The Washington times., 1909-04-08

market continued active throughout Ihe
Z last hour and high prices were main
tanned with regularity.
The New York Stock Exchange VIII
be closed Friday, Good Friday, and also
on the Saturday following.
NEW YORK. April 81 p. NIT took
She market some time this morning 10
get settled in its own mind as 10 the
direction IL would go. For an hour or
more il was inclined TO be strong. but
at the same time IL showed irreaction-
arv tendencies. Then midway in the
second hour Of the session the bulls
assuuned control in earnest, took the
market by the horns and gave it the
strongest kind of a tone. attended with
good advances here and there through
out the list. There was no lack of
following, for once the market settled
ifto its stride there were good buying
orders and a speculative following that
helped along the up-turn with liberal
commissions.
The sore spot on the list, Steel COM
mon. displayed so much strength that
1t ceaseds/for the time being. at least,
to be 4 sore spot and became one of
: the bull factors in a broad market.
There can be no question but what
the industrial companies are doing big
business, and, with the prospect Of an
early passage of the tariff bill, now
before the House. in some form. the
business interests OF the country are
taking new courage and getting busy
in their regular lines.
Business Better
over $1,000 tons of structural steel
have been ordered within the last few
days. This, In addition to orders for
thousands of tons of steel rails, prom
Uses to give the steel companies plenty
of business, even II the profits are not
so great. But they are not in the hab-
ii OF taking orders that are not re-
munerative.
The chances of a strike of coal miners
are not causing any worry. Evidently
the operators are prepared for a strike
and as result thereof they are very
Money continues very easy, this be-
ing the key to the situation. CLOSE
observers of conditions have called
attention to the fact that there have
been fewer issues Of stock out during
kecade. and that many of the high
Erade raik shares are gradually being
JkekGd away in strong boxes, to the
TA,gstion Of the floating supply.
Strong Spots.
The strongest rails in the list were
Union Pacific. Southern Pacific. Louis
VILE and Nashville. Reading. Wisconsin
Central and Canadian Pacific
In the iudustrials. little Steel, Copper,
ice. Sugar. and Peoples Gas were the
favorites.
following the rise OF yesterday, was
due TO the completion OF details for the
merger Of the road with 500 and
Canadian Pacific.
one OF The most favorable news fea-
lures OF the news OF the day was the
fact that Hill and Hartman have come
to an amicabie understanding in mat
tiers on which they have heretofore been
at variance.
Heavy Coal Shipments.
It is stated that the shipments of
coal over the anthracite roads during
March were the largest on record. This
helped Reading yesterday, and gave II
another upward turn this morning.
I,ackawanna is expected TO either raise
its dividends or cut melon for fits
shareholders by giving them an in
terest in the coal mines in the event of
the Supreme Court deciding favOrably on
the cOnsttutionality of the commodity
clause. This caused the weeks rise OF
fifty points 10 5000 share.
Eric. during the month OF March
earned a gross increase of nearly $780,.
o. In the first nine months OF the
lAai year Erie has earned a surplus
oAearly s2.500,0o0 over and above fixed
el1g (which is doing Wen For Erie.
Commission houses were buyers or /
STOCKS TO a considerable extent and II
certainly looks as il the public was
inclined 10 take a chance on stocks even
at the current high prices-for even the /
widest bull admits that prices are high. /
some OF them at the highest figures 1
in their records. The feeling is much |
better in the West where traders are
optimistic on crop prospects.
The Gains.
The gains in the leading rails varied i
from q 70 21z points. The market when /
At reached the outside figures Of the 4
morning continued active with little 4
change I'm the noon hour, and entered 4
the second hour OF the afternoon with 1
lively trading throughout the list and /
with Union Pacific leading the rails and /
Sugar the industrials. Sugar rose 21z /
points. making one OF the best gains OF 4
the list.
Union Pacific was high at $50, as com !
pared with 1919 the close Of Wednes- /
day. Reading was 1854. a "a rise. Nip
per. 1874, = gain. Louisville and /
Nashville. 1881. ~ advance South /
ern Pacific regained its dividend in short /
order. Canadian Pacific up IL. Denver I
fun point higher. Chesapeake and /
Ohio "a up.
Steel common rose to 5iA from %. the /
preferred holding steady around 113&4. /
Copper was y up, Ice 1h, Chicago Gas /
TO 1175k or over point better
II was good market. but not for the /
bears.