The Washington times., 1909-09-29

hI6 q UlL HEhkEI A1dn NlEY mere No.
On hou ago. but the list is holding re-
markably well. IN the face Of heavy
IfroAt-taling. Price changes are gen,
pot more than one-fourth OF q point
from the 100 p. m. figures.
NEW YORK Sept 2a.-During tn,
first hour OF today's session $500
shares Of stock were recorded al.
changing ownership. II was a broad.
active. and decidedly strong market
even though the liquidation did check
the upturn and give it reverse action
for a time, but the later developments
were for a continuation Of the advance.
IL was but natural that there should
be considerable selling on the top OF
the first hours gains. as the holders OF
stocks accumulated In the last few
days found the profits tempting.
The favorites were Atchison. Union
Pacific, Southern PacNic, n Reading
in the rails. with more doing I'm the
Hil shares. more activity I'm the lower
9pricsd stocks. and a general broadening
Of the field Of operations.
But n real leaders were the shares
OF the United States steel Corporation,
common and preferred. Both made new
record high price and the common stock
sold over the % mark with ease, just as
predicted n week ago. The common
crossed $50 and continued to 130Sk. and in
doinS so once more gave color to the
long standing rumOr that the preferred
shares were to be retired BY a bond is
sue-this evading the corporation tax
on n large art of the earnings Of the
company. steel commons high was 9OIk.
The storv is told on the Street that some
81 the shorts have stepped up and made
private settlements. A failure or two
has resulted from the burst of speed
shown in steel values. independent
steel companies shares are also acting
~splendidly. S-loss-Shefhcld rose Ia. and
Republic r and Steel l1k. Every steel
rail MI In the country is now running
on full time. From every quarter the
stories of the steel and iron trade are
laies or wonderful prosperity. OF course
me sharp up grades get stock pegged at
= price. There was much 80 steel. but
II was quickly picked up and the 99Is
reacned when profit taking carried the
price back to S4is. and # be-
lore the noon hour to Se5. The pre-
ferred did not meet any selling worthy
CT note. not even at 1908.
Again a Leader.
Union Pacific was again a leader. be-
ing TO the fore from the opening. when
II started at = advance and increased
It's gain TO a net Ia points. selling 10
loss. with slight recession. Southern
Pacific in the meantime moved up to
l94' a %-point advance. St. Paul was
y higher. Reading rose to 1891. a &
net gain Northern Pacific was q
better. Atchison rose 1ss, indicating an
intent on the part Of the directors Of
the road to place the stock on a 6 per
cent basis. Pennsylvania was IL higher
and strong.
News is generally of a bulIish charac-
ter. The spread Of the market has in
spired confidence in II. Advisers Of
caution a week ago have cut II ont.
August earnings of Candian Pacific IN
creased S1.O41, or. ETfe's earnings show
a handsome Increase and reports from
scores of roads for August are confirm
atory Of business Improvement.
Takes Liquidation Well.
Passing into the second hour OF the
morning and through the noon hour the
market again met with much profit
taking. but took IL splendidIy. the reces-
sions seldom setting prices back the ex-
tent OF the earlier advances. In the
noon hour Chesapeake and Ohio came
70 the front Wit a rush. rising . points
20 50, and the effect was 20 the stinen-
ing of values generally. Entering the
hour of the afternoon Union
Paciflc was holding around 1879. South
ern Pacific 1883 and st. paul 1921, the
latter stock failing 10 respond TO the
good statement as TO conditions along
Its line BIZ its president. Reading moved
up 70 ldhs n back but 4 Of a point.
Fennsylvsuia was decidedly strong.
In the industrials steel was selling AT
as, and the preferred. which touched
l@l9s. sold at 1907. Copper and Smelt-
ing lost most OF their gain.