The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1909-09-20
SHARP ADVANCE IN OLD LEADERS.
STEEL MAKES NEW HIGH.
LIST VERY FIRM.

NEW YORK. Sept. 20.-The market
begins to show signs Of Drofit-taking
here and there throughout the list.
There has been a setback OF q TO Y
point from the prices current a few
minutes ago
Union Pacific IS now 0O67s, Southern
Pacific 1925. Steel common &as, and the
preferred 12S; after touching new high
record at 10. The rest of the list is y
10 Z lower.
While the chances seem 10 favor an
easier closing. there are no indications
OF much of a decline.
NEW YORK, Sept. Automatically
on the opening the expected happened
Prices were given fresh start on the
road TO higher levels and the old favor
ties were selected as pacemakers. st.
Paul was the exception. The pace in 1t
last week was decidedly fast, and. while
the rest OF the market today was higher.
il sustained declines extending TO over
q point. Southern Pacific and Union
Pacific, in the rails. and United States
Steel common and preferred were the
active leaders. General gains in the
list reach u point. The leaders were
materially better.
The only Earring note was an advance
in the discount rate OF the Bank Of
Germany. indicating a stiftening of
money rates on the continent IL was
without effect. so far as could be OBJ
served. The London Statist does not ex-
poet that the London rate of discount
will go above 81 per cent this year. The
street used the bank statement of Sat
urday as a bull argument, even though
knowing that Il did not reflect actual
conditions. Money was steady at 3 per
cent.
There was little in the way OF actual
news, nor was II necessary in order 70
aid the bulls in advancing the list. They
went about Il after the old fashion, NOV
ing values TO higher levels with appar-
ent ease The bear forces are not in
evidence. II is admitted that prices are
high. but the argument Is that condi-
tons have not been fully discounted.
and that still higher figures are war
ranted by the situation and by plans
that are expected to ma ture and be
carried out The expected has been
quite generally outlined, and include
rights on St. Paul. segregation OF Har-
riman lines. extra dividend on Steel
common. probably on a g. certainly as
good as per cent and something on
Reading
Holding Good Gains.
The leaders continued TO advance well
into the second hour Of the afternoon,
but It was noticed that the volume Of
business seemed to gradually grow less.
while in many stocks the movement was
very Hight.
Southern Pacific rose to 1885. a gain
OF 3h points easily made and strongly
held. Union Pacific in the meantime had
opened Arm and advanced to 1917 with
bat = reaction, making the net gain
points. Readings gain was nut 4 OF
point. New York Central gained "a.
Illinois Central rs. and the Hill shares
Us on Northern Pacific. and rs on Great
Northern. These we're the rail leaders.
Steels New High
In the industrials Steel common perch
ed AZ s4&. another new high record. The
gain was rs points. The preferred ad-
vanced 70 12S5s as compared with 127A
on Saturday The Street has come to
believe that the preferred stock is slated
for a rise Of material proportions be-
fore the common rises much more
All induEtrials sympathiZed 10 an ex-
tent. especially the steel and iron shares.
Republic Iron and Steel common rose
90 points and the preferred "a Sloss-
Sheffield was also much higher. ~
points. to 81 for the preferred stock
The market held firmly into the last
with Indications OF probable profit TAX
ing later on in the session. but with a
reasonably strong closing likely