
milking at any time
Some Changes.
Southern Pacific lost Y, and regainec
all but 4; In like manner was the actor
in most Of the leaders. St. Paul, how
ever. was decidedly strong at one tins
being a higher, but 4 Of the advance
was lost. New York Central gained q
and lost it, Missouri Pacific gained Z
and lost it. Union Pacific did the same
Great Northern was actually = lower
than last evening. Atchlson was a on
Southern Railway lost g. Ontario anc
Western was = on
IN me indusJrials the weakness was
more evident, but this was nothing moro
than a prOf1t-Iaklng movement For
week industrialsh have been going higher
that they should go the other way IS n'
SUNRISE. At that the declines were IN
Significant Steel common iost y and th'
r1raferrad about the same fraction. Cop
per was y and Smelling y lower
Other industrials slow but relatively
steady.
poor earnings.