The Washington herald., 1908-01-10
MARKET is BUOYANT
UnfavOrable News Fails to
Bring Prices Down.
READING COMMON ADVANCES
Other Prominent stocks Follow the
Leaders, Union Pacific Easily TAX
ceivershipH for Two Roads, Street
Is CheerfuI-Large Buying Orders.

New York. Jan. 9.-In a way more i'm
pressive than has been witnessed at any
timo since the improving tendency IN
prices began, the stock market to-day
demonstrated the great and Fundamental
change for the better that has unques-
tionably taken place in the general fnan-
eial situation.
Yesterday the news bearing upon the
market was from Il speculative point OF
view unquestionably bad. The announce
ment was made of the appointment of re-
ceivers for the Chicago and Great West
ern Railway Company and this. like the
similar action taken in the case of the
Seaboard Air Line. was to the majority
of people IN Wan street somewhat unex-
pected.
Yesterday also many professional buy
ers Of stocks suffered disappointment in
the decision of the Northern Pacific Rail
road directors TO pay at this time no more
than the regular quarterly dividend upon
their cOmpany's stock. ana to-day no less
than any time for a month past evil
dences were presented of the eurtailment
that is in progress in the Countrys mer-
camille and manufacturing business.
Little stock Is sold.
Nevertheless, the stock market yester-
day. in spite of the unfayorable news.
acted in a way that candid spectators
for the fall admitted was suspiciously
strong. No great amount of stock seemed
TO be sold when the adverse news was
published, nor did the application OF
speculative pressure to the market result
in further dislodgment Of holdings.
To-day the Reading common shares
which yesterday held with peculiar firm
ness, While the greater number of active
stocks declined, began TO advance rapidly
Immediately after the opening Of the
stock exchange session on large buying
orders executed by some Of the most
prominent houses In Wall street, and this
buying continued throughout the day
without any substantial lessening. fore
Ing net advance in the stock of over
five points
One by one the prominent stocks in
the market followed the leadership OF
Reading, Union Pacific easily taking sec
ond place. The Northern Pacific shares,
which were the subject Of much disguised
selling yesterday. easily rose two points
on comparatively limited transactions,
and the comment most frequently made
upon the policy regarding an extra divi-
dend distribution at this time adopted by
the Northern Pacific directors at their
yesterdays meeting, was that it was an
eminently wise and conservative one, and
was such as to inspire confidence in the
management of the company. 1t was also
perfectly understood, however. that an
extra distribution upon the Narthern Pa
ciiie stock was likely to be made at a
date not greatly postponed, and that this
action would in all probability be taken
when Wall street was least expecting it.
Nay Suspend Hepburn Law.
The particular excuse assigned for the
strength Of the Reading stock to-day was
one of which good deal has been heard
of late, namely, that Congress. at its
present session, might pass a law sus-
pending the operation of the Hepburn bin
which, in effect, seeks TO compel the
coal-carrying railroads OF the country 10
dispose Of their coal laHds-until the con
stitutiOnalty Of the measure can be
passed upon by the Supreme Court
A more sufficient reason for the ad-
vance was doubtless the now well under
stood fact that the Reading Company. in
period Of pronounced business depres-
sion, is earning nearly 20 per cent upon
its common shares; that its earnings are
constantly increasing. and that the com
pany's stock IS largely tied up in the
hands of investors. There were, however.
several general developments to-day
which very materially added to the en-
couraged feeling visible in the financial
district