The Washington times., 1909-07-21

UNION PACIFIC AND STEELS WEAK.
OTHER STOCKS WERE STEADY.
NEWS OF DAY.

NEW YORK, July I.-The Street took
decided breathing spell after the Gus
tomary strong opening. It looked very
much as If the large financial interests
and the magnates had put on the brakes
in order to check the bull operations,
at least temporarily. London was de-
cidedly firm In tone and Union Pacific
was quoted there at 199Ia. The passing
of the French cabinet has caused some
belief that the listing of Steel common
may again be taken up. but it is more
than likely that the turn down was for
good and all. The weakness in Steel
was perhaps the most prominent sign
Of reaction in the whole list, and IT was
the one thing that inspired the belief
that il was being fed out 10 check an
upward movement Both the common
and the preferred were unloaded with
more or less freedom for a point reac-
ton. The preferred stock has long
ceased to be a. speculative security, and
the selling here evidently represented
the liquidation of a strong account.
While there were concessions here
and there throughout the rails thsre
was nothing at all indicating general
weakness. The undertone of the mar
ket was certainly satisfactory to the
bulls and the buying orders az limits
slightly under the market were large.
There is a possibility that the prospects
for free ore may have something 70 40
with causing the easier tone III the Steel
shares. 1t is understood that the eN-
istence of a duty on ore would be rather
against the independents, ana eSpeclatiy
the Bethlehem people. Because or Lnelr
MeSsaba and other ore lands, the steel
. 4 rr.ssfs fftr
However, the big corporation should De-
and probably is proof against any serl-
GUS competition, The Fitch IN the -aflI
matter can only be settled by mutual
concessions.
Insuring Harriman's Life.
London stock exchange members who
are operating in Americans have com
menced taking out insurance on the
life of E h Hartman, the rate beslg
"a per cent The story also comes
By cable that the eminent railroad mag
nate has commenced to disregard his
physicians orders, playing the market
wide open and from both ends.
The news of the day was not espe-
cially important. Baltimore and Ohio
earnings for the fiscal years ended June
80, 1909, show approximately $50 per
cent earned on The common stock sui
hcient to pay the common dividend and
leave a surplus, almost sufficient to
make good the Sl,353,O00 deficit of the
fiscal year 1905.
When Union Pacific reached 1990199lz,
Il met cousidera BILE pressure and. reacted
10 1872 with a recovery TO le8k, OF an
eighth above the closing price Of Tues
day. Southern Pacific lost = net. al
though at one time it was = lower ST..
Paul managed 10 hold its Own after n
break of = point. Reading was weak.
Tt broke 10 155 from a point above this
price, and did not show any recovery.
Missouri Pacific and New York Central
were 190ss higher. Everybody expects
the Goulds TO come TO the front in TIE
near future. New York Central is
tipped as one Of the best stocks for an
immediate rise. Norfolk and Western
on big earnings and probable increase in
dividend is another faVOTite. The divi-
dend was reduced last year. ana VIII
be replaced At the old rate very sG0I4.
There was comparatively little change
Ia the industTials- InterbOrO preferred
lost a point.
To the early part OF the noon hour
there was some Improvement, but it did
not last and well into the second hOir
OF the afternoon the market was a bit
easier, Ualon Pacific being The weakiing
while other stocks, while soft did not
sustain serious declines. Union Paciffc
dropped back TO 1885, loss OF = net.