The Washington herald., 1909-06-15
WALL STREET NEWS
General Upward Tendency
in Market Noticeable.
STEEL SHARES AT NEW LEVEL
Crop News OF Highly Favorable
Chsracter-Wabash Issues Strong,
Although RumOrs Regarding that
Property Are Not Terined-IrOn and
Steel business in Good Condition.

New York. Juno 1A-To-day's dealings
In stocks partook OF the same irregular
character that they did throughout last
week with this notable exception. that a
general upward tendency IN the market
was distinctly more noticeable than II re-
Gently has been. This might have been
due to two developments. both Of them
being calculated 10 induce optimism in
the financial community.
one OF these was the display Of unmis-
taxable disposition In the wheat markets
70 sag under the weight OF crop news
OF a highly favorable character.
In the last few days the weather over
the entire agricultural belt has been Of
a forcing variety. relatively high tenn
perature coming after fairly long period
OF heavy rain fall
Steel News Cheering.
Again the news to-day from the iron
and steel business was OF more cheering
sort than II has been at any time this
year II is now admitted that the rail-
roads Of the country are in the steel mar
ket for railway orders, that the United
States Steel Corporation is already operat-
Ing 81 per cent OF its capacity. and that
the strong chances are for another ad-
vance In the near future in the list prices
OF Iron and steel products A sign OF
this was. OF course. the news OF an ad-
vance this afternoon by the PennsyI-
vania Steel Company. one OF the leading
independent producers. OF 50 a ton in the
price OF steel billets.
The state Of affairs last described was
the undoubted cause Of a further rise
to-day in the price or u. S. steel com
mon stock 20 a new high record level.
although II appeared TO be the case that
there was not little buying OF the stock
by the London dealers who have recently
made heavy commitments with American
purchasers for the call Of the stock.
Another feature Of no less interest was
q violent rise attended by large transac-
tions in the Wabash Railroad common
and preferred stocks and refunding per
cent bonds. Accumulation OF the Wabash
issues has been going on in a more
or less restrained way in the stock mar
ket for a considerable period. To-day
the movement gathered great momentum
and Il is hardly possible that the cause
Of It could have been merely speculative.
wabash RumOrs AfIOat.
stories connecting the names or the
Lackawanna and Canadian Pacific rail-
way companies each as an individual
purchaser Of control OF the Wabash
property have been long matters Of gossip.
Such stories were again revived to-day.
but they received neither official nor un-
official sanction, and the explanations OF
the rise in the Wabash stocks and bonds
remained very much OF a market mys-
teTy.
Other strong stocks in the market were.
in the railroad list, the Union Pacific
shares. and among the industrials the
emalgamated Copper. Allis-Cnalmers. and
In general the whole list OF metal stocks. I
The dribbling liquidation in Southern
Pacific stock that has been noticed ever
since the announcement Of the plan OF
retiring the company's preferred shares
continued, although the decline in the
stock to-day was trivial There was
little change in money or sterling ex-
change rates.