The Washington times., 1909-10-04
FEW STOCKS MAKE GOOD GAINS,
WHILE GENERAL LIST HOLDS
FAIRLY STEADY.

NEW YORK, October A. p. m.-The
market continues strong at slightly un-
der the outside prices of the day. Read
ing has Joined the list of leaders. rising
10 17Olk. Other stocks generally firm
The market is quite active but there are
some evidences Of profit-talIing here
end there throughout the list.
NEW YORK. Oct. AT the imme-
diate opening London was n seller OF
stock to the amount of 10000 TO 1000
shares, while prices for nearly every
thing sustained modest reactions. SEN
fiment on the Street was inclined TO be
rather bearish. a fact that was due al
most entirely to the reduced surplus
and the long line Of loans with feel
ing that unless there was more or less
calling of loans in the interim the show
ing by next Saturday would be de-
cidedIy unfavorable. The recessions at
tending the first half hour Of trading
averaged 4 point
The weakness disappeared In the sec
ond hour Of the session under the
leadership OF that Old favorite. Steel
common Some bears who conceived
the idea that the stock was toppy and
would make desirable mark for their
efforts soon found that they had made
n serious mistake. It had eased off a
point in the early trading, breaking to
9I9s. and then IL turned and rose sharply
20 9f5s. thereby making another new
high. points above the closing of last
week. This remarkable advance on top
Of the gains of the past ten days indl-
cate better than any comment the Won
derful strength of this stock. II also
gives color TO the theory that a prob
able announcement of Importance is
forthcoming, and the more one looks at
par for Steel common the more the
dividend looks like a per cent per an
mum distribution.
That the price should continue to
mount to higher figures by point gains
doesn't seem possible, and yet there
are many commission houses that do
not hesitate TO put their customers into
the stock around present prices. To a
conservative profit-taker the present
looks Ike p good time TO take In the
paper gains and increase deposits in
bank. Steel common at ~ and better is
not the same proposition, as II was %
points lower The preferred, at 13l. is
rather high. but it's dividend on
per cent basis seems like interest on a
Government bond.
Some Rails Strong.
There were some strong rails in the
list. but as a rule the rails did not fol-
low the lead Of Steel common beyond
holding their own. making a modest
betterment. or a minor loss. St Paul
was brought to the fore on the promise
of something in the way of rights On
this II advanced from 1925. Saturdays
close. 10 164. and lost but fraction
Southern Pacific. which IS being tipped
for a rise. was slightly higher Union
Pacific was a point lower recovered IL,
and small fraction selling TO 20S5k
Reading touched 1701k. but dropped back
10 1897, stin a point net betterment
Northern Pacific and Northwestern y
I'D. Atchison. Chesapeake and Ohio.
Canadian Pacific. Delaware and Hudson
Denver and Eries slightly easier.
Union Pacific Strong.
The feature Of the noon hour was
the increased strength IN Union Pacific.
which rose 20 2o95s. a net advance for
the session OF rs points. a rise OF y
in Pennsylvania. and moderate gains
IN St Paul, Canadian Pacific and
Sluss-Sheffeld. St. Paul turned 20 IC4Is.
practically an advance Of 2 points. At
the same time. New York Central gave
signs Of renewed activity and tone.
moving TO l3S94- a 3-DOint upturn. and
going back 10 12S. The advances were
brought about largely by the covering
Of shorts Sloss-Shefficld rose y point.
Smelling and other industrials were
reasonably strong, while not scoring
much advance