The Washington times., 1909-09-02

NEW YORK. Sept. 2.-There is no dis
position to extend operations, as the
three-day adjournment begins after
the close tomorrow. There seems to be
a better feeling, with a trend to the be-
lief that any additional decline would
make a safe point at which stocks might
be accumulated. Some Of the most con-
scrvative houses on the street, concerns
that have been sending out do nothing
advices for the last ten dss, arc now
taking a more favorable view OF the
situation This is due TO the feeling
that the reaction has gone far enough;
that general conditions warrant re-
covery. that great crops and ample
financial resources have given stability
70 current values.
one Of the features Of the day was
the trend toward the lower priced
stocks. shares that have not felt the
touch Of the pools and manipulators.
that are cheap in price and not gilt
edged themselves Katy or Missouri.
Kansas and Texas. was a representa-
tive Of this group; Rock Island and
Texas Pacific were also prominent-corn
anf~ cotton roads. these. 1t is figured
that even though the cotton crop viii
he short. the traffic from other sources
will more than require the equipment
To handle il. The condition of the cot
ton crop, according 10 the Department
OF Agriculture, was 63.f per cent August
- as compared with 1I9 per cent July
IS, and 166 per cent the 1O-year aver"
age. This shows a smaller crop than
had been estimated. but some OF the
Southern authorities differ from the Of
fetal estimates and talk of a good crop.
Mchison acted rather heavy early but
came good and strong. The fact that
tho balance OF trade for July was
against the United States did not cut
any figure The purchases Of some
.0.cO0 shares for London helped out quite
a lit
Metal Stocks Strong.
The steel. iron and equipment stocks
were al firm as well the metals.
Furnaces and mills are running over
time. and higher prices are likely. owing
TO trend for higher cost OF coke, while
sellers are actually showing a little con-
Servatism. August iron contracts $4,000
tons. railroads buying more rails and
cars. The United States steel Corpor-
atiun has exercised its option with Ham
mond Company for coal lands. LocomO-
tive was weak on very poor earnings
Hartman issues were all strong. SEN
tiInent was decidedly more favorable
here, and earnings reported as entirely
-
The market continued to gain strength
as tho day advanced and before the end
OF the noon hour the Harrimans were
again leading with good gains The
bears found their needs increasing as
the prices advanced and there was a
little more activity, but still the market
was nothing like as broad and active
as Il has been for some time
St Paul showed almost as much
strength as anything. 1t rose ~. TO
l511k. Union Pacific moved up from
zoos, yesterdays close, to 2023t, with a
slight reaction Southern Pacific added
u Of point, showing the least recov-
cry Of the leaders, except the Hill
shares, which did not act as well as
!. usual AtchisOn gained a point and
held most OF II. Delaware and Hudson
a point better Katy was a higher
Pennsy "a Reading rose from 1891 ID
1605s. Rock Island a point up The
minor shares were usually or Erie
= higher.
Copper moved up to ia net gain or
The excellent export demand for the
metal. Smelling IL better. Steel com.
mon sold TO 7Sis, q rise Of rs. The pre-
ferred was 12G. The whole list was
strong well into the second hour OF the
afternoon.