The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1909-07-09


ter than the low figures for the day
The shorts have shown no indication
10 cover as yet and the market is just
about as duh as during the first tw'
hours OF the morning.
NEW YORK, July 9-If today's ses-
sion continues throughout as it started
it will take precedence as the slOwest
most unattractive, dullest market of the
year 1907 60 date, and we have had
some dull days. Time and again the
ticker seemed to stop as IL for a rest.
Small lots OF stock were the rule, not
the exception. and price fluctuations
we're within the narrowest Of ranges
Spectators are evidently afraid TO sell
the market and they need a stimulant
TO induce them TO purchase, and the
stimulant is not forthcoming. The Gov
eminent crop report was excellent Civ
ing promise OF big crops and great
prosperity among the agriculturisls, but
the grain spectators took a less favor
able view. asserting that the weather
since the 1st OF July, when the Gov
eminent report was prepared. has not
been good for crops. Wall Street sold
stocks on the report, just because It
has formed the habit OF doing it on
favorable news.
AS usual, the market showed a BIT
better strength in the opening, and lost
il before the end OF the first hour.
Passing into the noon hour the list held
as placid and unTuffled as could be i'm
sgined, a quotation coming over now
and then. simply a repetition OF the last
previous sale. never changing more than
cne-eighth Of a point, or quarter at
the most. This with reference to ali
the active leaders like Union Pacific,
Southern PaCif1C Reading, etc. There
was one exception Illinois Central was
very strong and rose nearly a point, &C
companied' by bullish predictions on this
stock. probably based on a big corn
Latent Strength.
The timidfty OF the bears IN the face
of the unusual duIlness was a tribute 10
the latent strength in the list The big
men Of the Street have stood under the
market so long that they have inspired
q wholesome fear of short. seIling-that
is. against the establishment OF a short
interest. AS a rule. shorts have been
forced To pay Cor taking chances
The vacation period is another cause
OF dizziness. Not only are magnaees,
large investors, and speculative traders
out of the city, but the room traders,
the followers of the leaders are vaca-
uonins. This condition exists in all
other secondary markets, With the re-
suit that IL inLensifes the neglected con-
diuOn of the market.
Moderately Severe Losses.
In the noon hour the complexion OF
the market changed. but not for the
better. Selling started here and there
H-ouuH III. RON o+4.sf7v~ H.
rious groups other than the Harrimans,
and St. Paul, with the Steels left alone
Bears considered the inactive market
legitimate prey and made play at it
here and there. The two especially
strong points OF the morning, Illinois
Central and Smelling. were gwen a Jolt,
the former losing. its advance while
SINE ing broke fun point SO far as
could be learned, there WAS no especial
reason for this unless II IS to be found
IN the bun ruElOr Of q probable increase
in the dividend Tate-and rrumOTs seem
10 90 BY cOntraries at this time.
The success Of the bears in these
stocks encouraged them elsewhere.
Reading tumDled over a point to l55,
the Fries. Wabash preferred. New York
Central, Great Northern. Chesa peake
and Ohio, and the rails generally fell
1z01 point, with but little recovery.
In the industrialS other than the
Steels the bears also became busy. De
cllnes averaged 5zg44 Of a point.
The Union Pacific, Southern Pacific,
and 81. Paul shares were Z Of a point
on Steels were unusually steady
The chances favor a better market
In the last hour, with some rec0veries
when the short interest endeavors to
cover. II took the bears two hours 20
work up enough confidence In their
opinion 10 induce them 10 take a chance
They may try TO cover and find stocks