The Washington herald., 1909-04-13
WEEK OPENS STRONG
Optimism Of Recent Days Con-
tinueS After Holiday.
STEEL LEADS UPWARD MOVE
Foreign Markets still Closed, So
Opening Hour Is Rather Hesitating,
hut After that transactions Are
Comparatively Heavy-RumOrs of
Extra Dividends in L. & n.

New York. April 12-Nothing developed
during the recent three days suspension
OF stock exchange business 10 change the
optimism generally expressed in Wall
strest at the end OF last week over the
financial situation. and, therefore. specu-
lative anticipations entertained this morn
ing Of a rising stock market throughout
the day We're in no way disappointed.
As all the foreign security exchanges
were still closed up for the Easter holi-
days there was no buying or selling OF
stocks here to-day for English or Eu-
ropean account. and whether or not by
reason Of the failure OF these markets
to give their customary preliminary cIew
to the course OF prices here. our own
market in the first hour Of business was
rather hesitating and irregular II was
not az all weak. but there was large
amount OF proft-taking. or there were, at
any rate, comparatively heavy transac-
uons In the leading stocks, which did not
notably swerve prices one way or the
other.
Market Becomes Strong.
Later the market became definitely
strong under the leadership Of the United
States Steel common shares. which ad
Vanced upon renewal Of the execution
OF large buying orders. and a little later
when 1t became known that there would
De no decision IN the commodities. CLAUSE
case in the Supreme Court at Washing
ton Tor presumably another week. the
market became buovant.
IN the last hour OF business a wave Of
Teahzalion carried quotations down a 1T
Tie; but the slight losses made were AZ
least partially recovered before the close
OF business. and the vitality and resiliencv
OF the market appeared TO be wholly IN
impaired.
At first to-day the prominent gains re-
corded were in some Of the minor railway
ana industrial stocks. such as the Ameri-
can cotton Oh. international Paper, Cen
eraI Electric, Corn Products. and ice
shares. Distinctive features OF strength
were, however, the Louisville and Nash
vile and Atlantic Coast Line stocks.
which led to a recurrence Of a report that
lor some time has been in circulation thar
the conditions OF these two companies
had changed so much for the better that
mere was chance not merely that re-
sumption Of dividends might soon he he
gun upon their stock al the former rate
but that an extra dividend distribution
might be made representing the sums OF
which the stockholders had beer. deprived
IN the period during which dividends had
been curtailed
Advances Are General.
But, Of course, this story was lacking in
any official or semi-of1claI confirmation.
Later on broadening tendencies asserted
themselves in the market in the manner
that has been describd, and final Quota
hons were at advances in pretty nearly
all instances OF over a point
POSSIBLY II may be that speculative in
terests in the market to-day were i'm
pressed 70 greater or less extent bv the
fact that II was evident that various in
nuences whose force has for a long time
been exerted toward holding the narl-at
IN check were gradually losing mower
There Is no doubt whatever that the de-
lay OF the Supreme Court in handing down
its decision regarding the constitutionalitv
Of the Hepburn act as applied 10 the
coal-carrying railroads OF. some Of them
has at last brought il about that people
whose business II Is TO buy and sell stocks
are daily becoming less concerned as 10
the character OF the decision itself
The difficulty in the anthracite district
between the coal operators and their rne0
which was again to-day the subject Of re-
newed conferences, is attracting incrAas-
nly less attention as a market factor
chiety because Of knowledge of the truth
that the coal companies have practically a
years supply OF their product on hand.