The Washington times., 1909-05-05

held reasonably we'll At this hour
Union Pacific is selling at 1855. Read
ing at ISIS. and Steel preferred at
1893. other stocks were steady
NEW YORK, May Id p .m.-The
volume Of business transacte don the
stock Exchange was moderately large.
there was some little irregularity In
prices, generally in tn directions of con-
cessions. The proft-taking in evidence
at the close OF the market on Tues
day continued. but not withs the same
urgency. and the buying was excellent
Much OF the trading was in a few
stocks. Reading. Union Pacific. Steel
common and preferred. Chesapeake and
Ohio, Pennsylvania, and St Paul lead
ing. There wa sno especial news over
night The commodity decision was
generally considered satisfactory on
later Views and more careful study, nor
does the Street believe that the Bxecu-
tive will make any effort TO further
embarrass the coal roads
The crop scare was a feature, the
more so when accompanied by a rise IN
May wheat to 1291z. practically the
high point of the bull campaign, and
July at 11s5s- There was a disposition
10 believe the crop scare overplayed,
although If was effective in checking a
rise.
American stocks in London were ir-
regular. with the Hartman shares the
strongest Money was reported easy,
and no change is expected pending the
end of the Continental demand for gold.
Accumulation of Reading.
Reading was accumulated by strong
-ffa or.H Vel 1uI uf rtf
a probable increase in dividend in the
near future, although In this case the
wish was probably father to the thought.
Some other favorable developments were
hinted at. Readings friends believe
that it viii gradually sell higher and
that the stock viii be locked away, be-
coming scarce on the market. II opened
at l5l$t. moved up to 1928, and of to
1873. with slight recovery from low,
practically losing Y point as compared
with Tuesdays close Pennsy was
active. selling ex-dividend 3 points, and
at practically unchanged figures. Union
Paciic started at 1874, touched 1905s and
ciiic was firm Erie first dropped IA
C. & o. Very Firm.
1t Is evident that the buyers of
Chesapeake and Ohio certainly expect
either a or : per cent dividend declara-
tion. They bid up the stock from rs TO
F72s. or ia above the close of yesterday.
Trading was reasonably active, too.
Southern Pacific held it's own and ST.
Paul did the same although It did not
hold a point early gain. Northern Pa
cific was firm Erie first. dropped IL
In tho industrlals Steel was the ac-
tive leader. Pittsburg wires that the
L. :. Steel Corporation IS operating the
Homestead mills to 75 per cent of capa-
city, with but three out OF thirty mills
fcle- The same story comes from Gary,
the work being chiefly on structural
steel.
Steel Preferred.
Prominent financiers and careful capi-
talists have ccme to the conclusion that
the Steel Corporation can and viii pay
the preferred dividend under almost any
circumstances, and that the preferred
shares Of the company are lower, di-
Nidend returns considered, than they
should oe-that present prices are more
than warranted The preferred stock
sold at 11S1z TO 1875 to 1lS5s. and then
70 1875. a a gain. Common sold at
Is gain and then lost the advance and
p additional Copper and Smelling
steady. Locomotive was a feature. ris-
ing IL. Industrial securities. other than
those mentioned, were slow.