The sun., 1909-05-02
GOSSIP or VAIL STREET.

OF one Of his colleagues on the police COM
mission as dull but nrm. For tho dulness
there was not the same excuse ~ on Friday.
for wire communication with the Vest was
restored. But neither Chicago nor any
other important interior centre did much
In the market and It was thought that the
continuing improbable weather and the
continued strength OF tho wheat market
may have caused this aloofness. West
erners were not selling stocks on the crop
news. but were waiting for the weather
to turn before coming into the market with
new purchases. For the frmness Of the
market ample reasons were found In the
weekly trade reports. which were highly
favorable In all respeots except the crops
| alone.
1t was an exchange holiday In London
and tho only apprehension felt over foreign
Affairs was that tho May day gatherings Of
lsborers In Paris might provoke trouble.
The action Of the Paris market. where rentes
advanced and prices generally wore strong.
removed this apprehension. American
stocks advanced In Berlin and were rather
more active than La customary on . Satur-
day.
| One OF tho reports of most pertinent
business Importance showed . further
advance in prices for foundry iron by
Southern producers. The initial advance
was made in the preceding week, and that
Q second should arrive so speedily was
taken as strong confirmation Of other re-
ports Of trade Improvement. This buying
movement In foundry irons" ono Of the
leading firms In the trade said. has taken
In leading consumers In practically all
lines. Most Of 1t appears to be for actual
and prompt consumption. Altogether tho
tone Of the market ls moro cheerful than 1t
hiss been for . long time. and In certain
quarters tho tonnage booked is larger than
at any time in the last two years.
The report that the American Steel and
Wire Company. an important subsidiary
Of the United States Steel Corpors tion.
had cut wire prices brought about In all
we'll informed circles no modification Of
tho opinion that the steel business has
improved materially. The spring season ls
always dull one for this company. . large
part Of Its product going to farmers for
fences and being distributed to retailers
In the winter. This business has been as
good as In normal years. the farmers having
been little affected by the business do
preston. and the cut was made. It WAS said.
only for the purpose Of disposinG Of small
amounts OF surplus stocks In various lines.
In the month Of April the average price
Of the statistical industrials advanced
nearly 81 share and that Of the rails some
thing more than 81 share. 1t was
month Of active trading. but one IN which
the average Of prices moved within an
exceptionally narrow range. The extreme
variation for both railroads and industrisls
was not more than s27s q share. though
sales for the mouth amounted 70 nearly
10000 600 shares. 1t was . matter OF wide
comment yesterday that . month Of so
keen activity should have been marked by
80 slight variations In prices. The tend dency
was upward. but with the exception Of
Steel common and preferred the upward
movement was conspicuous principally In
the ordinarily less active stocks. and those
In speculative interest Is normally less keen.
Tho Hughes commission on exchange
methods did not finish preparation Of It's
report before the adjournment VI the
Legislature and 1t Ia not now expected that
the report will be ready before the middle
Of May. Wall Street has taken little in
terest In 1t Iatterly. for the genera! belief !s
that the commission will recommend nothing
detrimental to the best interests OF the
exchange and that whatever reforms are
suggested will meet the approval Of all
conservative members. Whatever the rec
concentrations, interest in the matter
Exchange men now that the Legislature
has adjourned, for II Is not considered
probable that q special session will be
called to take action upon the'report.
There 10 now no one In the Street who dis
putes that there has been q notable improve
ment In general business since tho bull move
mont began two months ago. Evidences
of It in railroad earnings. mercantile busi-
ness, the steel trade. bank cleartngs and
many other directions are too many for
dispute. The men violently bearish. espe-
cially on the steol trade. at tho beginning
Of the movement have boon Obliged by tho
trend Of events to revise their opinion. All
of them now admit that the movement was
based, to some eItent at least. on an expecta-
ton Of business Improvement, which events
have justified. The only point made by the
bears now Is, accordingly. that the advance
has carried the market ahead OF the business
that all the improvement that
has been made or Is likely TO come in the
near future has beon abundAntly discounted.
Tho argument Ia considered not without
weight In purely speculative circles. but i'm
portant holders OF stocks show no incltna-
tion to take proits and from their attitude
It Ia often inferred that they arc looking for
even better things In tho near future.
II would take at least two weeks more Of
weather TO spread any general
alarm over the crop situation among mon
accustomed to take the crops into considers
ton in general financial operations year by
year. Now the consensus among them
seems to be that the moisture OF the last |
week will prove beneficial II followed soon
by q few days OF warm sunshine. 1t Is ad-
lnitted that the prospects In Canada are not |
A favorable as could be desired, for the sea-
son there Ia short but in this country there |
remains abundant time for maturity OF an
abunda mt crop.
PUBLIC DEBT STATEMENT.