The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1910-09-10
WALL STREET NEWS
Stocks DullerTban Any Time
Since July, 1908.
TRADING ALL PROFESSIONAL
Only $4,000 shares Change Hands,
and IL Is said TO BE Due TO the
Covering of n Few Short Contracts.
Interest I'm speciaIties Also at n
Low Standardization in Bonds.

New York Sept. 9-The day brought
no relief to the monotony OF transactions
in the stock market In one hour only
1900 shares changed hands, and in The
entire sessions the turnover was but 1885,
900 shares. which is the lowest for
five-hour session since the day preceding
the Fourth OF July recess IN 1908. Trad
ing was almost entirely professional, and
the advance OF the market as a whole
in the afternoon was probably due TO
nothing more than the covering OF a
few short contracts by professional
traders. In the specialties. as well as In
the standard active stocks, interest was
at a low ebb. About the only movement
out Of the ordinary was in International
Paper preferred. which recovered three
points Of the five-point loss sustained
yesterday in the raid on industrial
specialties induced by the collapse Of
American Hide and Leather. The com
pany's annual report. published to-day.
showed a different condition than was
presented In the Hide and Leather report.
Gross earnings for the year increased
d.220 600, and net earnings $n9, OO0 and the
net earnings were equivalent to "A
per cent on the preferred stock, as com
pared with 2Ss per cent last year. In
bonds the market was enlivened by ae-
tivity in Union Pacific convertible As,
which were also more active yesterday
than was any other issue.
Liquidation in Bonds.
The bonds opened yesterday at 1914; to-
day they sold down TO 1928. and closed at
1O3 after sales sggregating more than
$650,OO0 The decline was generally at
tributed 70 liquidation induced probably
by the circumstance that on The basis,
OF exchange for common stock IT, bonds
had been selling above parity with the
market price for the stock and a feel
ing that the conversion privilege accord
ingly did not justify q price far above
the investment value. An unverifed re-
port had it that one OF the larger finan-
cial institutions was the principal seller.
Union Pacific common stock. far from
being affected by the decline in the con-
vertible bonds. was the strongest Of the
active stocks. Neither was the market
as whole at all affected by the decline
in the Union Pacific convertibles.
Yesterdays government crop report on
the principal cereals was supplemented
to-day BY the government report on the
minor crops. The average condition Of
these crops the report placed 4 per cent
lower than last year, but the acreage is
80 per cent greater. and the aggregate
yield is somewhat larger
Assurance of Money.
In these minor crops there is an assur-
ance OF a money value greater than last
ye>r. as there Is in the major crops pro-
viding corn and cotton escape damage
in the few weeks remaining before har-
vest.
The report attracting tie greatest atten-
ton was that Of the Chicago, Milwaukee
and St. Paul For the fiscal year ended
June 80 the report showed an Increase Of
S5o0oOo0 in gross earnings and decrease
OF s1O0O.OOO in net earnings. but earnings
from operation were supplemented by In
come on investments. principally by In
terest on the bonds Of the Chicago, NIL
waukee and Puget Sound. so that for the
year the company was able 70 report a
greater net income In the year preceding.
The net income was equal 10 oil per cent
on the common stock as compared with
SIG per cent in the previous year. In
money there was a continuation OF the
slightly easier tone in time funds for the
longer maturities. The banks have lost
20 the interior again this week. but the
loss Is much less than last week and to-
morrow's bank statement, though Il will
probably show a substantial decrease in
the surplus reserve, will still display a
surplus entirely commensurate with all re-
quirements.