The Washington times., 1909-09-27

NEW YORK, Sept. 27.-Stocks started
well. fairly good gains being established
in the industrials and in a few of the
rails. Pennsylvania. Reading and St
Louis and Southwestern leading: Read
ing gaining nearly two points. Penn
~sylvania y. and Union. Pacific a point.
The o~ver-holiday news twas generally OF
n favorable character The Street has
come 10 the conclusion hat none viii
not pass much over 4 per cent as the
maximum. Railroad earnings were sat
i~sfsctory. the industrial prosperity ma
terially enhanced and favorable reports
on foreign conditions. crops and bust
ness all tend to restore the confidence of
the bulls.
The market. however. acts as though
it feared liquidation on the strong
spots. so that any strong movement
toward higher prices in the rails is not
likely to make much Roadway, save in
manipulation or special stocks.
soon after the opening trade quiet
ed down. but the decrease in the vol
ume of activity left its strength only
slightly impaired.
Perhaps the most notable tendency
was for relatively greater activity in
the industrial than in the railroad list.
The industrials, as a rule, are bower
priced than the well-known railroad is
sues and the tendency to transfer oper-
atiOns from the rails was regarded with
satisfaction in view of the conditions
in the money market.
After having been heavy toward the
end Of last week American Car Foundry
opened with a gain of IL point and
held its advance. No exploitation was
given as to the of advance.
Steels were clearly the leaders. not
only the stocks of the big corporation,
but Republic Iron and Steel and Sloss-
Sheffield as well. The gossip from
steel centers is of the most favorable
kind. sales of BesSemer pig to Pitts
burg at fla prices since the
FIRST of the current month total lo0,000
tons. a great wave OF pig iron buying
is on. The heaviest output on record
check the demand. ST. Paul bought
4o.e0c tons C1 rails for ueXt years de-
livery. The reduction of idle cars totals
5000 cars for the fifteen DAYS Of Sep
lenber. On all sides business and in
dustry are making phenomenal progress
Dun says that business outlook is
cheerful, in some respects. brilliant"
Strong and Higher.
With the advent of the noon hour the
market assumed a much stronger ap-
pearance. The old leaders. Union Pa
cific and Southern Pacific again showed
class and tone. Large lots of Union
Pacific were marketed. but IL did not
check the trend toward higher prices.
With the renewed strength the whole
list started upward, almost. without ex-
Ception. This does not mean that the
movement In tho industrials was in
active, on the contrary they moved
freely during the session. while at the
advances h rails again began to sell
less freely
Union Leads Rails.
Union Pacihc's jump into activity
carried with it a rise to 2051s. as COM
pared with a close at 2o29s on Friday.
IT was about the best advance in any
important stock. Southern Pacific rose
10 1919. or Ia net gain. St. Paul
gained -. and the who'll list rallied ma
teTially. New York Central Joined the
procession with IL gain. Reading rose
2iS. Ecnnsylvania =. St. Louis and
southwestern rs. Delaware and Hud-
son =, Atchison =. Great Northern =.
Northern Pacific 4 point, and the rails
from Y 10 = on an average
New High on Little Steel.
In the industrials steel common al
ways a leader, turned a net gain Of 2s
points. being up TO S61z. d new high.
The preferred was = better. touching
-. Republic Iron and Steel rose a point.
Sloss a point, Smelling 5, and Colorado
Fuel 4 point. General Electric was
weak early. but recovered its decline
almost completely