The Washington times., 1909-04-22
UNION PACIFIC NEARS 100 MARK
AS SHORTS TRY ITO COVER
STRONG MARKET.

hNAthS- lnN buS AlE Noo VI -Aa ~-N~~r
lent character. apart from the covering
of shorts and the advances gained In
earlier hours were well maintained.
Union Pacific was 1855, points higher
than yesterdays closing. St. Paul was
150ss, Southern Pacific l203t. and the list
about Il under the high OF the day.
There was every indication Of good,
strong closing.
NEW YORK. April 22.-l p. m.-The
old leaders were to the fore today and
those who sold Union Pacific on the
runlors OF Mr.. Harriman's illness on
Wednesday tried to get 1t back with
profit, but found the stock bid up on
them. They may have to spend many
anxious hours before getting it back.
At that the market was decidedly
sT2ty, weak here and there, and with
r Fding taking a rest after its as
sumption OF leadership for several con-
secutive days, with just an indication
OF weakness as a result.
Close observers of the market are of
the opinion that there is not much
stock for sale. Some Of the heavy
operators are undoubtedly carrying
fairly heavy lines. but IL is easy to
carry stocks nowadays with the cheap
est of cheap cash, and without the fear
of the public becoming panic stricken
and throwing overheard millions of
shares-for the public hasn't the shares
10 sell.
Probably some of the stock that was
purchased after the panic has been
marketed, but much of II is Eull held,
and the profit is so safe and the mar
ket acting so well that there is no
reason for taking the profit in. Stocks
give better returns than the money
Stocks Are High.
The fact that conditions abroad are
less likely TO cause complications was
a favor able influence of the session.
London looked upon the situation
through more cheerful glasses, and un-
dertook TO recover some Of the stocks
sold during the earlier days OF the
week and some of the local Union
Pacific shorts followed the example,
buying Hartman stocks.
The strength of the Harrimans was a
disappointment and dampener TO the
bears, who considered the fact that z.
H Hartman would so to Europe for
g. period a sufficient inducement to per-
NIT the taking OF liberties with the Har-
Tinlan shares. Today they found little
hie1&r Levels.
The strength Of the industriaIs was
satisfactory and the action Of Steel
common. Smelling. Copper. and other
industrials helping out the general tone
of the list
ST. Paul has placed an order for s.. 900
tons of rails. Orders are very numer-
Gus and on all sides are evidences of the
long-delayed boom, which will not bios
som in its fullness, according to the
views Of the Street. until the new tariff
law is a matter Of record.
Sharp Gains In Noon Hour.
While the market acted we'll during
the morning. the noon hour found a
bunch Of scared bears doing their ut
most TO get under cover. while the buy
ing orders were greatly increased. In
the noon hour alone point advances
were made in Union Pacific. which was
clearly the market leader; in Reading
which began TO pick up and rose from
146k to 147k; in Southern Pacific. which
rose from 100 70 1207s. while practically
all the rails were y to q above the
prices current about noon.
With the display OF strength there
was also a rush of activity. and the
industrials shared with the rails in the
betterment. Steel common was at the
high point Of 5Z2s. Smelling at SS7s, Ice
a point higher, Consolidated Gas. Cop
per- and practically everything y to q
above the closings of Wednesday.