The Washington herald., 1909-05-19
SHARP RISE At CLOSE
DullnesS Gives Way in Last
. Hour of Trading.
ADVANCE IN STEEL COMMON
Action Of Market Is Attributed 10
Restoration of WaEes-SaIes OF
Copper Large This Month, and
Amalgamated shows Strength.
Western Maryland Breaks Sharply.

New York. Nay S.-Up TO the beginning
Of the final hour OF business on the stock
exchange to-day, transactions in the
market were on a scale which bade fair
10 make the days turn over OF stocks
less than 1t had been on any previous
Gay IN the last two months. Indeed. be-
tween Z and 1 o'clock. only 5000 shares
Of stock were bought and sold
The extreme dullness OF the market
however possessed a significance that
was by no means lost upon those whose
business Il IS 70 pay close attention to
nIa2clal conditions as these daily develop
IN Wall street Il was again discovered
Just as has been so often so recently that
On q comparatively small decline in the
standard stocks offerings Of these stocks
whether for the account OF large specu-
lators. or OF the general public cease;
and the reflections incident TO proof Of
thls sort to-day were emphasized by the
general knowledge that a great specula-
tive liquidation in the United States steel
shaTeS and several other leading stocks
has Just occurred.
Possesses Absorbing Power.
The conclusion was inevitable thar =
market possessed OF absorbing powsr as
these circumstances demonstrated. was
Tot one in which any serious recession
was upon the face Of things likely. There
toTe, to-day as official hours draw near
theiE close. a small army Of speculators
"ho have been very bearish in their
, srseNs recently, and the extent OF whose
commitments for The decline was dis
closed IN q large borrowing demand for
stocks began 10 make purchases 70
cover their contracts for r,a fan
simultaneously with this movement
heaVy purchases Of stock, seemingly
from financial sources Of the first rank.
began 10 exhibit themselves, with par-
ucular visor IN the United States Steel
shares The result was. OF course. q
: sharp rise in the general market which
was in unchecked progress when the
market LEFT of.
The advance IN United states Steel
common stock was based no doubt upon
The logical deductions made as 20 current
Prosperity in the steel trade. and pros
fects for the continuance thereof drawn
from the decision OF the independent
steel producers, announced this morning
&c restore on June l the wages Of en-
ployes 10 the level at which they stood
previous 10 the reduction made in April.
Steel Mills Active.
The meaning Of this IS, OF course
that the steel mills are now fun OF bust
ness, and that a further and genera!
advance viii shortly. occur. in the price
Of iron and steel products seem also
reasonably certain.
tSimilar reason for the strength OF
Amalgamated Copper to-day was in ell
probability the fact that sales OF copper
during the present month have been 50
i{rge as TO point TO reduction in copper
stocks al the end Of the month much
greater than was considered likely q fort
night ago. while as regards copper prices
il is known that some OF the Lake copper
mining companies have made sales OF
tbgT product in the last few days as high
as Is1-2 cents a pound
A. 5ther particularly strong stock
Throughout the DAY was Chesapeake and
Ohis- TIE only definitely weak feature
OF the market was Western Maryland
stock. which broke with some violence
Epon the circulation Of rumors that plans
Eor the reorganization Of the property
would involved a considerable assessment
urrn the stock