The Newark star and Newark advertiser. [volume] (Newark, N.J.) 1909-1909, 1909-07-16
WALL STREET NOTES.

Uptown Scntiment-While the largest
Interests might not be disposed at the
moment to do much in the general mar
ket, 1t was believed that the stocks or
dinarfly the most active would con-
tinue to advance by small fractions. un-
der the leadership of Steel common.
Those who should be best Informed
among speculative interests said that
that stock should be bought on the
probable certainty of big earnings for
several years to come, and upon the
present strong position of the corpora
tion in every respect rather than upon
the probability Of the dividend being
doubled at meeting Of board to be held
this month. While pessimistic interests
claim that spectators generally are
we'll loaded with stocks, which they are
eager to dispose of upon the first well
sustained advance, it is claimed by
many speculative interests thai stocks
are not as widely distributed as some
observers assert, and that when the
larger interests and the smaller spec,-
iator begin to buy only In a moderate
way prices advance easily and rapidly.
Reports from New York and Cali
fornia indicating that E. H. Hartman
had authorized the expenditure of
millions for the identification OF the
Southern Pacific before taking steps to
satisfy Chicago's demand for the SUBJ
stitution of electric motors for smoking
locomotives on the IllInoisN Central
terminal were secuted yesterday by
Julius Kruttscnitt, director of main
tenance and operation OF the Union
Pacifc-Southern Pacific system.
Steel common was the DOMINATING
stock In the market yesterday during
the entire session. The fact that 5000
shares of common were traded In
fdurlng the first hour, with
1000 shares of Union Pacific, is signi-
ficant enough of the comparative ac-
tivity of these two stocks. and the
same comparison applies practically to
every other stock on the list. The new
high record established by Steel COM
mon naturally increased interest in the
stock n aroused further speculation
as to what might be lone by the direc-
tors at the meeting one week from
Tuesday next.
Traders read the interview with
~Stuyvesant Fish on his return from
Europe with more or less interest, but
his conservative attitude was scarcely
pleasing to those who are committed
to much higher prices. Conservatism
in a. bull market is a quality not
usually appreciated until prices begin
to tumble.
A O4~fA~ .,f ,ahtaI -
conducted on a broader scale than at
! n previous time this week, produced
increasing activity on the upward side.
While the stock market may continue
in its narrow rut. fluctuations In either
direction for a while may be expected.
brokers thought this morning. The day
to day trader should take advantage Of
the recessions to buy stocks for turns.
they said.
American Wooden stockholders meet
today to vote on increasing preferred
stock. The corporation tax will remain
In the tariff bill despite of opposition.
The New York Central is preparing q
financial plan for improvement.
President Ripley. of the Atchison,
says the fiscal year just begun will be
as good as any the road has had.
S%tuyvesant Fish says stock market
prices are too high, but does not look
for any immediate setback.
The American Telegraph and Tele-
phone Company will exchange New
York and New Jersey Telephone Com
PAM stock on a basis of share for
share.
Dun's Review tomorrow will say:
Bank exchanges this week at all
leading cities in the United States
amount to Ills, 141. 7S0, 24.0 per cent.
In excess of last year and IT per cent.
over the very large total of 1906. Bank
oIaa rims orc now larger than at the