The Washington times., 1909-09-28
NEW YORK STOCKS VERY STRONG,
WITH STEEL COMMON AT
NEW HIGH LEVEL.

NEW YORK. Sept. 2.-The rise
in stocks which marked the norm
ing's trading has continued into the
afternoon. and substantial additions
have been made to prices all along the
line. Steel cOnlmo has led the market
and since noon has been gradually
creeping to fractions above IS, the high
est price in the history Of the stock.
The strength .Of Steel common has been
impaired to the preferred stock and
10 other issues of the Steel group.
Among the railroads Reading has been
very active and has gone up ? points
above the opening. AtchisOn has adj
vanced 3 points and the other rails less
amounts. A strong tone underlies the
market n commission-house buying is
larger in volume h a for many days.
Market Active and Higher.
NEW YORK. Sept. 2S.-Noon-New
York stocks during the morning have
been very active and strong. Opening
from fractions to a full point higher
than last nights closing, such stocks
as United states Steel, Reading, Union
Pacific and others have gone upward =
points or more and the stock brought
into the market by the higher prices
IS being absorbed in large quantities.
Steel at this hour is in new high ter
ri1ory at SSas. and the entire list is
showing unexpected strength.
Buying of steel today is largely from
outside sources. Speculative circles in
the West seem TO be filled with the
idea that steel stock is due for a big
rise, and orders TO buy have been pour
ing into Wall Street all the morning.
Naturally. Bethlehem Steel and Repuh-
lie Iron and Steel feel the impetus OF
the rise, and current gossip today IS
that EnV0n sort nf q nnrnhrrrnF fnn nj IN
terests " these concerns is amcng
the possibilities of the industrial future.
Among the strong interests believed TO
be acquiring Republic Iron and Steel is
John w. Gates.
U. P. on Dividend Basis.
No reason is given for the strength
in Union Pacific other than that the
stock Is on the basis of dividend yield,
selling lower than any high class rail-
road issue with the single exception OF
Baltimore and Ohio and that the mar
Gin of safety of its division is much
greater than that Of Baltimore and Ohio.
In the case of Southern Pacific, the ex-
pectatIon Of an increase in the division
is entertained and is strengthened by the
knowledge that earnings at the present
time are showing ~ satisfactorily both
in gross and net.
A somewhat belateG response was
49, "a
earnings for the month of August, which
established a new high record for the
road.
Gives Rail Order.
The Pennsylvania has placed it's steel
rail orders for the entire system FOR
delivery ia 1910. The amount OF rails
ordered is about 10000 tons, as COM
pared with 190.c0o tons ordered for the
previous period. The quantity Of rails
ordered is not only larger in amount
than usual. but the order is placed
Garlic. I'm the season than usual.
September car loading on the Wabash
gained 10 per cent over a yea ago. and
surpassed September 1907. which was q
record month-the second largest in the
cOmpany's history. An Official Of the
company says that While the annual
report shows a deficit. the Ompany is
really $4,000 ahead, as most Of the div
ideud or ~bentu was paid 20 Itself.
The current months earnings will be
near the top, If not above. August, 1907,
the previous high point.