Evening star., 1909-04-15
COALERS LEAD DEALS
Southern Railway Makes Early
Conspicuous Advance.
HIGHEST IN TWO YEARS
Reaction After First Hour Causes
Losses for Leaders.
c. & O. RETAINS STRENGTH
Volume Of Business Slightly in Ex-
cess Of Transactions Yesterday
for Same Hours.
: c. & o. RETAINS STRENGTH
Special Dispatch to The Star.

Uuyl8 VI ScCuEiticO VI Tic CUdi-OWuiu8
railroads. which began late yesterday
afternoon, and caused the remarkable rise
of 40 points in Delaware, Lackawanna
and Western within the last two weeks.
was continued at the opening Of the stock
issues partook Of the optimism displayed
by the coalers. 1t began to look as though
the market had set out for q renewal Of
the advancing movement which halted
last Tuesday.
The most conspicuous advance made In
the early dealings and continued for the
greater portion OF the forenoon was In
Southern Railway shares. the common
especially distinguishing itself by rise
OF two points to 2oh. which was the
highest at which that stock had sold for
more than two years.
But whereas the strength In Southern
railway was we'll maintained In the morn.
ins hours. reaction for prices In general
set In in the middle OF the nrst hour and
caused losses Of from \ to 1 point In all
ers In the late advancing movement.
Union Pacifc was noticeabiy weak after
its apparent strength at the opening and
sold down to 1854. which was points be-;
low Its high-vater mark last Monday
Southern Pacific and New York Central
also shared sympathetically in this reces-
sion Of values placed upon the main Har-
rinan line.
Southern Railway Strength.
The strength Of Southern railway was
no doubt due to the action OF q promi-
nent banking house. which had bought q
large block OF bonds to be used In the
development Of that railway system. and
II was argued by the street that the stock
Of the company. both common and pre-
ferred. would naturally enhance In value
upon the theory that the company would
not have sold development bonds at this
time except for the purpose OF enlarg-
ing its facilities to take care Of the busi-
ness expected upon the revival OF trade
in the near future.
lators for the rise bought Southern rail-
way this morning upon the assumption
that the large inside interests would un-
doubtedly encourage an advance in the
stock: e y least until until after the bonds were
For these reasons the rise in the shares
Of the Southern railway continued, In the
face of an interview with prominent om-
Ger Of another system, In which this
opinion that business In the south had not
improved as rapidly an Wall street
thought II had and that much Of the bust
ness on his line, especially, in the lumber
terror TO the sea cSast bound Tor Europe.
rather than for distribution In the north,
cnssapeske and Ohio retained It's
str:aa of y q s.eers ss sss
would declare dividend that would make
its distribution upon the stock equal to
per cent instead OF upon the 4 per cent
basis, upon which 1t is now supposed the
security rests.
Halt In Upward Movement.
The volume Of business was slightly in
excess OF the transactiobs yesterday for
the same hours. and . suspicion was en-
gendered among many Of the small trad
ers who saw "cats and dogs" being ad-
vanced rapidly that the large interest IN
the market had come to the conclusion
that IL was about time TO call halt In the
upward movement until something more
definite was known In regard to the tarin
bill. upon which q vote to expected next
case, which might also be decided next
week by the United States Supreme Court.
not to mention the fact that the trouble
between the anthracite mine workers and
their employers has not yet been thor
Oughly settled.
There were also some disquieting ru-
mors from Pittsburg to the effect that
Notwithstanding official deniais on the
there would be no reduction in the price
of steel rails some prominent railroad Of
ficers were authority for the statement
that there would be a material reduction
in the price Of steel rails in the near
future.
Notwithstanding these bearlike reports,
many Of the commission houses were op-
timistic. and sent out advices to their
clients that standard securities were q
purchase upon just such reactions as oc-
Cured today. and that although the re-
cessions might even go little farther
those who bought now with q view to
holding for the rise that must ultimately
come after the new tariff law Is known
would undoubtedly reap their rewards for
patience and perspicacity.