The Washington herald., 1909-05-12
FIRMNESS CLOSE
Market Continues Dull Up to
Last Hour of Day.
HARD COAL" SHARES MOVE UP
Relieved that Strength Is Due 10
Coming Division Of Current Earn
ings or OF Accumulated Profits.
Several IndustriaIs Share In Ad-
vance, Owing to Larger Earnings.

New York. May u-Stock exchange
business to-day was dull. and much duller
than yesterday up 10 three-quarters OF
an hour before the end OF the official day
During this preliminary period OF the
market a good share Of the tine was al
most torpid: but, nevertheless. its firm
ness attracted attention. speculative
sentiment being impressed with the fact
that pressure 10 sell stocks had ceased
and that, indeed. almost 10 liquidation
was noticeable. The plain indications
were that yesterdays selling movement
had briefly run its course. just as il has
done On innumerable similar occasions
since the first Of the year.
4 perceptible hardening OF the market
was noticed IN Union Pacific stock, an
issue which has been distinctly backward
II the recent general advance, even Il the
stock has at TO time been weak This
development assisted. Il II did not directly
cause buying back Of stock sold for the
decline yesterday, but the radical change
IN The market IN the latter part OF the
day was seemingly directly stimulated by
violent rise in the Reading. Delaware
and Hudson. Central Railroad OF New
Jersey, and the other hard coal" stocks,
which led. naturally. 70 rumors that some
sort Of corporated readjustment was
about to take place fl the affairs OF al
these companies IN consequence Of the
decision OF the Supreme Court IN the COM
naodities clause case.
Reading Not Affected.
No reason for such readjustment IS evi-
cent IN the case OF the Reading Company.
inasmUch as the commodities clause Tti-
cation did not concern IN any way the
status Of the Reading. and the grounds
Tor an advance IN the other anthracite
stocks arising out Of the court decision
are, st best, vague.
However this may be, u Is believed n
the financial district that nearly all Of the
anthracite railroad companies can direct
~ or indirectly make large division,
either Of current eanings, OF OF past sc
cUmUlafed profits. than they art now DO
ings and there are few people II Wall
street who are inclined 10 question the
probability that all Of these stocks may.
on this account. sell az a higher range OF
prices II the near future
The upturn II the market that occurred
in the last hour Of business went on with
rapidity, and embraced every active
stock and before this tine especial
strength was displayed IN the American
Can, National Biscuit. and not a few
other Industrial stocks. based. according
20 al appearances. upon the improved
business prospects OF these companies
Earnings Are Larger.
There Is no reason why Il should not
be frankly stated as regards many Indus
trial coneerns IN the country now that
their earnings are larger. and the outlook
for their immediate future is far brighter
than : commonly understood and Is such
as 70 bring surprise even 70 those more
closely connected with their manageuent
Definite news Of q financial sort to-
day was scarce The wheat market again
rose, partly because the weekly starts
tics OF the worlds available SUNNY re-
ported much larger decrease than thew
did week ago. and partly because
there was another batch OF unfavo-abla
crop news from the Kansas and OkIaho-
ma section, where II is said more rain Is
needed.