The Washington times., 1909-05-12

no pressure TO sell at the declines, and
she buying continued good 70 the be
ginning Of the last hour Of the after
noon.
NEW YORK, May 12.--1 D. m.-wall
Street was I'm more cheerful mood this
morning and inclined to buy stocks, de-
spite the weaker opening I'm London, and
the situation I'm Paris Prosperity at
home, strong holding of large amounts
of railroad and Industrial securities, and
belief in higher prices than at the
zenith before the panic of 1907. is the
basis of the hope OF advances. Tie
street is discounting the return Of 1907
prosperity. and while there was heslta-
tfon here and there throughout the list.
while the outside prices did not hold,
tue tone was uAquestionably better, and
some very large orders were sent into
'1h.s Street, while the Western contingent
kept the wires hot with commissions.
TIE West has the best demonstration OF
better business conditions. the East be-
ing a bit slow.
Standard Oil Crowd Buying.
The sensation of the session was the
reported re-entry OF the Standard OIL
crowd into the market Large buying
orders were accredited TO 26 Broadway.
IT was supposed that the Standard peo-
pie were Indifferent as to the course
of the market, but their purchases to-
day, according TO some of the best in
formed houses were very heavy, Mis-
souri Pacific, St Paul. Union Pacific.
Northwestern. Alton, and Delaware and
Hudson being the particularly strong
spots in the rails. Copper, American
Can and the Steels. in the industrialS,
were attracting the most attention
One of the sories Of the morning was
that the United States Steel Corpora
tion viii extend the scope of its busi-
ness by manufacturing steam boilers,
this being in retaliation OF the action
OF the Eastern boiler makers in taking
independent boiler plates in preference
10 those of the big corporation
Consolidated Gas Higher.
Consolidated Gas was also firIner. the
report being that the consumption OF
gas under the S0-cent law showed a
large increase while the holdings Of the
stock seem 10 be centered in strong
hands and very little is offered for sale.
St Paul is strong in sympathy with
The better feeling in the granger group,
and on the expected good earnings of
the Pacific branch. The faith of the
officials Of the company is shown IN
the Pacific Coast enterprise in the an
nouncement that the company will go
ahead and build many branches extend
Ing far from the main line IN many
directions, and these viii, IN time, be-
come profitable feeders.
Union Pacific Crossed 100.
Union Pacific again crossed the magic
1s0 a share 1t has been there two or
three times this spring. and a few
IA. e t..r-
ing point for a. couple of points reac-
fion. The big houses on the street are
sending out bull pointers very freely.
While the public is nibbling it has not
been buyer TO any great extent. and
the indications at this time are not es-
uecialiy favorable for any reaction, but
rather that they Will be cOaXed In by
a sharp recovery.
Hard Coalers Booming.
All the hard coal stocks were very
strong and this included the various is
sues of the Erie. The Delaware and
Hudson started things going with a rise
10 1854 from 1875 II looks as If this
was 10 be another Delaware and Lacka-
wanna, indeed ii is within the prOba-
biiities that other anthraCites will be ab-
sorbed and rise. Il was reported, wheth-
er true or not, that the coal roads
have some important plans on hand
which they have held in abeyance pend
ing the commodity clause" decision
but that IS out OF the way and the plans
may go ahead There is no hint as to
the nature OF these plans.
Union Pacific rose 20 1907s and back
to 1S9St. net gain for the morning OF
a point Reading rose sharply from 156
yesterdays final 10 1871. Eries gained
a point with the second preferred 1A
points. Missouri Pacific was 11k high
er. Alton IL. Brooklyn Rapid Tran
sit u Northwestern ia and North
western IA Many rails held = and =
point gains.
The industrials did well but did not
make improvements other than frac-
tions. Steels were 4 higher.