The Washington herald., 1910-08-31
WALL STREET NEWS
Trading Is Dull and Prices
Show Little Changes.
REGULATORS HOLDING OFF
liant 10 Wait for Clearer Opinion
bf Political COnditiOns-Csnad
Pacific shows Remarkable In
Ncrcase I'm Both Gross and Net.
Weather Reports Favorable.

New York, Aug. sO-If the professional
raiders and the regulars. who supplied
nost OF the business in the stock market
Today. had agreed before hand so 20
conduct their operations as TO close
5tocks even with yesterdays final prices.
md had carried out the plan successfully,
he result OF the days trading would
paYe been much the same.
The only four stocks in which there
BIAS action exceeding 10000 shares
Imalgnmated Copper. Reading. Union
Pacific. and Steel common-either broke
ven on the day or closed with changes Of
Ut ono-eighth OF l per cent These four
tocks together supplied more than two
birds Of the days transactions. and the
rading in them. and In most OF the 9TH
rs. seemed 10 represent more than
Wrapping Of small lots back and forth
" professional traders. Except for a
hort time In the first hour, the market
was quite as dull as on any other day OF
hn intensely dull month. fluctuations were
as narrow. and general interest in the
Erading as low.
The only encouraging thing that could
pc noted in the session was that the
CRITICISMS passed upon the United states
pSupreme Court by Col. Roosevelt and
khis evident undertaking Of another ex-
Eremely radical campaign induced no
4 Evidently either the market was heav-
,ily oversold or important holders OF
stocks refused 10 be alarmed by out
breaks Of the kind that three years ago
Immediately inspired heavy liquidation
rand aggressive bear raids To-day there
.was not the slightest indication that the
'Rttack upon the courts and business OF
.the country stimulated selling OF securl- /
ties by either small or large holders.
on the other hand. a development IN /
politics such as Col ROosevelts Denver
speech. naturally intensified the DISPOSE !
'tion OF spectators and investors to re-
frain from transactions in securities un- /
iii a clearer opinion can be obtained of 4
the outcome Of the new political agita- 4
|tion- The hearing Of the railroad rate /
case before the Interstate Commerce
Commission in Chicago also acts as /
deterrent against investment and specu- /
.lation m the railroad stocks, and es- !
pecially since current statements OF rail- |
road earnings continue 70 support the
contention OF the railroads that higher
rates are necessary IL the properties are
10 be well maintained and capital TO be
secured for new construction and i'm
provements on the same terms as in the
past.
Decrease in Net Earnings.
Rather striking demonstrations OF the
proposition were furnished to-day IN the
|AIy statements Of the Union Pacific and
Lthern Pacific. the former reporting an
. crease OF SsS2. 900 in gross earnings. but
a decrease Of $4,000 in net. and the lat
tier an increase OF $4Oi.O IN gross and
"a decrease OF $4,000 in net.
Interesting by contrast was the July
statement of the Canadian Pacific. a
company which IS not hampered by the
same restrictions as those which have
retarded railroad business in the States.
Its record for the month was an Increase
Of H,729,0OO in gross and an increase of
d005,0O0 in net earnings.
In the cotton market conditions to-day
were practically unchanged, bullish spec
ulators holding the price OF cotton for
August delivery at an extravagantly
high figure. and the trading in the new
crop options being little affected by the
speculation In the August option There
were no changes Of any consequence in
grain prices. and weather reports from
the crop sections were again generally
favorable.