The Washington times., 1909-06-22
NEW YORK SECURITIES VERY DULL.
TRADING PROFESSIONAL
AND NARROW.

--.r xozK Tune - D m.-The
-rx-.,I So. market remains dull. AtCh-
,nzor and Baltimore and Ohio have
49, tbA strongest stocks today. The
sor.,e- made a sharp squirt Of , points
&c. 4ba noon hour, but quickly lost
about half of the gain. Baltimore and
Obio did not advance so rapidly, put
showed rather more lasting power But
the snrrts in these stocks was only
feature of the professional trading
which is going on. and they are in the
nature of market feelers. Both these
stocks this morning were comparatively
lower than others of the list and they
were taken up by the manipulators Win
a view of trying out the situation TO see
whether the market had any reserve
power left over from yesterday. That
hope was quickly dispelled.
At this hour the market Is setting
down steadily to the lower level Win
a fairly strong undertone on very
narrow volume of trading.
NEW YORK. June 22.-Noon-The stock
market today has much the appearance
nj a squeezed orange, having about as
much elasticity as that form Of disused
fruit Trading during the morning mas
nee exceed Ugly narrow. professional
ana devoid Of feature. A few Stocks
notahiv Reading. Union and Soutnei Il
Pacific. have shown some signs OF &C
tivitv. but the list generally is hstless'
MANY issues up to the noon hour not
having. recorded a sale
Disouieting rumOrs, which served 10
unsettle the market yesterday are
wanting today, and the oppressive heat
committees the dullness Of situation
which has little in II to give hope 10
the speculator. It is now generally cot
ceded that the cause CT the sreat slump
of Yesterday was the withdrawal Of sup
mort by the banks and banking inter-
ests. who have unloaded their holdings
on the rise and are now temporarily
out OF the market. On that account
prices have receded to about the level
which business activity justifies, and the
impression holds today that the market
win become steady around the present
level and gradually work upward again,
as new pools and combinations are
formed to force up prices.
ONLY one feature OF the market iS dlS-
ouietfng It is well known that the
Houidation Of the last part OF the week
and yesterday was not complete Pools
that have been holding on 10 stocks
for MANY weeks in the hope or making
a killing, did not cash in on the recent
rise. and some OF the loans win have
TO be called between now and the first
of the month. The question, therefore
is Will these pools close out and further
disturb the market or viii ways be
found TO hold the great volume of stocks
bought for profits later on. II seems
almost certain that many OF these hold
ings viii have TO be sold shortly, In
which case there is likely TO be further
strain upon prices with possibly col
lapse of values that viii put the market
down several points before the accounts
are all adjusted.
Wall Street was much disturbed yes
terday about the income tax on cor
porations but today IS consoling itself In
the belief that the law, If passed. will
be OF such form that IL viii be declared
imperative by the courts. AS usual In
such cases the confidence OF the Street
is based upon Information from high
official source
Just where this Information originated
was not made clear, hut 1t was passed
along through the intricate labyrinth OF
the channels OF the Street"
Its effect was apparent and the slight
fright that followed the report that the
Senate is almost certain to adopt the
measure, vas dispelled. The Information
found its way to the ticker. wires, and
was sent out IN the following form
Some large financial interests pr1-
vately express confidence that the meas
ure cannot be drawn in any way that
viii prevent its overthrow in the courts,
for Il IS assumed without question that
r. Mr.. Tafts proposition becomes Q law,
is consututiOnaiity viii be tested. )"