New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1909-04-23
FINANCIAL AFFAIRS
HIGHER STOCK MARKET.
Union Pacific and Steel the Leaders
-NorfoK s Western-Big
Bond Dealings.

General strength at the opening of the stock
market yesterday maintained during the
greater part Of the session, profit taking in the
last hour causing irregularity TO develop and
final prices to rule under the best of the day,
although most of the issues showed net gains at
the close. The better sentiment was 10 some
extent a reflex of the severe break In wheat
in Chicago. where prices fell nearly cents
bushel with large holders urgent sellers and the
buying demand scanty. In London the general
market was inactive but steady. the absence OF
change in the Turkish situation acting as a
check upon operations, but American stocks ad-
vanced under the leadership Of Union Pacific
and United States Steel Those two issues may
be said to have been as well the leaders Of the
local market. The heaviest trading Of tho day
was in Union Pacific, which advanced nearly
points on buying which represented partly Gov
ering of shorts put out Wednesday, when the
traders jumped TO the conclusion that Mr. Har-
riman's projected European trip could have no
other explanation than that his health was so
precarious that his retirement from active bust
ness would be announced. and partly t.
operations by powerful interests. the stock clos
ing at a net gain for the day Of an even points.
Southern Pacific moved with Union, gaining q
points.
Steel common was. next to Union Pacific, the
most active stock the list, its rise of point
and half, which lent strength 70 the general
list, being accompanied by persistent reports
that the earnings for the March 81 quarter, to
be made public next week, would be found TO
be much larger than any previous estimate: re-
ports which had their effect in inducing a good
deal of short covering. The stocks Of the local
traction group were all in unusually strong de-
raand. and all closed at net advances. which in
Interborough- Metropolitan preferred, Third Ave
nue. and Brooklyn Rapid Transit ran to above
point each. Lackawanna touched new high
record level advancing five points TO $50. Amer
team Telephone and Telegraph again
rgla-kably active. and advanced about point
further, the buying being reported TO have some
relation TO the practical certainty that there Will
be no legislation enacted at Albany at the
rent session in the direction OF placing the tele
phone and telegraph companies under the super
vision CT the Public Service Commission. Amer
lean Telephone and Telegraph convertible As
were the feature of the largest bond market for
weeks, the sales being $3,327,000, out OF total
Of 210.259, O00
Great interest was excited by the news that
Kuhn Loeb & Co had sold back 10 the Pennsyl-
vania Railroad Company the large block OF Nor
folk & Western common and preferred stock
which they had purchased from it late in 1906.
Both transactions were outright sales, in which
title to the property passed, but the net result
OF the combined operations may be viewed as
essentially a loan, made to the Pennsylvania at
time when railroads generally felt the stress OF
high money market, and now lQuidated. The
chief consideration influencing the Pennsylvania
in transferring its Baltimore & Ohio. Chesa-
peake & Ohio and Norfolk & Western stock,
bought in 1901 in pursuance of the community
of interest" plan, to Kuhn, Loeb & Co, in 1906
has always been understood to have been de-
sire to minimize the possibility OF attack in
those days of anti-rairoad agitation. because of
its extensive holdings of the securities of roads
which might be deemed parallel and competing;
and the action Of the company IN repurchasing
its holdings of Norfolk & Western. the furthest
south Of the three roads named and therefore
the least open 10 the objection noted may from
one point Of view be taken indicating that
in the opinion OF the company the likelihood of
prosecution of a railroad dominating another
which even remotely parallels and completes with |
it is now less imminent than ii was a few /
years ago