The Washington herald., 1909-07-27
WALL STREET NEWS
Southern Railways Annual
Showing Satisfactory.
MARKET PRICES IRREGULAR
Favorable Reports from the Spring
Wheat Belt, Yet Several Western
Roads show DeeIInes-Con.inued
Delay in settlement of Tariff Dif-
ferences Causes DisappOintments.

New York, July "a concrete develop
ment Of interest IN respect TO the affairs
Of particular stock was Southern Rail-
ways statement for June and the fiscal
year. The statement was zone OF very
few that have supplied returns for the
fiscal year ended Juno 80 and showed a
gain in net earnings Of $3,7soOOO, though
the gain In June was but $4,000. and be-
low that Of the previous months.
Wherefore, In to-day's stock market
Southern Railway common, being affected
apparently by the relatively poor June
showing, declined g, and the preferred
apparently only concerned with the ex-
cellent showing for the fiscal year. ad-
vanced T.
Throughout the session the market
was irregular. and though news OF the de-
Nelopment Of trade and agriculture was
by no means lacking. and by no means
uninteresting, it seemed entirely without
influence on market prices There were
highly favorable reports from the spring
wheat belt. for instance. and St. Paul ad-
Vanced to the accompaniment of c decline
In Northern Pacific and Great Northern.
L. p. Common Is Liked.
Whatever was thought Of Union Pacific
was favorable to the preferred, and un-
favorable 10 the common. II any thought
OF values at all entered into the transac-
uons in the shares Of this company.
SO. also. Steel common and Amalga-
mated Copper declined 10 the accompanI-
ment Of favorable reports from the steel
and copper trades. with fluctuations here.
as elsewhere, apparently arising from
nothing more than occasional and whim-
sical transactions By floor professionals
and confirmed traders.
Practically all others appeared to be
still waiting for the quarterly report OF
the United States Steel Corporation. or
for settlement Of the tariR differences. IN
which latter connection the continued de-
lay caused some disappointment. and un-
doubtedly deferred many purchases.
transactions were the smallest. with one
exception, for any fun market session
since April 10 and were quite as insignia-
cant as or any previous day in that pc
riod.
In contrast 20 the lethargy and insensi-
blity Of the stock market. the grain
markets encouraged the expectation OF an
ultimately high range OF stock market
values. As there was a continuation of
the favorable reports regarding the har-
vest and thrashing Of winter wheat and
the development OF spring wheat and
corn. so there was a continuation OF the
downward movement IN grain prices
which was strlkingly In evidence last
week, with prices Of wheat and corn In
al the important options rcceding from
70 81 cents a bushel
Decline in Cotton Prices.
A slight decline in cotton prices was
also an indication Of more abundant /
crops than Spectators In them had ex-
pocted. Though the talk concerning the /
steel trade consisted principally of sur .
misses and guesses over the showing /
which viii be made IN the quarterly re- I
port to-day, facts conspicuous in DAYS
deals were an advance of 81 a ton In |
the price Of bars. announced by two lead |
ing independents and following an adj /
vance OF the same amount only two
weeks ago. and an advance Of 81 q ton
in wire by one Of the leading subsld- |
iaries OF the United States Steel Corpo- |
ration.
These advances and the regular weekly /
ui'iiiie4 4v9 AiYAH tehteIs OF JAe trade sup
piled abundant evidence Of a continuation /
Of healthy trade Improvement. An en- /
gagement Of &.25O0J0 gold was made for
the Argentine with every prospect Of sub |
stantial additional engagements before
the departure Of the next steamer.
The prevailing rate for call money re- /
mained unchanged at rs per cent. Time |
money was In good demand for the long /
er maturities and In fair demand on mer-
camille loans az same rates prevailing /
the latter part of last week.