The Washington herald., 1909-04-29

New York. April 2S--No one possessing
even modieum OF Wall street expert
ence looksd feE other than a sharp ad-
vance in security prices to-day, in view
ef the extremely favorable development
'Srom a market point Of view, brought 70
public notice after the close OF business
yesterday afternoon. For once, at least,
IN the security market, therefore, the
expected happened.
Prices opened IN nearly al the leading
stocks at gains that IN some cases ap-
proximated nearly a point from their
final quotations on Tuesday; and a.
though the market halted for a consid-
cradle time thereafter, and huctuated
back and forth in an irregular way for
some time. owing to the contending pres
sure Of prOfit-taking sales and new buy
ing orders. yer az no tine were yester-
I days closing levels again touched, and
toward the end OF the day a fresh out
burst OF strength sent values 10 the
highest point reached.
OF course the one provocative OF all
this was the extraordinarily brilliant
statement Of the United States Steel
Corporation. published after O'Clock
yesterday afternoon. which was pre-
ceded briefly IN point Of time by the
announcements that an advance had been
made IN the prices Of several prominent
steel products by the United States Steel
Corporation.
Advanced Steel Prices.
It was to-day made known, before the
opening Of business. that the firm Of
Jones & Laughlin. the largest independ-
ent steel producing organization. had
followed the action OF the steel corpora
ton IN advancing prices, and It was
again obvious that the fundamental
cause OF this step was such a plethora OF
new orders, in AZ least certain branches
OF the trade specified. that the steel com
pauies could no longer undertake TO make
contracts on the basis current up 70 yes
terday morning. During the day other
evidences came to hand OF a pronounced
and general Improvement in the iron and
steel situation
The larger buying Of pig iron. Of which
the trade papers have fully told In the
last fortnight. was again increased, the
run OF news n this regard being entirely
10 ne effect that pig iron purchasers
were rapidly Withdrawing from the mar
ket at the former low prices Possibly
the most gratifying Of al these i1dica-
tons was the prospect Of an entrance
into the field at last OF the delayed rail-
road orders Last week orders for more
than 10000 tons Of steel rails were placed
L was authoritatively stated to-day that
the Chicago. Milwaukee and St Paul road
was in the market for 5000 tons OF rails
for June and July delivery, in addition To
the $500 ton ordered BY il last week, and
that scattering orders for over 2l.009 tons
Of rails have been received from other
railroad companies.
Rise Is General.
The rise IN the market to-day was
noticeable. in that it comprised al the
leading and standard shares. and the
market was unquesuonably the broadest
OF any seen in the present year. A large
snare Of the purchases was for foreign
account. and il was stated in cable dis
patches that something resembling a
veritable boom was in progress on the
London stock exchange owing 10 o de-
velopment there OF optimistic feeling
English consols have been backward
lately because Of a prevailing fear that
the English governments new schemes
Of money raising for national purposes
would be such as 10 temporarily depress
English investment securities. These
plans VIII, however. become officially pro-
mulgated tomorrow, so that uncertainty
concerning their tenor and effect must be
sf short duration