Evening star., 1909-05-23
SOME STOCKS STRONG
Upward Trend in Southern
Railway Is Continued.
STEEL COMMON is DOOMED
Crop Conditions Make Grain Mar.
kets Very Unsteady.
IMPORTANT NEWS NOTICES
Nothing Pessimistic in Outlook for
Prosperity-Reviewo of American
IMPORTANT NEWS NOTICES
Special Dispatch to The Star

Special Dispatch to The Star.
NEW YORK, May 22.-The stock mar
ket was not overactive today. but still
rather more active than it has been re-
gently on Saturday. and the movement of
prices was emphaticaly upward. In re-
sponse to increasing indications of
strength in the copper trade-these being
s;rikingly corroborated by the increase In
the Calumet and Hecla Company's quar-
terly dividend observation-disclosures
Copper and Anaconda stocks rose sharp
ty. Consolidated Gas made good adj
vance. The Western Union Telegraph
shares were very strong in consequence,
Of course. of the decision of the United
States courts awarding the Western
Union s6,G0O.o0O in its long-contested suit
brought against the American Telephone
and Telegraph Company.
The upward trend that has been so long
noticeable in the Southern railway shares
was continued; the Unexpectedly favor
able report of the Pennsylvania company
for the fiscal year was responsible for an
advance In Pennsylvania stock, while the
Long Island railroad shares, of which
the majority control is vested in the
Pennsylvania. rose in sensational fashion.
United States Steel common was heavily
bought and touched new high record
price The salient feature of the market,
however. was steady and sustained ad-
vance in the Great Northern preferred
and Northern Pacific shares-stocks that
have hitherto been distinct laggards in
the current movement. Stories of a
prospective Increase in the Chicago, Bur-
iington and Quincy dividend were. 1t may
be, accountable for the strength displayed
by the parent Hill stocks. and no one
was found willing to dispute the proba-
bility of the rumor, inasmuch as the
ability of the Burlington to pay q larger
dividend has long been conceded.
Grain Prices Fluctuate.
The grain markets fuctuated irregu-
larly, rejecting at last the counterbalanc-
ing influence in the trade of the favorable
weather for the crops in our own coun-
try, as contrasted with less encouraging
prospects in this regard abroad
OF news announcements during the day
the most important was that concerning
the purchase by a prominent private
banking house of an issue of $50 600 600 Of
a1s per cent thirty-year gold bonds Of
Armour & Co. The weekly bank state
ment was Of the same general character
as that of a week ago. The average fig
ures or the return reported an increase In
cash of over S6.OOO,OOO and a decrease in
loans of nearly $2,JOO,OOO. In the actual
figures the cash movement of the week
appeared as nearly balanced, but g. de-
crease in loans even larger than that re-
ported in the average statement also
Drought about in the actual statistics an
Increase in the bank surplus reserve. AS
the banks outside the clearing house re-
ported likewise a decrease in loans the
effect of an extension of foreign credit in
this country was plainly visible.
Pessimists Needn't Apply.
Those In search of facts upon which to
base pessimistic views concerning either
the state of business or the future of the
stock market certainly did not find any
announcement in reading the reports of
the progress of mercantile and trade
affairs made public today In the usual
weekend reviews of the great commercial
journals. Irregular conditions in the busi-
ness world were of course attested, and
the same prosperity is not felt equally In
all sections of the country or in all indus
tries. The general aspect, however, is
of the most hopeful, not to say buoyant
sort. The entire agricultural situation Is
splendid. the indications SO far as they
have appeared being for a crop of corn
this year the largest In the country's his
tory and this fact alone. in view Of the
high prices now commanded by the COM
modify. Is almost sufficient to insure ma
terial business ell-beng for another year
The iron and steel situation is working
up to the state of a distinct boom.
Railroad earnings are constantly grow
ing larger, and with settlement of the
tariff controversy and continuing good
sonable to expect that the stock market
will go on discounting just it has pre-
viously in the year the increased business
profits and the larger Industrial divisions
that will be reaped later on.
Here's Food for Thought.
One feature Of the week has been the
appearance of the number of statistical
statements of no little Importance from
a business and financial point Of view.
The preliminary summary of the tables
Showing the worlds production OF gold
made public by the government bureau
pf statistics was read with great interest
In the financial district. The fact that the
worlds stock of gold has increased about
pne-half in the last ten years and has
doubled i'm the last twenty-five years
bears witness to an element in the
financial situation. having constant ef-
modities upon which Wall street may we'll
ponder. The controller Of the currency's 8
compilation of the reports of the country's
national banks under the call of April
rs was also published. showing an in
crease in the percentages of legal re-
serves since the first of February. and
only slight decrease in this percentage
Rs compared with that of year ago
Likewise. too. the true inwardness Of the
current gold export movement was thor
oughly revealed in the government re-
port of figures OF OUR merchandise ex-
port and import trade for the month
OF April.
How About Gold Shipments?
An attempt has been made to show
that our shipments of gold to Europe
and TO Argentina are the result of bank
note imitation in the country which is
accomplishing the purpose of forcing the
letter class Of money out of the United
States. The figures on this point show.
of course. that the countrys increase
In bank note circulation In the last year
has been inconsiderable in comparison
with the total volume of circulation, and
not greater than would be justified by
the increase in the country's stocks of
gold. The fact, therefore. as disclosed.
that the excess value of the country $
exports over imports has been in
the first four months of the calendar
year only s70,0O0,OOO, as against $3Oo-
eo0.aO in 1g05 and S155.6u0.O0 In 1907.
stands as a sufficient proof that our gold
exports have been caused by commercial
trade reasons And these reasons, in
asmHch as they chiefly attest the prepara-
tions made by our manufacturers for ex-
panding business. are of a kind to sup
port rather than diminish American
prosperity.