The Washington times., 1909-10-27

NEW YORK, Oct T.-2 .. m.-Market
Is moderately active and fairly steady.
Union Pacific is now 1885, Northern Pa
cific, 14524; Southern Pacific, l27Jz; Mis-
souri, Pacific, 677s; Pennsylvania, 1878;
Reading 1905, and Steel, common, SIS.
The best strength is in Union Pacific,
which is but 4 of a point of from high.
NEW YORK, Oct. 27.-Following the
opening stocks made average gains Of
Iid1a point At the top OF this strength
there was general liquidation, and from
1910 to 10:40 there was a steady recess
sion that not only wiped out the gains
but brought y point at declines mere
and there throughout the list
The quarterly report Of the Steel Cor
pOration was satisfactory TO the imam
cial interests, although some Of earlier
predictions had made the unified ton
mage greater. Conservative operation
OF the. great corporation Is still the pol
icy OF the management and the setting
aside for extraordinary depreciation,
construction, improvements. and better
rnents was on a liberal scale-$1O. O0O,00
The net earnings, after paying the pre-
ferred dividend, left S17.23S, l2S surplus,
almost enough to pay the per cent
dividend on the common stock for
year.
The restoration of the per cent rate
on the common stock was all that could
be expected. The net earnings, after
deducting all expenses incident TO the
ordinary running of the plants, etc,
fixed charges maintenance, employes'
bonuses, etc, tOtaled S5o,24o,yUis ana TINS
for July. August, and September
Stocks Go on, Meeting Support
Following the usual habit Of discount
ing the good things. there was large
selling Of Steel common Immediately on
the strong opening ana this was largely
responsible for the sharp decline. 1t de-
veloped that the insiders were ready TO
support Steel at a little better than IS,
and the result was a turn for the better,
not only in Steel, but throughout the
entire list, and before the second hour
OF the session was fairly under way the
declines had been recovered and ad-
ditionaI gains on the average.
With the recoveTles the market quoted
down Tie volume of business fell on
materially, and in the dullness reactions
OF E61A point became quite general
throughout the list
During the noon hour the market again
got under way, with both activity and
strength, the outside prices OF the
morning being restored and IN some
cases additional bettermenIs established.
This time the market had two leaders,
Steel common and Union Pacific, the lat
ter being most prominent, as IT again
touched the 200 mark, but could not
cross T. gong uack a llllit from the
top. Steel common rose 10 s., a net gain
OF point Tor the day with but slight
recession.
Here and there throughout the list
there were special evidences of strength
Northern Pacific. which has been very
weak moved up point Southern Pa
clilc found plenty OF buyers and rose 10
12l44 ia net gain. Pennsy Joined the
favored list Smelling surprised its
friends with an advance 95Ja and Sugar
came with an Improvement of 2IS points
Sentiment at Variance.
Sentiment is greatly divided on the
future of the market. Many close OBJ
servers are Of the opinion that there
viii be but a see-sawing back and forth
until about the end of the first week
in November, when financial conditions
are easier. Others are favorable TO q
recovery now. and still a third set
favor the theory that further llquida-
ton win meet every strong point
Once more the gossip is busy with
something coming in Union Pacific. It
is said that the money market is the
one thing holding IN allegiance the anti
Cipated announcement The gOssips
find in the enormous cash resources
of the company pOrtentous signs Of
something coming, but there is no hint
of the something"
InterbOro- N etropOlitan is strong. Il
is believed that the elections on Tues
day will result in favorable develop
ments for Interboro. It was stated that
the election Of Judge Gaynor would re-
suit in the system invading Brooklyn ia
q large way. Other gOssips say good
results are likely to come 10 the system,
no matter who is the lucky candidate.
Our stocks showed no definite trend
in London, although most OF the quo
tauons were a bit higher. The fort
nightly settlements were proceeding
without a hitch, and speculation was
quiet There are some indications OF
easier conditions IN the money market.