The Washington times., 1909-05-07

market nHESeU INTO Altt AeloA nun Va
the afternoon just bit slower, but
still very strong and with most of the
dav's gains held. Steel preferred was
1854 and the common up to 57s. Union
Pacific was firm at 11S5s and Reading at
15Sa4.
There were few changes in the in
dustrials.
NEW YORK. May :, p. MO-
days market was patterned very much
Hfter yesterdays in that the indus
trials were the strong, active points and
the rails moved for over two hours
within narrow circle and without MAX
ing much headway. then becoming very
strong and moving up sharply The
industrials all made good gains and the
demand for these securities continued
active right up to the second hour OF
the afternoon.
For an hour after the opening the
market was very active in both rails
and industrIals, then there was let-up
in the movement in the rails, but it
was not attended by any special weak
ness although there were some recess
sions from high. Then about 1890 the
upward movement was resumed.
London opened somewhat irregular,
but the Hartman shares were strong
with advancing tendency. The feature
OF the day there was the great strength
in copper group, all international is
sues advancing sharply. Money was
still easy. and subject to the continental
demand for gold. Even lower rates are
expected next week
Industrial Activity.
From all sides the reports of in
creased business for the big steel mills
indicate a return OF prosperity. The
Hartman roads are about to place or
ders for 1890 to $1,000 tons Of rails.
an dthe building and armor plate de
mand is sufficient TO increase production
capacity. Steel preferred recovered the
greater part of its dividend this morn
ing in jifty. Dividend on the stock
made a new high record. It sold ex-
dividend Ia per cent. The first sale was
at 1I9Ss. and then Il rose to 10. making
the recovery 1Ss points Later on Il
went back to 1f9SR. The sales were not
large. indeed II IS not likely that they
viii be unless the unexpected should
happen, so firmly are they held. Yes
terday's advance only brought out 1850
shares.
due. il will probably have an effect on
rails, the more so II II shows the con-
dition OF the crop better than expected.
This showing will also have an effect
Patten is a bigger man in the grain pits
than Secretary Wilson
The strong spots in the rails in the
morning were. Missouri Pacific, which
rose TO 74ss, or a full point. but did not
hold II, reacting u point; New York
central. with slight net gain: Read
ing with = advance, and chesapeake
and Ohio, with maintained advance OF
y point out of a gain earlier in the ses-
sion OF IL. Union Pacific is suffering
from inertia moving languidly and
without apparent elasticity, from an
opening at 1851 to 1885. and back to
betterment. Wabash preferred rose z,
Northern Pacific fraction.
Hill Nearly Receivers Dividends. --
While Steel, preferred, was especial
~ firm, the common acted well, rising
10 57lk and holding around 81, a net "a
betterment. Lead rose x. Railway
Springs. Ia to 45ls: Pressed Steel Car,
"a; Rubber, y; Anaconda from 4s7k to 81.
Cotton Oil from 651s. Yesterdays close
10 055s, with reaction Of Il; Copper
moved lp from s09+ to 50; Smelling was
strong but not higher: Colorado Fuel
rose point, and Locomotive a. Vir-
slnia Chemical, IA higher.
Rails Come To Front.
In the noon hour the rails began 10
show the effect OF steady accumulation.
Reading, which has not acted at ali
well since Tuesday. came to the front
with a sharp rise from 1919 to 1897.
going of x. while Union Pacific de-
Veloped real strength. touched and re-
snained firm at 1881 c & O. moved up
10 ia and the list turned \ point
higher on the average. At the same
time there was considerable activGT
The industrials generally added
fraction and the whole market pre-
81