The Washington times., 1909-07-07
STOCKS DECLINE AFTER OPENING
HEN RALLY MODERATELY.
MARKET VERY SLOW.

" X. July There wasn't
Iar ion in the stock market.
.tEall- were within a modest
ls- time showing fair losses
Hc H rr al rec0veries, but it was
rre cog Of a negative day. The
street vacation mood and the
atmosphere OF dog days.
a.E -ea Government crop report
rllu---ra NAV have some effect
la indeed it Is likely to
c either the bulls or the
81 1ected that the showing
. -r -l .. announcement as most
-le ave been favorable and
-era. he leading grain values
HaL e. favorable figures. At
r.e l.a. pening there were sell
E.E orders rar .rted based on less ia
rlr=n.l -ear reports in the middle
ts-.. rlr .H erv parties who Circu-
f--L es were the buyers OF
... t ,ession which followed.
IS are showing a sat
ffer#..- The strike in the
II the United States
~ has not prevented the
mills and more VIII
The market is in that condition that
1t viii require either manipulation or
a bunch Of good news to start the
list on the way to higher prices. By
the same reasoning, it will take bear
news to turn il downward. There IS an
absence of any short interest other
than that which is created day by day
and usually covered with like prompt
ness. "A story was circulated this morn
ing TO the erect that MOrgan's Paris firm
mad declared that the listing OF Steel.
common on The French boUrse was not
or. but il was not received with any
thing like official recognition that there
was still a possibility OF the matter
coming TO any other tnan an unfor-
tunate end-a movement that would
have been better ended before it was
begun.
n the first hour after the opening
declines OF a point were made on Cop
per, Anaconda Canadian Pacific, Erie
second preferred, Wabash. Union Pa
cific and fractional declines in nearly
everything but the Hill shares, which
showed a good tone and fair strength
The public may be buying here to some
extent, and The semi-prOfessiOnals and
the room traders have come TO the con-
clusion that the shares not being mani
1pulated are worth all that they are
selling for Hence their strength In a
market none too strong.
The recovery occasiOEeS - the buy
ing by the early sellers amounted to
about u a point, and it carried South
u was bought splendidly after the
break, and carried back to 134 again.
The Rock Island issues and ST Louis
and San Francisco second preferred
showed considerable activity.
Union Pacific lost Is net as a result
OF the morning operations, and was
rather slow. Baltimore and Ohio was
slightly easier, New York Central, broke
from 132ss to 1875. with recovery 10
1321k- Great Northern lost IL but re-
covered it. Northern Pacific, the ia
vorite Hill. sold at 1924 TO 1919. recOV-
eriug to 1925, or a net gain Of x.
Copper lost rs, with s net gone. Steel
common was weak at $50 to 6S to 6S12
q loss of a, Preferred easier. but dull
The recovery in values continued 10
the extent Of an additional = OF Z Of a
point IN the leading stocks, but the vol
une of trading even into the second and
almost into the last hour OF the after
noon showed no material change The
incentive was lacking. It may develop
in inside supporting orders In the last
hour or IN the covering Of q few shOSts,
but the chances seem TO favor a con-
tinuaticn Of the dull, uninteresting ses-
sion.