The Washington times., 1909-07-02

without material charge in values or
in the Volume of business The under
tone was strsng. and it is more than
likely that the close viii he active and
higher on short covering.
NEW YORK, July 2-There was a
moderate degree of activity in the stock
market Immediately following the open
ing The size of the Delaware and
Lackawanna melon sharpened the ap-
petites of investors and spectators as
wen, and Reading and Delaware and
Hudson we're prime favorites in the
| early doings. Southern Pacific Is also
r. prime favorite.
? Mr. Harrimans plan for retiring the
preferred stock with bono issue, con-
templates the giving of probably SO
cash to the stockholders and par in
! bonds This would then wipe out the
sreferred and give the common share
olders a chance worth having, accord
lg to the best posted people on the
3 treet. The bears have put fly in the
salve, however, with the suggestion that
II is within the possibilities that the
treasury holdings OF common stock viii
be found so large that the sale of it on
! a good advance would quickly follow.
With a weakening effect. However, this
matter Is too far away to attract any
particular attention at this time. other
than a slow accumulation OF stock. It
is hoped by the friends Of Mr.. Harri-
man that the financing of the deal can
be put through without having to issue
any new securities, other than the
bonds.
Course of Market.
=. s+o-F 81, decided
weakness in the traction shares checked
the advance and turned it the other
way. Third Avenue shareholders viii
be assessed, and the fact that the public
service board has refused the applica-
ton Of the Interboro to issue new seeuri-
ties makes Il almost certain that the
common stock must step up and settle
The fact that the chances for the en-
actsneut of the proposed corporation
tax have frightened almost TO an assur-
ance OF passage did not seem to have
much effect on the market one way or
the other.
After the initial break the market
quickly rallied, breaking away from the
unhealthful influence of the fractions
Three Holidays.
Today's session Is the last until next
Tuesday not only on the New York
exchange. but on all other exchanges.
It IS possible that the shorts viii try
to cover their contracts and clear the
decks for the holidays. in which event
prices should show some betterment at
the close or Just before.
The reported sale OF $1,000 600 Union
7acifc holdings OF Southern Pacific
Onds was a bull argument on the mar
et. 1t was expected that this would
ITnish the necessary cash in the
southern Pacific deal The segresa-
ton plans prepared by Mr. Hartman
SefoTe his departure for Europe are
being guarded closely. only q little
coming out at this time.
N Y. c. To Spend Millions
New York Central sH ekpende SCI 0ae, =
40 for improvements and electrifying
and has asked the Public Service Com
mission for authority to issue the
bonds.
The Seaboard Air Line -contemplates
s15o.Oo0.000 bond issue for sefunSieg and
Improvement purposes
The Delaware and Lacka wanna melon
was full of iuice-15 per cent stock div
idend; > per cent cash and . per cent
stock. II has been npening for To-,
these many years, and the growth has
Third Avenue broke from close at
20 10 r. Interh0rO preferred 4, and
Western Maryland q These were weak
spots
The gain in Delaware and Hudson,
where the next largest melon is ripen-
ing was IL points; Reading made >
point advance. these being the fdVOr1te
Coalers- Erie gained q.
St. Paul was strong. Southern Pacific
a fun point better Union Pacific a point,
The minor rails were steady. In the
indusfrials Steel shares Were very
steady. Smelling 6Tm, Copper higher
early 10 barely steady
The market was very dull throughout
"A ter 1T Ff
the first half of the second hour of the
afternoon.