The Washington herald., 1909-05-29
STEELSTt)CKSSTRONG
Advance Of Three Points,
Due to New Business.
ORDERS FOR LOCOMOTIVES
Hartman Plans Extensive Increase
IN Rolling acknowledgements Of
Money Favorable and Tend 10
Strengthen Belief in Low Interest
Rates-Bank Statement Awaited.

New York. May 2s.-The most impress
sive feature OF the stock market to-day
was the strength OF the common stock OF
the United States Steel Corporation Il
was not only that the stock sold al =
new high record price for the eight sue
eessive days. but that its advance was
more rapid than on any previous day OF
this period, and thar IL was bought In
large quantities by investors and specu-
lators outside Of this city.
In the opinion OF the majority OF the
brokers. this development Of fresh out
side buying was due entirely 10 the re-
ports made public or the presiding day
Of the receipt Of current orders by the
company at the rate Of 100000 tons a
month, or OF nearly double the average
volume Of business transacted last year
The reports stimulated purchases from
London, and resulted in q greater vol
ume Of business from that city than had
been expected.
OvershadOw All Others.
Transactions in Steel common over
shadowed in magnitude all OF the Others.
sales OF this stock alone constituting
about one-third OF the entire days busi-
Ress. and the advance Of IS points being
one Of the greatest, II not the greatest
on any one market day since The organi-
zation OF the corporation.
In addition 10 the days developments.
the advance was accompanied IN impor-
tant quarters By the continuation OF the
expressions OF faith IN the company, now
that it has practically won the trade
war. has earned charges and dividends
IN the worst period Of business depres-
sion since its organization, has seemingly
nothing 10 fear from tariff revision. and
has tested the earning power Of the new
plant az Gary.
Though interest n the Steel Corpora
tons shares exceeded that in the shares
cf any other company, the market had a
broader range and was generally more
active than any one had expected on the
day preceding three days OF market idle
ness. Reports Of general business im-
provement, Of the same tenor as those
from the steel and copper trade. inspired
this brisk resumption OF speculation.
Order for Locomotives.
IT this connection particular attention
was attracted by the announcement that
the Hartman lines had placed with TIE
Baldwin Locomotive Works one OF the
largest single orders in the history Of the
industry. and by report that the same
companies had ordered 100 refrigerator
cars from the Pullman company.
Reports OF money movements were
favorable. and tended 10 strengthen The
opinion that for a considerable time q
come, notwithstanding the rapid return
Of money 70 business uses. the prevailing
lower interest rates are 10 continue
Movements Of currency. as reported IN
the usual manner. indicated that the
banks had gained about ss.56ae00 in the
course OF the week. most Of this coming
from the interior
Predictions regarding the bank state
nent were aOt az all positive, however
because OF the payments on the S300o0.ecl
bonds OF Armour & Co. and the
stock OF the United Dry Goods Com
psnies, and the preparations for the June
I interest and dividend disbursements.