The Washington times., 1909-05-11
AND HUDSON BECOMES
LEADER OF RAILROADS.
PRICES RECOVER.

NEW YORK. May IL p Ai.- AS
course OF the market since noon has
been toward steadiness, but with very
slight advance in prices To some eX-
tent the Irregularities Of the morning
continue, but the leading stocks seem
10 be settling down TO about the level
they have maintained for week past.
with the slight variations noted from
day to day.
Delaware and Hudson is one of the
leading stocks today. II opened at 1S4
has sold In large blocks. running down
on the morning raid to 1895, advancing
on the recovery to 1856. and is now
1rsction lower. This stock is one that
is aldom very active. and the opera
ii today come as a genuine sur
pri in the conditions prevailing in the
ma Net- Reading, Southern Pacific,
Union Pacific, and Wabash are among
the most active of the railroad shares.
Union Pacific Is back TO 1SS, having
been supported well since noon. Wa
bash is back TO the opening price after
having been the center OF the bear at
tack since early morning.
Most stocks have run within a mar
row range of prices amounting to frac-
tions less than half a point. The mar
ket as whole is dead, with the pro-
fessional manipulation Indicated going
on to try out the situation for rise or
fsU Like all efforts OF late the bear
raid this morning had little permanent
effect. and to all appearances the mar
ket viii close at about the normal level.
NEW YORK. May 11.-Noon-WhiIe
The New York market opened somewhat
higher and seemed inclined to advance
in the early trading, prices we're irregu-
lar and conditions mixed. Reading prov
cd to be the most active stock, going up
from 15lk to 15S. and then lapsing back
about to the opening. Delaware and
Hudson, Union Pacific. St. Paul, and a
few other railroads made fractional
advances. while some OF the industrials.
notably AmaIgamated Copper, went up
bilalf a point
Other stocks. even in the early trad
ng. we're under pressure, particularly
Z Wabash, which declined a full point.
After the first fifteen minutes Union
'acific also began to decline. and at this
our is down nearly a point. In fact
bout the middle Of the morning all
locks suffered from a heavy drive by
! ne bears, which ate up the early gains.
and scored losses for several of the
! |ieaders- Brooklyn Rapid Transit. South
D 'rn Pacific, and few others held IIp
veil, excellent support being given these
4 ssues, enabling them TO Withstand the
elling of the bears. It was this small
kSroup ot stocks which, apparently.
aved the dsy. and drove the sellers to
1ver. Since il o'clock there has been
adual recovery all along the line. and
sloor traders are now looking for better
prices during the afternoon.
One Of the inexplicabIe things about
The market is the action of Union Pa
enc. which, after being pegged firmly
u leS for the last six days. is noN
showing considerable weakness. Some
say that the interests which have been
t5uying this stock I'm such large uuan-
tlty Tor week are now supplied. and m.
support Withdrawn. at an events Il -
ioHer' and room traders are inclined 10
let II drift not believing there Is any
IHing IN II Tor speculative turn.
aiLLons the news Items OF most in
terest this morning is one to the effect
that the American Car Foundry COM
pany mas received orders from tho Ne,ry
ork Central for 100 freight cars for
delivery before September. II Is also
announced that the United States Fn-
Nelope company VIII restore the Z per
cent dividend on the preferred stock
the trst payment to be made Septenl,er
II IS also stateG that Frank r
Kellogg. who IS now in ST. Paul. denies
that he will retire from the Government
prosecution OF the Standard oil ana
Union Pacific cases
But the ordinary news. OF which these
stems are samples. has little or no 90
Iect UPON the market. It goes on in its
uncertain and Irregular fashion to the
disgust and discouragement OF bears and
bulls alike.