The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1909-07-13
NEW YORK SECURITIES HAVE
STRONG Squirt, LED BY
STEEL COMMON.


become stronger on fairly good pro-
fessional support and buying orders
from commission houses. Prices are not
Set quite back TO the higher levels or
the morning. but the tone Of the market
IS fairly strong and business in good
volume.
At this hour the market has no par
ticular feature, though Steel common
remains strong and most of the rails
are holding well. The new. Of the day
Indicates increasing business, larger Or
GERS at the manufacturing plants, wider
distribution among jobbers and eXpecta-
tiOns for good fall trade. These facts
strength in stocks. and the situation Is
encouraging and hopeful.
NEW YORK, July l3.-Stocks are
strong today in the Wall Street market,
though since morning there have beeS
reactions amounting to a point or more
from the top prices, soon after the
opening The reactions are due largely
10 realizing sales on the morning bulge
Steel common was the leader at the
opening and in the early trading, go
ing 20 new high record for the move
ment, and selling at 20. Price changes
tn other issues were somewhat rreg-
ular. being at the opening about evenly
divided between fractional gains and
losses. Steel however. carried the mar
ket up about a point on the leading
Issues during the first hour. Then, I'M
der realizing prices began to fade, and
soon after IL o'clock prices OF all stocks
had lost the gains and were gradu-
ally growing lower
Good Weather Bear Factor.
Good weather in the agricultural
regions was probably a bear factor, as
Shis would help the wheat, corn, and
cotton. Then the supply of stocks on
the higher prices seemed endless, and
at this hour the market Is from small
fractions to two points below the top
prices Of the morning.
Among the railroads Louisville and
Nashville has been strong this morning
and the reports Of tranic alliance
with the Burlington on the completion
OF q nfty-mtle link between the two
systems was regarded as highly I'M
pOrtant A fractional decline occurred
In American smelling ana Refining. the
annual report while good, not exceeding
expectations Ehe showing appeared
10 have been discounted by the rise in
she stock within the last Few days and
was taken advantage of for realizing
sales by some Of those VINO had bought
early in the movement.
Judge Gary Sails.
On account Of the departure Of Judge
Z. II. Gary for Europe today, the week
~ meeting of the finance committee Of
the United States Steel Corporation
was held Monday. II was stated that
only routine business was transacted.
A director of the corporation says that
production is rapidly approaching 90
per cent of normal and that indications
are for a continued improvement. The
question Of dividends on the common
has not been formally discussed
II IS understood that the plan Of re-
organization for the Western Maryland
Railway Company which has been
submitted 70 the largest interests in the
company and has been accepted BY a
majority Of second mortgage or con-
vertibIe bondholders. provides that the
issue bearing per cent interest VIII
not be disturbed. Holders Of the second
mortgage or convertible bonds will be
asked 10 exchange their securities par
for par for new nOn-cumulative per
cent preferred stock The plan as II
now stands viii entitle stockholders OF
the Western Maryland 70 subscribe for
common stock Of the FeorganiZed COM
pany BY paying so a share for the new
issue; this may be construed as equiva-
lent 70 a Wiping out OF the present
Western Maryland stock or may be re-
garded IN the light Of an assessment OF
so a share. The present shares have 2
par value Of $50. so that would be
equivalent TO paying so a share for new
full stock II is proposed TO use the
proceeds Of this assessment or the sale
of new stock to wipe out the floating
II and other temporary obligations OF
lDany.