The Washington herald., 1909-05-07

New York. May s-Relative duIlness at
tended the dealings to-day IN the railroad
shares IN the stock market. but the
striking characteristics OF business vas an
outburst Of broad and general interest in
The Industrial stocks
Pess!nlsts and others unfriendly to the
current strength Of the stock market
maintained that this diversion OF interest
was Of manipulative sort. and intended
20 facilitate liquidation elsewhere. but
people in banking circles, and other quar-
ters having access TO trustworthy infor-
nation regarding actual improvement in
tfs business that Is taking place. were not
slow in declaring It their opinion that the
advance to-day IN the especial quarters
Of the market was justified The diver
gence Of view thus exhibited has been
shown throughout the present year
General Business Outlook.
A large number Of professional OBJ
servers Of the market and OF people
generally. who have allowed their judg-
ment regarding business conditions 10 be
colored-bE memories Of the past, rather
than by a study Of facts regarding the
situation az the present. have secuted for
months back the idea that any consider
able Improvement in business was going
on in the country, or. II so. It was Oc-
curing IN only an immaterial degree;
and they have had this much 10 back
them Up in their position that there
we're numerous lines Of business in which
trade was undeuiably dull
What these hostile critics of the stock
market have failed 10 recognize is that
IN other lines business was steadily
picking up. and that taken as whole
the country's industrial and commercial
life was really more active than II has
been in any preceding year with the sin
Elc exception Of the boom" period -
1851
The financial district IN the mass ap-
pcared TO be waking Up to-day 10 the
existence OF a condition OF affairs TO
which point was given in the statement
of the president Of the American Woolen
Company that the cOmpany's business
was never as large as at the present time.
and that the expectation OF the manage
ment was for business IN the present
year OF S9O.OO0,O00 more than the largest
year IN the cOmpany's history
such a statement is not. Of course.
typical in a greater degree than Is com
monty imagined, and some hints OF this
have been afforded IN the weekly record
Of the increases IN railroad earnings and
in the growth Of bank exchanges.
Iron and Steel Prices.
Further evidences were again afforded
to-day Of the recovery making IN the
iron and steel industry. Advances IN Ksr
prices for steel products announced dur
ing business hours and in the course OF
the last few days now include light steel
rails, structural materials. steel bars, and
plates. and Il Is admitted that the long
drawn out controversy as % the prices
OF heavy standard steel rails has been
settled il favor Of the raN-prOducing
corporations.
Orders for more than 10000 tons OF
rails OF this class have been placed since
Monday, and il seems 20 be a fact that
orders for over aoO9o0 tons more are
pending
Furthermore, large sales OF copper
metal were made to-day at new high
record price on the present upward move
ment- Il was therefore. only natural to-
day that buying Of stocks should directly
concern itself with industrial shares