Evening star., 1909-04-25
MORE HEAVY BUYING
Strong Underlying Tone of the
Week Continued.
NET GAINS MARKED CLOSE
United States Steel Common a Strik-
ing Feature of the Day.
ROCK ISLAND STOCK A SPECIAL
Slow and Steady Improvement in
Trade and Commerce Indicated
by Trend of Prices.
Special Dispatch to The Star.

Special Dispatch to The Star.
| NEW YORK. April 24.-In less
than half an hour before the opening
| of business today the news OF the fail or
Constantinople became public in the tinan-
| cial district, and to the undoubted sur
| prise of the rank and file Of professional
| spectators this news did not unfavorabiy
affect the days security market In any
| degree whatever. The first prices made
| for stocks were in nearly all cases the
| lowest Of the day and these were at
| considerable advances from yesterday S
| close. The market hesitated somewhat
| in the first hour of trading, but in the
second and final hour the strong underly-
| ing tendency that has been so vigorously
manifested throughout the week again
signally exerted itself
There was a resumption of heavy buy
| ing in all the prominent stocks and these
| the general market as well left off at
| decided net gains. Particular attention
| was attracted. perhaps, to the purchase
of United States Steel common stock
| and of the so-called metal shares gen.
| orally, while in the railroad list there
| was especially a resumption of that ac-
| cumulatio of Rock Island common and
| preferred stock and Of the local traction
| shares that has for some time been in
| progress.
There was some question today whether
| TIE Turkish developments were or were
not known in London in time to affect the
| financial market there; but knowledge
thereof was at least general In Europe at
such a time during the day that selling
Of stocks could easily have been made on
this side Of the Atlantic for foreign ac-
| count No such selling took place. The
truth about the matter Is that the course
| of recent events in Turkey has so Tar
been followed with approval by financial
sentiment in all the worlds great capi-
tails since it has been universally recog-
| nized that an end to the sultan's rule
there would be good for the country.
Decline in Grain Bulge.
| At home today the one interesting fea-
| ture of the days news in its financial
| bearing was another violent decline in
| the grain market. This, it is needless
| to say. was regarded on the stock ex-
| change as wholly favorable factor.
| The weekly bank statement was only
worthy of notice in that an increase in
loans as estimated under the average
method Of computation was reduced to
an increase of but 1.6OO 600 in the actual
| figures, and as cash gain of something
over s2.OOO,OOO was shown in both state
ments a decrease In the bank surplus
| OIL Sl,US4,UO tIIo average WAS
turned, in the actual return, into an in
| crease of 81 ,245,OOO
| There was no great change in affairs
relating either to the stock market or
to general business this week. Develop
ments in both respects could be described,
like those of the weeks weather. as If
| regular But both in the course of prices
and In the unfolding of the country s
| trade and commerce there was visible
| the same slow and steady Improvement
| hnf hoC hon Ion
period. A common remark heard among
the big men" was that things were
getting little better all the time and
| therefore, as might have been naturally
expected the stock market, while usually
| strong one day in the week and more
or less heavy on the succeeding day. yet
| In the main continued to point upward.
Favorable Weather Conditions.
There was this much to be said of the
eral fall of moisture, while regarded as
disappointing by those who have been
anxiously awaiting the coming of warm
spring days. was yet unquestionably de-
cidedly in a broad sense beneficial and
served the especially useful purpose of
breaking up a severe drought that has
for long time prevailed in Texas.
! There was a collapse during the weak
| in both the grain and cotton markets.
| that in wheat being the most sensational
on account of the Chicago corner in
the commodity that for months past in
| fuenced the price of grain around the
world But the break in wheat was ad-
mittedly due in greater measure to other
causes than the betterment in crop pros
poets.
In the iron trade the most encourag-
| ing feature of the week was a much
larger demand for pig iron, this reaching
larger proportions than at any time
previously during the year; while it ap-
pears to be the case in copper that the
| taking of the commodity by all sorts
| Of buyers at current prices has been
| such in the month as to lead to the
hope that for the first time for many
| months past production and conSump-
ton Of the commodity will be shown to
pretty nearly balance each other in the
| report of copper stocks on hand that
will be made public by the Copper Pro-
ducers' Association fortnight hence.
Negotiation of Bond Issues.
Financial events Of Importance in the
week mostly comprised the further sue
cessful negotiation of bond issues by va
rious railway and industrial companies,
| and 1t would seem to be an obvious con-
clusion that with these companies placed
in command Of funds in the way in
which they have been and will be for
an indefinite time in the future an en-
larged consumption must take place of
| iron and steel and copper products. and
in general Of all raw materials.
The situation in the anthracite mining
| district has passed entirely out of reck-
oning as a market factor in a general
recognition of the practical certainty
| that before the end of the month a COM
plete and amicable settlement of the diff
ficulties between the miners and oper-
| ators will be reached
A frmer tendency in call money lat
| terly has only been looked upon as sig