The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1909-09-22

The stock declined from 1874, the high
of the morning. to los, rallied to 12S7s,
where II was two hours ago Then it
was taken in hand. and In the last
half-hour pushed up to 1875, a new high
record. The common stock did not rise
Win it. II is SIS. Rails show little
cnangs.
NEW YORK. Sept. 22.-Sendment IS
becoming more favorable TO reaction
in values There is a growing leaning
toward the belief that some Of the
largest interests IN the Street have Iqul-
dated and some hint that even the
Hartman holdings were well sold even
before the passing Of the magnate. some
of the best informed men on the street
have advised their customers and rep
resentatsves IN other cities 70 keep out
of Union Pacific. Others have recog-
nized the market as a trading proDo-
sition, with halted upward movement.
Perhaps the short interest has been
increased but not 10 any great extent.
It IS given out that Pennsylvania is
20 increase it's stock from eighty to a
hundred million dollars. and as a result
the shareholders are to be given valu-
able rights" Naturally. Pennsylvania
was given an active movement, but
the bears read therein an effort 10 make
a selling market elsewhere.
A promise Of gold imports Just as soon
as the cotton movement begins is also
part OF the days gossip, bankers holding
that the demand viii be urgent. and
that not even an advance IN European
bank discount rates would check the
flow this way. The balance Of trade
has been against this country.
Support Indications.
There were indications here and there
Sn the noon hour that the market was
finding some support, especially when
there were indications OF the declines in
creasing. The favorite were Pennsyl-
vania and St Paul. and it was through
these shares that the bulls appeared &c
be working TO the neglect of the Harri-
mans all the old leaders. Southern Pa.
Cific. Union Pacific, Illinois Central, and
New York Central being easier. The
Fries were weak, Southwestern shares
little easier. lndustrials fairly steady
with the GOulds showing no disposition
worthy of comment one way or th'
other
Slight Recoveries.
Under the influence OF buying orders
well distributed by support there was
some recovery during the noon hour
But higher prices sin meet more selling
Shorts are appa -ently satisfied with
their position and have not displayed
any activity in covering.
Southern Pacific started at 1928. add
cd 4 70 this price then dropped to 18l1-
with a slight recovery to 1874. Union
Pacific started we'll at a sharp advance
at 2oslk. but II was the high, and there
after the price reacted TO 2O4ls, net e
loss. Illinois Central the third Harri-
man. lost ~ points, TO 152&-
Reading Weak.
Reading was weak. A loss Of s5oo,ooC
in earnings for 1905 was followed by
heavy selling OF L,ehigh Valley with bad
effect on Reading It opened at 171E
dropped to 16S. and recovered q Of g
point
New York Central was ex-divident
and did not decline only fractionally
The Hill shares were easier. Northern
Pacific especially being weak. with :
break OF rs TO 1876 Great Northern wa,
q point lower with some recovery.
Republic Iron and Steel was about th'
strongest Industrial. though Westerr
Union was good second. The former
rose IL points. Smelling and Copper re-
manned reasonably steady Steel com
mon was active at s. TO S6A 10 S41z q
s.. being also very erratic. The preferred
was also uneasy but held fairly well
Trading was heavy here as elsewher'
az times. thousands shares at a sale be
ing very frequently recorded.