Evening star., 1909-06-26
DOWNWARD TENDENCY
Weather Contributes to Dull
ness of Short Session.
READING AND u. P. IN DROP
Fluctuations the Only Important
Features Of Day.
LONDON EXCHANGE VERY DULL
Considerable Strength Displayed by
Inter Met. Issues-Money
Continues Easy.

Special Dispatch to The Star.
NEW YORK, June GA kind of sum
mer short-session dullness settled over
the stock market today, with the result
| that opening prices were without much
change from yesterday, and for some
! time after the opening the market re-
| mained steady, but with a downward
| tendency manifested in a majority oi
both railroad and industrial securities
There were no violent declines. nor were
there any marked advances, and, in fact
| the most noticeable fluctuations were con-
| fined to Reading. which opened at 154as
went 10 Loo, dropped back to 1885 and
then went up to 155 again.
Union Pacific preferred, which two OF
three days ago caused great deal OF
mystery, still unsolved, by a sudden rise
day lost half of that gain, today sold
down to 100la, subsequently rising to
1929 in the first hour
The fluctuations in Union Pacific pre-
ferred and in Reading were practically
the only important features of the mar
ket, excep that Western Maryland,
which several weeks ago was selling at
2S and yesterday closed at 1884. continued
Its gradual decline until it reached L.
Local fractions Active.
There was also considerable strength
displayed by the Interboro metropolitan
issues, the AZ bonds selling up to 50, or a
gain of " over yesterdays highest The
common and preferred stocks OF this
company also ruled shade higher III
the first hour, and Third Avenue retained
the advance of three points which 1t
made yesterday upon the announcement
of the reorganization plan. by which the
stockholders were to be assessed so per
share
1t cannot be said that London had any
material effect upon the market here to-
day, because business on the London
stock exchange was very dull, and con-
soils showed a slight decline. The Senti-
ment In London, as we'll as here. seemed
to be that, although important interests
might be accumulating certain securities
quietly, against an expected marked ad-
vance in the fall, there might be period
of July dullness that would make the
holding of many speculative issues un-
profitable for the next few weeks.
Brokers Are Solicitous.
In this market particularly the absence
Of number of well known operators is
being felt, and whereas n6 one today
looked for any sudden break in the mar
ket, the unrest over the tariff situa-
ton in Washington. coupled with a fear
that the corporation tax might involve the
much governmental supervision, had a
tendency to- cause traders In the local
market to reduce the source of their COM
mitments pending definite action from
Washington and more certain information
regarding the crop situation.
Money continued so easy. especially in
view Of the accumulation by the banks
and trust companies for the Forthcoming
disbursement of nearly S2D0.C00,00O in div
| idends and interest early In July, that
some operators who would ordinarily
| have taken advantage of cheap money to
carry investments began to grow eau
tious lest the prolonged continuation OF
cheap money might foreshadow diminu-
| ton in mercantile activity.