The Washington times., 1909-06-30
HALF POINT DECLINES NUMEROUS
WITH FEW SLIGHT GAINS.
STEEL WAS WEAK.

NEW YORK, June 30.-It becomes
more and more evident every day that
an. advance, if there is one, must be
led bv the Hartman stocks. It Is prac-
ticaIiy the only leadership that has the
confidence of the Street and is equaled
in confidence OF traders only by a move
ment liable to development any minute
in United States Steel. Just at present
there is an air OF mystery about the
Southern Pacific Railroad Company and
its plans 1t is being privately tOuted
as about the best thing on the list TO
buy and predictions of more or less
Important news to be given out this
week were numerous. Many traders
that turned an honest dollar in the
Steel, common, shares yesterday trans
ferred gin accounts back of South
ern Pacific trades today
Steel Easier.
The prospect Of labor troubles caused
something of a setback in the Steel
shares, this time the tin workers being
up in arms against an open shop. It
doesn't seem as if much of anything
but lack of orders can materially in
Jure the Steel Corporations position It
is solid. and the taking of liberties with
its shares has sent many a bear looking
for the remnant of his bank account.
Officials OF the corporation expect to
avoid a strike. The Government call
from its repositories for S25.000000 VIII
have no effect in the money market.
Bull tips on Erie given out at the
close of Tuesdays market had some
little effect, h-point rise, due to the
statement that three new directors
would be elected and some statement
Rock Island showed good strength in
response to the splendid corn weather,
and the expectations of a crop or
5000, 900 bushels based on present
age. Crop reports generally We're IA
vorable, but they had little effect on
the list SO far as the grangers are
concerned.
A Powerful Influence Needed.
The market has reached the stage
where manipulation or positive news of
some character is needed 10 jack prices
higher than they are.
Stockholders of Kansas City Southern
yesterday voted to put out 81. c90.0 600
refunding Improvement bonds. The IN
serboro- Metropolitan were refused the
privilege OF a further bond issue by
the Public Service Commission, this
having much TO do with checking the
advance started yesterday morning.
During the first two hours of trading
the volume of business was moderately
large. letting up just before the noon
hour. Prices eased of from a firmer
opening. and then came again with
some gains. none worthy OF special men
ton, with the exception of Southern
Pacific.
During the noon hour the list settled
back TO complete dullnesS Everything
became easier settling down. with the
exception OF Southern Pacific. on which
the Dull tip was quite general by this
time. Preferred Steel also responded
fairly well as to holding its recovery.
Declines.
The declines of the morning were
chiefly noticeable IL Steel common,
which started at 6sss. the fraction be-
ing an advance. Then it dropped TO 6Sis
and made recovery TO es5s and of to
eS% again. The preferred acted better
opening at 1858. dropped to 1854. and re-
covered TO 1257s. holding firm. Other
metal stocks generally slightly lower
IN the rails Southern Pacific gained
and held = Improvement. St. Paul.
Reading. Pennsy. Missouri Pacific. and
many other stocks slow and steady.
Union Pacific made z gain and held g
net. New York Central lost %. Balti-
more and Ohio y, Denver =. Great
Northern u on a decrease in earnings.
while Nipper gained y.
Very Dull.
In the noon hour the market was just
about as duh as possible. Il is liable
20 improve in the last two hours OF the
session. but spectators generally are
disposed TO wait some incentive before
giving the market much attention.
During the second hour Of the after
noon the changes in the market were
not at all important, averaging perhaps
- OF a point above the low prices OF
the day, this change being general
There was TO Increase IN the volume Of
business, and the indications entering
the last hour OF the session were rather
indicative of a slow and easy closing
unless some Of the early short sellers
rush TO cover on the scalping profits
offered by the declines.