The Washington herald., 1909-04-23
STOCK PRICES GAIN
Upward Movement Tends TO
RecOup Prior Losses.
UNDERTONE REMAINS STRONG
Many Realizing Sales Are Easily
Absorbed ia the oourae OF the
Days TradfEg-QuOtatfOns OF Is
sues in London Reach Higher
Ranze-specIaIties Not Active.

New York, April 22.-There was a lively
resumption to-day Of the upward move
ment in stocks which was temporarily
suspended. al least for important issues,
yesterday and the day before.
Yesterday. in particular, the course OF
prices was such as to induce specula-
tive sales for the fall by all but the
shrewder class Of market operators
Whether by design or not. the aspect OF
the market at that time, when super
hcialy regarded, was the kind 70 which
Wall street gives the name OF tired ap-
pearance; but those who looked below
the surface. however. saw that the mar
ket was. in fact. maintaining an exceed
ingIy strong undertOne, and that II had
absorbed during the day a great guam
1ity OF realizing sales. as well as those
Of more speculative nature having their
origin IN certain constructions placed up
on the news Of the day, which we're alike
unfounded and Illogical
This view OF the situation came 10 pre-
vail in overnight consideration. and to-
day. therefore. inasmuch as a higher
range OF prices was almost uniformly
quoted for American stocks in the London
market before the opening Of the stock
exchange here, there was from the be-
ginning q general buying back OF stocks
sold yesterday. and as the day advanced
this was supported by the execution OF
large purchasing orders at rising prices
emanating from what seemed 70 be large
financial interests. which continued al
most without cessation until the eG6 Of
business The result. OF course, was a
record OF large net gains IN almost AL the
prominent issues
There was in the days dealings little
chance for the criticism that has been
frequently passed, heretofore, that the
market transactions and the advance in
stocks were coming 70 concern themselves
solely with specialties.
speciaIties Not Active.
The fact Is that these specialties to-day
were much less active than they have
been hitherto. and the rise particularly
embraced standard and leading shares.
This was notably the case in Union Pa
ciic common stock. which for some time
has Jagged in the general advance in the
market. and the erect OF a renewed up
town sentiment in a stock OF such char
acter waS naturally. not without decided
influence in other quarters.
Another especially strong stock was
United states Steel common. and the buy
ing OF il was unQUestionabiy stimulated
by the currency OF much more favorable
reports concerning the condition. present
and prospective, Of the steel business
than have been heard in the immediate
past Yesterday President Ripley. Of the
. Atchison Railroad Company, known 20 be
: one Of the conservative railroad officials
OF the country. declared in an interview
that as the result Of Frightening railroad
conditions throughout the country his
road was about 10 expend a large sum
OF money In improvements and new con-
structiOn: and to-day came the news
that the steel manufacturers. chiefly the
subordinate companies Of the Steel Cor
pOratiOn. have booked orders for .1.050 tons
OF steel rails. the bulk Of these being for
the Chicago. Milwaukee and St Paul
Railway Company
The railroad companies are reaching a
point. il seems. where their orders can
10 longer be withheld from the steel
producers Furthermore, to-day the state
ments of the Leading commercial journals
were ali 10 the effect that business IN
pig iron is increasing steadily.