The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-05-05
FINANCIAL AVID con MERCIAL.
MAY 4. 1908.

MAI ~ lwUJ
While to-day's active and very strong
stock market was In part due, no doubt
to the belated recognition by professional
| spectators that oil conditions upon which
reasonable judgment can no based are
| favorable to higher rather than TO lower
prices for securities. II was caused at bottom
| by the resumption Of the large purchases
Of stocks BY great banking interests. The
| advance in the market was not at all tenn
pestuous, and at times, indeed business on
the Stock Exchange became actually dull;
but each point in prices gained was held
| and then the market moved on steadily
upward az before. II was not a torrent
coming down but tide coming in.
No bad news developed over Sunday. and
the cheerful spirit pervading the financial
community was easily discernible even be-
fore the opening Of the market London
prices were without feature. but the de-
spatches received by correspondents OF for
eign houses, stating that it was believed In
good quarters abroad that the new English
loan for the Transyaal would he offered at
per cent, were considered as very encourage
ing, for the new loan on that basis would,
of course, be largely oversubscribed and
stimulus be given thereby to the price
of all investment securities,
Reports from the Western agricultural
section were unanimous to the effect that
the cold wave there, while il had dana ged
fruit and Vegetables, had not injured winter
wheat to any extent worth considering.
The weather map, too. showed that warmer
weather had settled upon the winter wheat
belt. The fall in the price of wheat, there
fore, which occurred during the day on
the Produce Exchange was inevitable and
had its usual effect upon the price of the
Western railroad stocks in the security
market. The largest advance in any one
stock during the day was in Delaware and
Hudson, which rose to 1870. or over points
above the price at which it closed on Satur-
day The fundamental reason for the
advance was. as has hitherto been stated
in this column, the very large earnings of
the property and the conviction that il an
extra dividend upon the stock is rot de-
cared this year fairly good sized block
of the stock will be retired by purchase
in the open ma rket for the account Of the
company. Acutely the advance was brought
about by the runor that Mr.. Edward H.
Hartman was about to enter the Delaware
and Hudson directorate and that new life
would be thereby brought into the manage
ment of the company. The recent very great
development Of the Delaware, Lackawanna
and Western Railroad under the application
Of modern methods Of railway management
naturally emphasizes the possibilities OF
the Delaware and Hudson property. The
rise in Delaware and Hudson sympathetically
affected New Jersey Central, Erie, Delaware
Lackawanna and all the other anthracite
coal road stocks. The buying of the Erie
shares in particular was Of flrst-rate char
acter. If the great change for the better
which has taken place in Delaware and
Lackawanna indicates what may happen
in the case Of tho Delaware and Hudson
Company. comparison between the re-
suits accomplished upon the Baltimore and
Ohio road in the last tw years is full Of
prophecy as to the good things in store
for the Erie road. Both the Baltimore
and Ohio and Erie roads were properties
possessing valuab BILE franchises and ter
minals. running through populous and
busy sections and in every way capable Of
profitably conducting a large business.
They lay fallow, however because no one
seemed to be especially Interested in de-
them. Now that brains and
energy have taken them in hand, their earn
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