Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-07-22
SHOW PROF|T-TkK|NC
Majority of Stocks Sagged
Under Moderate Selling.
MARKED WEAKNESS ABSENT
New York Central an Exception in
New High Record.
B. O. EXCEPTIONALLY STRONG
Slight Hardening in Money Rates.
Encouraging News From Steel
Industries.
Be O. EXCEPTIONALLY STRONG
snecial Disnateh to The Star.

Special Dispatch TO Inc star.
NEW YORK, July 2o.-The reaction in
the stock market anticipated by many
speculators after continued rise IN
securities for the past five days. which be-
gan yesterday afternoon, continued mod
erately for the greater part of TO-DAY
session. Although opening prices were
fractionally higher than most or yester-
days closing figures, both in the rail-
way and industrial lists, there were put
few advances which took quotations up
10 their highest prices of yesterday.
New York Central was an exception
and rebounded from yesterdays last
quotation to a point somewhat hiSher
than its previous high record for the
week. baltimore and Ohio was also eN-
ceptionally strong and made slight gains
over yesterdays high price
The great majority of stocks. however,
showed the effects of profit-taking ana
sasged in price under moderate selling.
The strength of New York Central and OF
Baltimore and Ohio was attributed In
some quarters to a belief that the Harri-
man interests were increasing their hold
ings in the eastern connections with the
Union and Southern Pacific railroads.
1t was recalled that a short time ago
the L mon racine SDiQ ot,vVpUUO VI
Southern Pacific convertible bonds, Sand
more recently still disposed of Slo,UO'ooo
of Atchison preferred stock. Some of the
flnancers interpreted this move on tne
part of Mr.. Hartman to mean that ne
thought the market in general was hlgh
enough to Justify the Union PACIFIC in
taking profit on some of its securities
and at the same time dlyest itself of the
elements of control. which formed the
basis of complaint in the government 8
har 1ri,,sr l1aV nj Southern
cific companies with a violation OF the
antitrust laws against the merging OF
parallel and competing lines.
Other financiers have advanced the the
DRY that the Union Pacific, having no
longer any need of large holdings in
Western Parallel lines, might find 1T adj
vantageous to strengthen its influence
among the directors of its eastern cOnnec-
tions.
Union Pacific's Full Till.
BY the recent sale of the Southern
Pacific bonds and the Atchison stock the
Union Pacific had placed in it's till $780,
100000 in cash with which TO carry out
such a program, If that were the inten-
ZION of the Hartman interest
Although the market sold off at times
in the early hours, it could not be said
at any time that there was any marked
weakness. Most of the news which
reached Wall street was of an encourage
ing nature. One prominent railroad which
had been forced in the last depression
10 make heavy cuts In the salaries OF
officers and other employees announced
TO-DAY that business had improved to such
an extent that it had decided to restore
The salaries to the old rate, putting into
effect the increased pay as OF July l.
From Pittsburg news was received from
several prominent steel men who attended
the conference In this city yesterday
afternoon at the Office of the. United
States Steel Corporation that whereas
they did not look for any increase in the
rate of dividend upon the common STOCK
10 be announced at the meeting of direct
ors next Tuesday, the steel business had
been improving so well that nearly all OF
the subsidiary companies or the corpora
tion would soon find 1t expedlent TO al
vance the price upon finished steel prod
ucts.
Cash for Moving the Crops.
There was a slight hardening in the
rates for money here owing to an eXpec-
tation that the eastern banks will soon
be called upon to advance large sums
for the moving of western crops, not only
because the crops themselves will prob
ably be large. but. on account of the
increased price in wheat and live stock
fife capital required to move the produce
will be greatly in excess of what was
required last year.
The Bank of England made no change
today in its minimum rate of discount,
leaving il as il has been for several
months at 21s per cent, although the rate
of discount in the open market Is about
IL per cent and call money in London
from II to y.
The action of the stock market today
for the first three hours was looked
upon as largely technical, and few opera
tors could be found whose dealings in
dictated that they anticipated any Sc