The Washington times., 1908-04-24
BOON ON IN STOCKS
WITH SHARP GAINS
Reading, Union Pacific, and
Hill Shares Leadership
dustrials Very Strong.

NEW YORK, April 2A-The steam
turned on the market yesterday morn
ing has not been turned off as yet. For
The first hour the business was decided
y heavy then there was a little let-up
Tor the rest OF the morning, but prices
did not shade much from the high point
II was a case OF pushing along a good
thing A million dollar failure on the
Consolidated Exchange. S7.5OO.O0O notes
put out by the Norfolk K Western. a
proposition looking to the financing OF
the Hartman lines and exports of gold
all falling 10 exert anything unless It
might be a checking Of the wild rush
10 higher prices.
The proposition is lust the same as
IL was yesterday. The banking interest
have absorbed something ike 100000. 900
Of new securities in the last few weeks,
almost days I'D they must have a mar
ket 20 distribute those securities on
The New York Central, the PennsyI-
Nania, the Erie, and the Norfolk and
western financing has taken. at least,
the amount Indicated, perhaps more.
Union Pacific is the market leader,
with Grading n close second. After a
number OF Intellectual attempts 10 push
Union Pacific above 30 il passed 100
this morning and went back to l2q2s
Reading ueared its top Of the wear
touching 10Sis a full point up Other
gains OF the morning were q on Bal
IimOre and Ohio; 1 on Louisville and
Nashville, ia on Missouri, Kansas and
Texas. Us on St Paul. and p 10 = on
nearly all the rails. The induStrials did
not move with the same life as the
rails, and yet they were reasonably
The 100000 Pennsylvania forty
year 4 per cent bonds were subscribed
Tor ten times over. This was a bull
factor.
The Norfolk and Western reduced its
dividend 10 a 4 per cent basis on the
common stock. This was ignored.
The most Important favorable news
OF the DAY was the decision Of West
ern railroads 10 advance freight rates
20 per cent this as an offset IN tho.
proposition TO reduce wages.
The fact that the railways Of the
country are on an easy way 10 the ad-
JuStmeut OF their finances and their in
come. in a sense through the advance
IN freight rates, means that there Will
De much money spent on Improvements
era equipment. improvements that have
Setn past Cue for months. This also
indicates q demand for steel rails and
equipment and more work for the great
industrial combines. The UDturn las
been manipulated. hut It IS here an
laTenuy, ana with a hope, If not belief
that no untOWard influence NAV Irlr-r.
Passing into the noon hour The mar
keJ became very active. with sharp ad-
dtional gains throughout the METRE list
The buying vas Of n character that
would not Ie denied, and was well scat
tered throughout the entire list, with
Union Pacific, Northern Pacific, Great
Northern and Reading leading the rails.
Nlth Steel pTCfeTrtC again touching par
md moving w Is above Northern Pa
cInc advanced to 1902 a gain OF nearly
points. While Union Pacific touched
l13. and Reading topped 1854. General
Electric advanced 3 points. and the In
duStrials other than those named added
a good half point to their morning fig
uTeS.
At the top there was considerable
profit taking. In and out was the word
with the room traders. They were
taking no chances with the long pull
but the commission houses noted n
much larger percentage of increase Of
orders \ market like tOday's main
tanned for some days would bring orders
from the public hand over fist
It was the best, the broadcast. and
the most active market Wall Street has
seen for some time.