The Washington times., 1909-05-13

NEW 0OkN. MAY 10 p @AaN
market was a little frmer at the be-
ginning of the last hour OF the ses-
sion. Unioi. Pacific rose to 1Ss& and
Reading to 15e. Other stocks moved up
fractionalIy and the indications are IA
vorable 10 a very strong closing.
NEW YORK, May 81 p. m.-There
were indications in the closing yesterday
fha- some strong interests fed the street
sn order TO check the upturn. But at
the same time the absorption was ex-
cellent, otherwise the down turn would
have been much more severe. And this
p absorption still continues. indicating
that the orders are large. while bullish
gossip is going out over every wire.
Nearly every commission house has or
b. ders. the Western contingent is just as
bullish as II can be, and the feeling
among close market observers is that
the price movement will be in the di-
rection Of higher figures.
There were many more strong spots
today than there were weak ones
throughout the list, and this applies
both TO the industriaIs and the rails. al
though the securities that have been the
very strongest did not reflect the pre-
vailing undertone. as some OF the less
important entities.
Minor Stocks Make Gains.
In this way Southern Pacific, ST. Paul,
Union Pacific. Missouri. New York Cen
tral, Copper. Smelling, and the Steels
resigned the leadership Of the market.
but 1t was to the old leader Reading
and TO the Rock Islands, the independ-
ent steel companies, the Hills and Him
ois Central. But the gossip is strong
On Union Pacifc-it still carries the
faith of the market; st. Paul has many
friends while Missouri Pacific's good
earnings and the intent of the Goulds
TO make IL the one big Gould leader,
tends to the belief that ii win move up.
Prices are high, they are in many
cases higher than the high point of 1907
but the Street expects higher prices on
the theory of absorption by capital and
lack OF supply. News is generally of a
favorable character and there is moth
ing to cause any uneasiness.
Money is easy and very plentiful, easy
at home and abroad, although the sit
uation In France is causing some little
worry in the international markets.
Reading the Leader
Reading was clearly the leader in the
market on rumors of something pend
ing in the golfers, something made
INDssible by the decision regarding hold
ing companies. but so far there is moth
ing more than the vague hint to tie to.
The stock opened at 1856 4 rise. and
then moved up TO 1575kd157Ss and then
10 1854, with the advance well main
tained, helping the list. The Rock
Island Issues were active with large
Western orders and reports from the
same direction Of intent to retire the
preferred stock and give the common
the voting power, while the earnings of
the subsidiary companies are encourag-
ing. The common rose to "a. a point
advance, and the preferred from 7l&s
10 72&-
Louisville and Nashville added an
other dollar q share to its price. MAX
ing II 1895. Missouri Pacific was =
higher. Northern Pacific ss. Delaware
and Hudson 196, as compared with 1924
yesterday
Union Pacific, though under consider
able pressure, made y net gain to 1Sq.
St Paul was slightly lower, at I52 Col
orado Fuel. Leather. Consolidated Gas,
Corn Products, Copper. and Locomotive
were all Il to * higher, while Sloss-
Sheffield, Republican Iron, and Steel
were . TO = better. Sugar rose and
was active
steel shares were less active. The pre-
ferred sold at 11S7s to 119It. the common
at 57k to 577s and back to 57Ss.
Entering the second hour of the after
noon the market showed a good tone
led by Reading. Railroad reports were
generally favorable and the tone vas
favorable.