The Washington times., 1909-05-28

NEW YORK. May 2S.-2 p. MN the
last hour the market has become little
less active and easier This was but
natural. as much of the evening up
over the holidays has been eonsumated.
Rut there was no weakness worthy of
sneciaI comment Steel common rose
TO SSH and eased to d554. Other stocks
were generally fractional off from high.
NEW YORK, May 81 p. m.-One
of the tips sent out by a commission
house today was this: 1T is a creeping
bull market. Do not sell then because
YOU viii have to pay higher to get EN-
back" It is indeed a creeping market
a strong one. and yet one that is not
satisfactory TO the Street, nor Is there
anything in the news of the day IN the
gossip to give promise of any tmmeoi-
ate material Improvement except IN
one group of stocks-the Steels. Taere
is much bull news being sent out on
these, some little talk Of Rock Island
being a bidder for Wabash. reports Of
good earnings coming out IN the re-
ports of Southern Pacific and Union
Pacific, and some evening up over me
three DAYS adiournment-fof the STOCK
exchange will not be in session again
until Tuesday morning or next Week
after the adjournment today. 1nere 10
list to Green up, and vet it did little
creeping in the first three hours OF To-
DAYS session, some quarter half ana
three-quarter point craWls-
Steels Very Strong.
with the steels il was very different
There was a story to the effect that the
buying Of Steel common was led by
Morgan. The second quarters earnings
are now estimated at over $z2,6oo,oeo,
and enormous orders are being received
for rails, structural shapes, etc, every
day. Then there are indications anent
the Independent steel amalgamation,
that Sloss- Sheffield. and Republic Iron
and Steel with perhaps Bethlehem steer
are TO be taken into the combination.
The preferred shares Of these compan-
les have shown very strong tone
scoring good big gains in the last few
DAVIS Republic Iron and Steel was
bout the only one that came to the
front today as il rose from 941z to S3l4.
The shares of SlOss-Sheffield rose -
yesterday on top o. good rise Garner
In the week Bethlehem Steel preferred,
rose a dollar yesterday and more this
morning.
The activity in Steel common. as be
fore stated, was accredited TO ouylAS
by Morgan, and II was persistent anu
insistent Another new high record was
made on the stock, and the action seems
10 have created some impression that
the common shares nOloefS may Iea-
sonably look for q little better than the
present 2-per-cent distribution. The com ON
mon stock rose from 6lA to OBS Inc
preferred moved up from 1885 TO 1875
Most of the industrial stocks were very
strong. although few in the group other
than as mentioned showed much bet
ferment. Pressed Steel Car was an ex-
ception as It rose IL. Copper and Smelt-
ing steady.
The Rails.
In the rails the gains were modest, St
Paul showing the best strength with
nearly q point advance. Great North
EN- made a gain to 1471s or z better
than Yesterdays close. Nipper was un-
changed Reading raised = OF point,
but was not especially active. The
Fries were steady. It appears that the
Erie Company has disposed of $1,000. COO
bonds. which With revenue is expected
10 re sufficient to finance the company.
Missouri Pacific was fraction better.
Rock Island X up
The market entered the second hour
OF the afternoon very frIn, but SLOW,
with prospects Of holdins well up TO the
close