The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1909-07-19
NEW YORK STOCKS WERE HIGHER,
STRENGTH BEING MORE WIDE
LY DISTRIBUTED.

NEW YORK, July Ia p. m.-Most
Of the rails were slightly under the
high of the morning, as the market en-
tered the last hour Of the afternoon
Union Pacific being 1885. St. Paul 1861,
Reading 1865, and the other rails about
2. of a point of from earlier highs.
Steel common rose to 7z1s. fraction
above saturdays close.
The whole market was very steady
ana showed good tone.
NEW YORK, July l9.-There was q
plethora OF bullish news on the Street
this morning. One could find bullisn
stories on everything from the Gould
shares to Union Pacific, from Copper TO
United states steel. II was a case Of
some Of the old leaders being temper
arily relocated TO a back seat, while
new favorites came TO the front. Union
Pacific and Steel gave place, perhaps
for the day only, TO ST. Paul Reading,
Missouri Pacific, and stocks Of lesser
importance iH the opinion of the Wall
Street traders It was but natural that
these stocks should follow the leaders
30 higher levels. II has come to De
impossible TO make half the market
stand stin. and the action of the mar
let today demonstrated it. At the same
time there are few who believe that
The natural leaders of the list can halt,
and the rest 90 forward with any de
=ETee Of speed. and the halt IN the lead
CTS IS believed 10 be only temporary,
while wise traders with big pronts
transfer some of them to bank accounts
st. Paul's Rise.
20
10 the front was a revelation TO the
market Il opened at 15SlE, a 5 rise,
and quickly sold to 157i4. holdlns little
under 49, The buying was largely by
the same parties as accumulated Union
Pacific last week, although what il was
Lased on was not made clear. Traders
had a number of rumors, but none Of
them seemed TO be anything more than
The merest conjecture, The placing OF
heavy orders for equipment by Balu-
moro q Ohio was considered an aTSu-
ment Of confidence by the management
general survey of The Hartman
lines for the past fiscal year will show
that these roads. including Illinois Cen
Trai, San Pedro and Los Angeles, and
others, viii show an increase in net
earnings Of close on sI3.000000. There
was a decrease in gross, but the net
was eminently satisfactory.
London looks with favor on our mar
ket as il has been informed that the
powers that control are for higher
prices in the immediate future, Thar
the movement in the Stsels is at an end
is not believed by any one interested
therein. Within the next few days ad-
ditiOnal betteTment is confidently count
cd upon. Southern Pacific Is expected
10 pass upon a Z per cent basis before
long.
Prices Hold Strongly
This does not mean that there was
any particular weakness in the old
leaders. indeed the concessions were
fmmaterisl and not sufficient to cause
suy uneasiness. Steel common at tho
extreme decline was but Z OF and the
greater part Of tfis was recovered
while the preferred actually made an
Improvement Of 3 of point and held
II well Likewise Union Pacific made a
new high record when IL touched 1884
even though 1t eased off TO 1876 and re-
covered Z 10 a net = point rise. South
eTn Pacific was as much tavoTlte Is
ever. Northern Pacific, on good crops
rose a full point and there was gOUC
buying Of the stock. It sold to 1891 4
like fraction Illinois Central was p
better and Mop extended its rise Ii
q, after days of tagging. AtchIsOn vas
p higher Chesapeake & Ohio gained
IL.
In the industrial list Colorado Fae
came fast with 15s net gain Come
and Smelling and Steel were ratnel
easier. General Electric gained a point