The Washington herald., 1909-02-16

New York, Feb. I5--There was rather
unusual number OF developments Of hnan-
cial importance in the course Of the three
days suspension OF stock exchange busi-
ness ending this morning, all OF these
being 10 q greater or less extent OF a
favorable significance. They included an
advance. which had keen more or less
anticipated, in the rate Of dividend dis
tribution on National Biscuit stock, an
advance likewise in the Peoples Gas -divi-
dend. and the formal grant Of permis-
sion 10 the Erie Railroad Company by
the Public Service Commission 70 make
the long-taIked Of issue Of S3o0oo,000 col
lateral trust bonds. based in part upon
the coupons OF existing junior mortgage
bond issues Of the road
IN addition there was the influence Of a
further material reduction in the COun-
try's freight car surplus on February 10.
as compared with that on January 3,
when the last report was taken, while
optimistic comment naturally busied Il
self not a little during the prolonged stock
exchange holiday with the very fatter-
ing statement Of the Union Pacific Rail
road Company. published last Thursday.
showing as q result Of five months opera
alton Of the road in the present fiscal
year net earnings, after large charges for
depreciation. equivalent 10 a distribution
Of 81 per cent upon the company's com
lnon stock.
No UnfavOrabIe Developments.
Moreover. since the close OF business on
Thursday night there were no unfavorehle
financial developments Of any sort what
ever A somewhat excited opening IN
market prices was. therefore. commonly
predicted before the beginning OF bust
ness to-day. and the predictions were fuI-
filed.
The first quotation Tor the PRINCIPAL
stocks or many Of them. were al larger
advances ever those Of the last preced-
ing days business than have been seen
ar any time since last year, and the gen
orally strong and resilient tone Of the
market held without dininution through
out the entire morning hours Of business.
In the usual midday pause in the deal
ings there was no tendency toward a
recession in values. even II the market
did not continue is advance. and in the
closing hour OF The session The rise was
again resumed. leaving final prices al
the highest Of the day.
Many Features" 10 Market.
There were so many features in the
upward movement Of the market to-day
that none could be exactly specified as
being more prominent than others. Tech
nically speaking, a specific cause for the
strength Of the market appeared to be
what is professionally known In Wall
street as a scarcity Of stocks"
Il has time and again been noted IN
the dUIlness OF the market during the last
Two months that whenever q declining
movement IN prices set In IL has halted
after running but a short way on ac-
count Of the lack OF pressure OF stocks
for sale, and the only legitimate infer
encs from this was that II the public
was not IN a buying mood as concerned
the stock market. IL was not anxious. 10
dispose Of the steclzs and other securities
already owned
AS time passed a larger and larger
amount Of stocks has been taken out OF
the market through investment and each
time the declining movement has spent
its force It has been found that the ef-
forts OF Spectators for the fall 70 re-
cover the stocks sold by them has forced
them. as a whole, a higher level