The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1909-07-14
STRONG UNDERGONE TO MARKET
ILLINOIS CENTRAL IN LEAD.
STEELS VERY FIRM.

NEW YORK, July 1A-There was con-
siderable activity I'm the early morning
hours with a sharp opening advance.
accentuated for a time and then permit
ted TO 60 back until by noon there was
little change between the closings OF
Tuesday and the then current prices.
While many 200 10 500 and 1000 share
trades. were recorded, the bulk of the
business was under 5OO-share lots. The
market has many appearances Of a
scalping trade, the bulls selling on the
strong points, TO buy back on cOnces-
sions. There isn't much satisfaction in
this kind of business for the shorts.
They may sell. but they generally find
It much harder TO buy the stock back
than TO sell il, and after they have
executed their commissions the trade
becomes more quiet. There was a D.
point drop in the price Of Sterling eX-
change. but at that, gold was sent TO
Argentina and more viii probably go
out. The best strength Of the day was
IN the Harrimans. Illinois Central being
the leader While the earnings of the
latter do not seem 10 justify the decla-
ration OF an increased dividend the
story TO the effect that an increase is
ably we'll founded. Moreover, the tale
OF rights through new financing IS st1I
insistent The decided strength in Wa
bash preferred was not explained by-a any
of the gOssips or tipsters. There can
scarcely be any new developments IN
connection with the affairs of the road
TO justify the betterment The theory
was advanced that perhaps the strength
was moved up TO onset the weakness IN
Western Maryland and Wheeling and
issues II nF0naBtX mas
the merit of fact back OF IL. Foreign
trading was balanced on transactions
Of about 10000 shares all told. J. P.
Morgan wiz return to New York, sailing
Friday on the Celtic.
Industrials Firm
One of the features of the day was
the good strength in Steel The action
Of the stock indicated good accumula-
ton Of the common and some absorption
of the preferred The common sold TO
6sss. but dropped back to 50 to 69A. The
preferred held a slight improvement.
Smelling dropped back from 9flz 10 1885
with a recovery TO "a. The fact that the
directors could not get a quorum for a
meeting today at which an increased
rate of dividend was expected, may have
caused some OF the selling. Copper lost
4. Other industrials were reasonably
Ai4Nis Out quiet
Erie. Delaware and Hudson and Colo
RADIO Fuel were easier.
The Rails.
While the Harrimans were all Ldat
higher they did not hold the gain. Stock
comes out al high quotations. but there
is little for sale at low figures. St Paul
held small gain, Southern Railway
and Pennsylvania were about the same
as on Tuesday. Reading slightly easier.
Union Pacific rose to 1S4sd1947s gain.
and reacted to 1885. at which point It
was firm. Missouri Pacific was y high
er. There were evidences of good buy
ing in InterbOrO. New York Central
weak at = reaction. Northwestern 4
higher Great Northern steady. Illinois
Central rose rs 20 176zs
Passing into the noon hour the market
showed good tone. but with only mod
crate activity. From then TO the last
hour Of the afternoon there was a little
better feeling, little more activity
There were evidences all day that this
is not bear market and that the
bears who dare, may have trouble COW
ering.