The Washington times., 1909-09-01
DULL DAY ON THE STOCK MARKET.
PRICE CHANGES SLIGHT.
TRADERS INDIFFERENT.

NEW YORK. Sept. L-2 p. m-Con-
tinued Inactivity has finally turned the
general market into weaker channels.
Some more or less aggressive selling
has been noticed and the values on the
leaders are now down TO near the low
prices of the day. Union Pacific is back
at 200k, a net loss of =, Southern Pa
cihc 12SA, or a off: St. Paul to 1909.
Reading 15e. OF a point below the high
OF the morning and 4 net OFF; Steel COM
mon broke to 1874 and is now 761s. q y
net decline. The general market is dull
and inclined 10 weakness.
NEW YORK. Sept. L-Narrowness
was the chief feature Of the stock mar
ket. nor Is there much prospect for any
material Improvement in this respect
unless something unexpected at this
time develops. something OF sufficient
importance TO have a direct and positive
effect on the situation. The
ment that MI. Hartman and his ssso-
cistes had delegated J. c. Stubs and
Julius Kruttschmidt 10 assume the re-
Sponsfbiiity for the management Of che
Southern and Union Pacific, with Judge
DovetJ, James Stilkmsn. and Jacob
Schin as the domSnant factors-the Har-
riman headquarters-and ar occasional
gLANAL6 " L. II Llu4A AAAA1AAf CL4EEA a
little slump in the stocks named. A
slump that was recovered later on, but
even IN the betterment there was no ac-
Ivity. Perhaps the best indication OF
the existing dullness is found in tho
fact that up TO 12:l5 p. m. not a single
sale of Steel preferred had come over
the tsp@not even a quotation.
M. K. and I. Active.
The real activity was shown in a sec
ondary Gould Stock, Missouri. Kansas
and Texas, which sold freely and record
ed the star advance of the morning, 2s
points. In fact. il was the only ad-
rance exceeding fractional proportions.
The July net earnings of the Gould road
mentioned showed a total net income in
crease of S9S,02S. These figures reduced
the deficit for the month by Sl05,55S.
Illinois Central earnings for July
showed a decrease Of S5l,Q57 in net. Rock
Island shows a $4,000 increase in net.
Frisco shows a net increase OF So. las.
Among the interesting rumors was one
10 the effect hat Thomas Lawson had
been caught badly short of Steel COM
mon and long on Smelling ard had been
forced to get out of the latter yesterday
bringing about the IS decline. in order
10 protect his shorts in Steel.
Three Days Holiday.
One OF the important features IN con-
EideratiOn Of the market at this time is
the fact that next Saturday and Monday
viii be holidays here and in other Sc
curity markets. A three days adjourn
ment Is not TO The liking Of the traders
and il is not likely that there will be
any extended movement I'm stocks until
after the adjournment, perhaps not
then. Advice from conservative con
Germs is 10 the effect that if is a good
market TO let aiOne-tO bide patiently
for more stability.
Another feature Of tie session was
the borrowing demand foI Union Pacific.
Friends of the Union Pacific executive
have borrowed about 10000 shares in
the loan crowd H. the last few days.
That they are short Of the stock does
not seem at all probable and there are
those who consider this borrowing a
movement to keep the stock from the
shorts. for there ere still Union Pacific
shorts outstanding
London market was Irregular with a
tendency 10 sag. With this weakness
there was much irregularlty.
Commission houses were inclined to do
little business and professionals were
70 even up for the adjourn
ment.
No dividend increase is likely as a re-
suit Of the Smelling meeting.
The Pennsylvania earnings for July
showed a net gain or S72S,O00. but his
gOod statement was without effect,
other than creating some little disap-
pointment because the earnings did not
more closely approximate the 1907 fig
ures. In the face OF his kind OF rea-
soning Il was not hard TO judge the
sentiment. the tone Of the market
The feature Of the Southern Pacinc's
report Was a reduction in the operating
expenses from SIS per cent in 1903 to
SIS per cent In 1909.
Continues Very Slow.
After making a good recover from
the low Of the morning. the list sagge6
again. toward the end Of the noon hour.
and half way through theesecond hour
~ the afternoon slight net losses were
generally shown. IN Union Pacific this
loss was hut p from Tuesdays close.
southern Pacific was = or. Smelling
held 4. Missouri. Kansas and Texas
held most OF its advance. Steel com
NOR was = off. and Northern Pacific.
with Great Northern. were higher. the
letter slightly and the former Y point.
Illlnois Central lost = on its poor July
showing. SPecialties showed some
strength, ST Louis and Southwestern
and Cotton Or rising = point.
But there was M Improvement in the
volume Of business.