The Washington times., 1909-05-08
GOOD DAY IN NEW YORK STOCKS
WITH RAILS TAKING LEAD.
PROFIT-TAKING EARLY.

NEW YORK. May S.-There was
market at the immediate opening
no questioning the temper of the
nor for that matter during the entire
session. wall Street is in a happy frame
OF mind. 1t evidently does not believe
that the return of prosperity has been
fully discounted. and the stories of the
mercantile agencies are in every way
Confirmatory Of the good reports that
have reached the spectators. The
Street now expects that the general
public, after holding off so long. will
come nibbling around after stocks at
these prices, and they will be encour-
aged by a little higher range and then
fed stocks.
That there wasn't more of an advance
in the list today was due entirely to
the fact that there wsre so many busy
transferring book account profits to
bank accounts, and this selling checked
the upward movement.
The Street considered the duty on lead
adopted by a big vote in the senate
yesterday as a very strong assurance
that iron ore would be taken care OIL
that the Rhode Island Senator had the
situation in hand, and that the tari1
would not contain any radical changes
reductions sufficient TO annoy or inter
fere with the returning prosperity in
the industrial field.
Dun Reports Prosperity.
Here is the way r. C. Dun & Co.
sized up the situation, and it was es-
peciallv to the liking Of the trade, many
commission houses sending II over their
private wires 10 correspondents as their
own views on the situation:
-znTa.r ~ WE
York 15-9 per cent better than last year,
and 245 per cent better than in 1906, and
IN New York 24.1 per cent larger than
in 1905, and 13 per cent larger than IN
1906 with railroad earnings for the
month of April showing a gain OF lS.9
per cent over 1905 and only 1913 per cent
decrease as compared with the DanneI
year Of 1907. with immigration 2lZ.Wp
larger than last year, with imports much
greater than In 1905, and nearly eGudl
10 1907, with distinct gain IN the iron
and steel trade for both orders and
prices, with hardening tendency IN
copper. with works of new construction
going rapidly forward, the trade situa-
tion seems to afford ample grounds Tor
the prevailing belief that as soon as
tariff. revision Is out Of the way, the
last &bstacle to q full restoration of nor
NAL industrial and mercantile ACTIVITY
will be removed
Foreigners Buyers.
Foreigners were buyers of stocks for
the first time in week. Industrials ap-
pealed 10 them. two or three days later
than TO the American speculative con-
tingent-
The crop report was not given serious
consideration because conditions are
better than they were when the stats
tics were collected, and the Street has
faith of the highest order in the ability
of the American farming community 10
meet exigencies ana produce crops
IA cd IN q nr-UTaraTG
will total into the seven billions.
Closing Little Easier.
Much Of the profit-taking was over
by 11:3O and the market became very
strong, but slumped an average OF u
point in last ten minutes on profit
taking
The rails shared with the industrials
on the days activity. the Hills. Illinois
Central. Chesapeake and Ohio. Southern
Pacific and q few other stocks leading.
Late in the session prominent broker
age house sent out tip on St Paul
as being about due for a rise and the
rise came soon after. St Paul started
slowly. rose 5sdA, dropped back to l502t,
hnd then advanced to 1924 to l5lA.
Chesapeake and Ohio advanced to lS11z
or q net gain. Missouri Pacific was Y
higher. Canadian Pacific =. Delaware
and Hudson, a point. Great Northern
and Illinois Central \. Great Northern
ore ADVANCED Oh certainty u DlDlut-
tion Ia points Union Pacific 1875 TO
1884,. and of to 1851 Reading 1895 to
1925 TO 1521z. barely steady.
Industrials.
Steel common moved up 10 5S9sd5s. a
gain of T. The preferred was irregular
between 1905. the high. and 1197z low, to
1888 for a close. Copper and Smelling
a shade firmer. Minor industrials gen
orally firm. with proft-taking in evil
dence