The Washington times., 1909-05-19
SOME WEAKNESS IN EARLY MARKET,
BUT RECOVERIES FOLLOW
WITH SOME GAINS.

market improved both in volume Of
trade and in strength under the leader
shin of Union Pacific and Steel COM
mon. The former sold to 1894. or Is
net gain. while Steel common moved
up TO 59Ik also Y advance. The rest
of the list was reasonable although
Reading showed much irregularity as
after moving to l5slk il again reacted a
fraction below 15S. Its range of fiuctua-
tions was between 157 and 15S1k. Cop
per remained about So and Smelling at
9pt. both off y point for the day. St.
Paul rose to 1905, recovering all but
3 OF its loss. Copper. Smelling. and
St Paul. with Reading. seemed to be
the stocks chiefly affected by the death
of Mr.. Rogers, and here support came
when necessary. The prospect was for
a good closing.
NEW YORK. May 1s.A1 p. m.-Two
years ago the sudden death OF II. II.
Rogers would have sent Wall Street
into spasms and would have started the
market on the down grade with such
speed that only the united efforts OF
the market powers could have checked
IT. His Importance in the market at
that time was vastly greater than that
of r. 2 Fowler at the time of the lat
1er's death. and the Street shudders to-
day when II recalls the smashing prices
and disaster that attended the over
~ H Rogers was on the Street yes
terday. and his friends commented on
his splendid appearance But two years
las made a great difference in Rogers
operations on the street. he has been
putting his house IN order and today
his vast estate is said to be trusteed,
and his sudden death was as the pass.
ing of a Zepher as + whlrlwind 70
what IL would have Deen had the cal.
come two years ago.
Amalgamated Copper, Rogers stock,
sold OF 81 share al the opening,
Reading broke from 1854 TO 15I, and
ST Paul from 151 to 150ls but all re-
covered fractionally long before noon,
Reading TO i5TlzQl5S back TO l5I1z and
up 10 15S15: Copper to S21s. back TO SZA
TO s.ss. There may have been some Few
other stocks affected, bur the declines
We're nothing more than might have
come any day with a little liquidation.
And then the Street settled down to
Specializing as TO whether the big men
OF the Street would care to get under
stocks for the next few days. the mean
while the gossips were sending out gos-
sip that was indicative of higher prices.
provided Steel blazed the way. Steel
was inclined to lead the way.
Unquestionably the associates of H H
Rogers took whatever steps were neces-
saTy TO care for any loans that he had
outstanding. so that the value of col
lateral should not be affected-toOk the
necessary steps TO do anything that had
been left undone by the dead magnate.
Despite the passing of the great
trader. great in his day. the undertone
az the market was one of strength, with
s moderate volume of business well
scattered.
1t was reported late yesterday that J..
J. Morgan * Co. had taken a more
bulish view Of the Steel situation. The
fact that the steel Corporation has de-
cided TO maintain wages and has re-
employed thousands of men, and that
tie independent companies have also
agreed TO maintain wages Is generally
looked upon as assurance that the
manufacturers Of iron and steel are con-
WINGED that the outlook is FOR continued
Improvement.
Ii was this feeling that was respon-
sible for the big advance in Steel COM
mon yesterday and partially for the
run-up from 5Siz to 50 this morning.
The preferred stock is very. steady
within 1sU5s above the 10 figuie. Cop
per was influenced as noted by the
death Of Mr.. Rogers. but il recovered
Is OF its loss. Smelling was weak
going Off TO 9Zss and recovering 10 s311
or all but y point
Some Of the minor industrials showed
some little weakness. Republic Iron
and Steel common was off =. the pre-
ferred was = better. Consolidated Gas
was easier and many industrials kM3s
of. Western Union I point higher
Toledo St. Louis and Southwestern
was lIs higher Union Pacific opened
az 1855. a Z point loss. recovered TO
1S9ls. st. Paul recovered from 150is to
15o2s. Pennsylvania was steady Atchi-
son firm on talk OF per cent divi-
dends. Chesapeake and Ohio weak
early but recovered Nipper and Great
Northern strong. St Louis and South
western higher on bull talk from New
York
The market. entering the second hour
OF the afternoon. presented a firm front:
with larger volume of business and
a lsrgc good general demand