The Washington times., 1909-05-06

NEW YORK. MAY - p m nc
market continued about as 1t was during
the morning, up to the second hour OF
the afternoon. so far as the industrials
were concerned. The raiIs were gen
erallv easier. but usually well up to the
final figures Of Wednesday.
Copper. 79%: Smelling, 90; Steel COM
mon, SOS; preferred, 19Os' ReadinS'
1914: Union acifc, 1SS.
NEW YORK, May 6.-Wall Street
was In cheerful mood this morning,
much of its pleasure being obtained
from test votes in the Senate yester-
day on tariff schedules, which indicated
that the insurgents in the upper house
were not numerous enough TO prevent
the enactment of a law in the COM
paratively near future. The situation
i'm the industrial field was also to its
liking. indeed the industrials presented
a much stronger front as a whole than
the rails The revival in the steel ana
iron and railroad equipment business
has become so manifest that the street
believes II is time 10 get under these
stocks Moreover the era Of price cut
ting is at an end and the United states
steel Corporation has put the jack un-
der prlces for rails and other products
and the independents have indicated an
intention to quickly follow. Both nave
tired Of the slicing of profits and both
are anxious to get back 10 the old
price schedules.
IndustriaIs To the Fore.
Several of the independent companieS
have advanced structural Iron, for
which there is an urgent demand. SIS
per 100 pounds. Plates will be advanced
a dollar 4 ton before the end OF the
week. The Carnegie Steel Company has
Increased it's rail price on lightweight
rails from S2S to S2i ton to $2t 1t Is
said that St. Paul has ordered $1,000
tons of rails at SIS ton. This Is the
wherefore of the industrial betterment.
And il extends to locomotive. "copper"
and smelling industries as well.
United States steel preferred made
another new high record, IDA, the higE-
est ever Even the higher prices do not
bring out much stock. and the feeling Is
growing that il is being locked away
In trust funds and held for permanent
investment. On the basis OF it's divi-
dend, il is worth the price 1t is a fact
that at no time since the organization
of the corporation has il failed to earn
Its dividends on the preferred shares.
When the stock was selling st $50,
even s497k. It was paying per cent In
the depression of last year the corpora
ton came out Of the struggle with
81 900, 900 after the payment OF preferred
dividends and liberal deductions. Large
balances in depressed and prosperous
years have come to give investors lots
of faith in the future Of the corpora
Al effort was made to move the rail
list to higher prices. but as a rule Il
ers, Union Pacific and Reading, were
made on many stocks. but the old lead
ers. Union Pacific and Reading were
rather slow. 1t was the industrials' day.
not the rails. and the activity in the
industrials was confined to half dozen
securities.
Price Movement
Little Steel rose from a close at 55ss 60
66ss and eased of Il. Big Steel at 1904.
eased to 40. Copper advanced to S09S.
reacted to 79%. then to 1875. the latter
being IA. higher than Wednesdays clos
ing Shelter gained points. Anaconda
2is. Ice x. Locomotive q and Republic
preferred y Cotton Oil was heavily
traded in. rising from 63 to 64 or 1ss with
a x reaction Western Union surprised
its friends by jump of 81 points to
In the rails Southern Pacific gained
"a Union Pacific rose q. but reacted
until but 4 OF the advance remained
Chesapeake and Ohio was firm at II to
"A fraction higher. Wabash preferred, =
better. Reading opened at 1914, sold
TO 1913, of TO 15l1z. and of to 1915, and
back 20 1914. = gain Northern Pa
cific rose to 145ss a 8 to = advance
New York Central y higher.
Some Pointers.
Chicago. Rock Island and Pacific
shows aD~Operating income increase for
March Of S135S01. Erie. for the same
month, an operating increase Of $6SS. .571.
Foreign shipments OF copper were the
largest during April OF any month since
June. 1905. Prices are on the highest
basis OF the present movement.
London strong, but unchanged
Based on the earnings for the first
nine months Of the year Union Pacific
promises 70 earn $50. 600. 600 gross for the
fiscal year ending June 30
Insiders consider the metal situation
as vastly improved.