The Washington times., 1909-07-08
STOCKS MOVING, BUT VERY SLOWLY.
ON A WAITING MARKET.
SMALL CHANGES.

NEW YORK July S-There was COM
paratively little doing in the market,
nor were the price changes important
1t has come to be a waiting-market'
waiting for the return of the wanderers
from abroad and from vacations in this
country, waiting for the defin+ttt~ aaa-
nouncement of what's up in Southern
Pacific, that is expected to make It sell
much higher; waiting for the adjourn
ment OF Congress ana the worst that
can be expected from the corporation
lax proposition as 1t viii finally pass to
the President for his signature. It has
come TO the time when the bulk Of the
rails are dependent oH the Harrimans
for leadership, and when these do not
lead with the proper quick step for
good following, dullness results. The
Government crop report viii not be
made public until O'Clock this after
noon. it viii therefore have an effect on
the market only In the closing hour OF
the session. The action Of most Of the
granger stocks doesn't look as II there
was much fear Of the crop report.
Southern Pacific Balls Hope.
Southern Pacific is the hope Of the
market. this and Union Pacific. The
latter company earned over ID per cent
on the common stock. Il has cash in
its treasury to the extent OF millions,
cash and securities Of other corpora
tions into hundreds Of millions Of value.
Southern Pacific has enormoIs re-
sources. The general theory is that
Southern Pacific is going on an inCreas-
ed dividend basis, and it would be but
natural to expect an increase IA view
OF the big possibilities, practically Ger
families, of the corporation.
It was stated in the gossip OF the
day that Union Pacific was slated Tor
500 and that thereafter only the big
people win be likely to buy IL No one
. knows Mr.. F1arTiman's plans That they
win work for the betterment OF the
- foundation stone of his entire holdings
Union Pacific-goes almost without say
ing. The segregation plan may WORK
out. Union Pacific at go would sun net
per. cent. 1t IS likely to be a favoElte
at higher figures. and there are otheF
high-grade shares that viii find their
wav into strongboxes-to grow yellow
with age zz-2zzz2ssssS
Don't Stay Down.
There is one thing that stands out
over the market today. It Doesn't go
down much and when It does 90 OF II
quickly rallies.
an this city have hquidated holdings IN
order 10 send funds % the west Tor
cron moving. this being the first indi-
cation IF TIE movement of funds west
ward on tho 1903 crop movement.
Immediately following the opening
there were some advances IN the iea4-
ars but before the first hour was fairy
under way declines OF z point I 81 S9Oli 4,
ern Pacific, a point In Union Paclnc, 2
in St Paul and q IA hNorthern racine
had been recorded. Then the sellers OF
the morning bought and before the enc
of the noon hour the Hartman snare
were within y point or W eonesGaA :
cIosings. Northern Pacific had Iuliy
recovered and was holding strong al .
slight gain. St Paul was DuI = o-i
Great Northern was slightly higher,
Missouri Pacific and most OF the rams
were lust about steady. New AoFh
Ce8atEai-zzas Sd gFer---sz--s--.-s-
Tax Hurts
Reading vas an exception. The cor
poration tax amendment putting hold
fnr= coupauies on the little list, taking
OF the exemption from receipts from
other companies. had a bad effect on TIT
coaIers. It was also something o. Z
handicap on the PRcifics. In its presen
form the tax viii be handicap to tn
dividends of more than one corporation
OF course, it may not stand the const
tutiOnaiity test. but that VIII have Z
be tried before it can be counted on a
g life pTeserVer. ~
Industrials.
Steel common sold at 6S7s 20 SIS Z
$50. a net 3z-point lOss-but the way
was recovered Wednesday Afternoon
docsrl't rerSait the shorts much rope
u5r are they disposed to take much
The preferred was a fraction, =, Of
Smelling was strong at a point upWart
movement. and Copper = net eff
The r1arket did not show any ap
.rrsciabie change during the secCn
hour Of the afternoon. There was bu
81. a narrow range it was a case O
waiting for the release of the crop re
Fort. i win have a bulush OF bearis
erect. although. 4 unfaVorable. MANN