The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1909-09-28
STRENGTH SHOWN
| IN STOCK MARKET
United States Steel Leads List
In General Advance
lNDUSTRlALS ARE ACTIVE
Excellent Reports From the Iron Trade
Are Responsible For the Upturn
in Steel and Iron lndustrials
and Railroad Stocks.

N New York, September N.-There seemed
Ito be an accession of confidence today on
1.-THE part of speculative buyers and hold
Iers of stocks, founded on the mere pass
ling of the two days holiday interval.
lSome of the buying came from profession
Ial bears, who had gone short over the
holiday. There was some buying also at
Itrbuted to speculative holders of long
stocks, who had sold out on riday last
from the fear of accidents over the closed
interval.
The most impressive buying, however,
was that in United States Steel, which
Twas of a breadth and volume that gave
| 1t the semblance of a miscellaneous de-
mand from widespread public sources.
The limitations given by brokers as to
| the financial character Of some of the
customers who made up the principal ele-
IInent in the demand for this great indus
Trial stock made a strong impression on
Isentiment toward the whole market The
Sympathetic effect on the general list of
1.-THE movement of United States Steel sub
Emerged every other consideration. The
demand for Steel was fostered by the en-
Ithusiastic reports of conditions in its
trade.
vertiable wave of buying was de-
) clared to be sweeping over the iron
market, and running up the price of that
commodity in spite of the expansion in
production to a rate without precedent.
Railroad traffic managers reported a
growing anxiety on the part of great
RAILROAD systems for the return of their
freight cars sent out to other railroads.
A Pennsylvania railroad official az
firmed his conviction that a shortage OF
cars was threatened before the. year
products were moved. These views had a
stimulating effect on all the iron and steel
industrials
Better reports came also from the cop
per trade where contracts are making
. for delivery several months ahead. Prices
of copper warrants advanced in London
today This confirmed the confident
| feeling over the iron industrials and
spread to other portions of the list.
n The railroad list got a lift from the
Excellent showing of earnings for Au-
gust made by the Atchison system. Even
after liberal increase in the outlay for
operating expenses there was enough left
of gross increase to make an expansion
of nearly 100000, or upwards of 81
per cent in the operating revenue for the
month. The resumption OF influential buy
Ing in Reading and Union Pacific was 4
notable factor in shaping the days mar
7 ket and in correcting the tone of depres-
sion caused last week by the evidence of
| efforts TO sell those stocks all avail
able occasions
The conservative tone of warning from
many commission houses, sent at the end
Of last week and the unfavorable bank
statement, which appeared on SATURDAY
while the stock exchange was in recess,
were without influence in curbing the re-
vived strength of stocks. The demand
proved TO be much congested, especially
in the United States Steel, and the aggre-
gate dealings showed a shrinkage. Con-
ditions were not changed In the money
market, aside from a rise In New York