The Washington times., 1909-04-25
OUTLOOK IS GOOD
IN STOCK MARKET
Bulls Have the Whip Hand
and Higher Prices Are
Predicted.
STRONG INTERESTS
ARE BUYING SHARES
Signs of Prosperity in Employment
of Labor-Crops Are
Needed.

NEW YORK. April 25.--waI Street is
discounting prosperity. It has been
doing this ever since the panic reached
its zenith In October. 1907, and we are
now eighteen months from the panic
and prices for securities are above ante
panic high levels on the great majority
of stocks, while some may have made
new high records and still climb with
an ease that surprises even their
friends.
On every hand are indications of bet
ter business. improved earnings by rail-
roads. increased purchased power Of
agriculturists, a speedy settlement Of
the tariff matter, and the only thing
needed to give the impetus for further
betIerment is the assurance of good
crops. Admittedly Providence is looking
after the crops, and Providence and the
American farmer is a combination that
usually sees to 1t that the harvests are
bountiful. while the demands of the
consumers is guarantee of high prices
therefor.
Admittedly prices look high. but this
is no reason why they should not go
higher That the disturbance in Turkey
was actually without effect on the mar
ket is an evidence of the strength of the
position or the OuilS-
Seek Investments.
The manner in which the demand for
bonds continues is an evidence of the
desire of capital TO secure moderate in
come on It's fur js- Since the first of the
year the bond sales have totaled $445.-
$4,000. as compared with $S1 ,501, 900 for
the same period of 1905. and s170. .eO7. 600
for the corresponding period Of 1907.
Many shares of stocks and the bonds
that are locked away IN strong boxes
and represent an immense profit TO the
holders-and yet this profit is no induce
rnent 10 liquidation of the securities as
the returns in interest and dividends are
still better than could be obtained
through the use of the funds in other
channels. These securities have been
practically withdrawn and will probably
remain in strong boxes for weeks,
months, or perhaps years, thereby re-
ducing the floating supply.
Bears Whipped.
Bears have made such slow progress
In their attacks on this. that, OF the
other stock that they have become more
or less COwed- Just when things look
favorable the market turns with a sud
den rush and runs away from them.
covering being undertaken at a loss
three times out of five This kind of
treatment is not to the liking Of the
proyerbial bear. although he is getting
used to Il.
As a matteF of fact. il is the unex-
pected that happens when it is least
looked for-the unexpected against
Which careful preparations are fire.
quently useless Barring the unexpect-
ed, the stock market should not suffer
much of a reaction. Present prices are
probably lower than the range OF a
week hence. just as the closing prices
of last week were to AZ points better
than during the week before.
Revision downward doesn't mean
quite as much as IL did a month ago,
and the idea rather suits many capital
lists with their money invested in Ameri-
can industries.
Steel Situation.
The Industrial situation, in so far as
the United States Steel shares are con-
cerned. was materially helped by the
assertion made by President Gary at the
shareholders meeting a week ago. that
the company had not taken any orders
IN which there was not some profit -
Before this an idea prevailed that the
price-cutting might have extended TO the
point of talking business at a loss. After
Mr.. Gary's little address Steel common
was decidedly firmer, and in the week
81 rose over points, which is going
speedily for q stock selling at a little
better than so a share.
Reading the Leader.
OF course. Reading was the market
leader-it has been for weeks. The sales
totaled 900 Shares, with Union Pa
clfic moving to the extent Of a little
less than half million shares. These
were the market leaders in the rail
group. Steel common led the indus
trials, with Copper, Telephone, Tele-
graph, and Smelling attracting much
a
Reading's gain was "A. bringing the
stock 70 1881, with reaction 10 145%,
for a close.
neve that banking interests are playing
a big part in the Reading developments
IL seems like the repetition Of many
filllSs told tale TO refer TO the com
modify clause decision.
It may or may not be delivered from
the Supreme Court bench tomorrow
Despite the fact that Reading has
risen ten points in the last few weeks
while the market has been waiting fCI
the decision il will likely rise still fur
ther should IL be I favorable, although
the general practice Of the street is &
discount developments and for de.
cline 10 follow the announcement. II
the Reading management has not pre-
pared for an adverse decision II IS lax
but the chances are that Il has.
The strength Of other coalers hal
helped Reading. Lackawanna has
risen . points additional
Business Better.
General business conditions are bet
ter. Improving importations of mer
chandise. the largest March importa
fions ever recorded, and the return iov
OF the emigrants. and these sons o
italy and other European countries
have been drawn thither by reports o
friends and relatives regarding tn
openings and opportunities of employ
rent
There Is much speculation over thes
two facts. But the cotton mills OF New
England are running full time and tn
product is sold up six mOntns ahead
The high prices of farm products raw
made the agriculturist rich and the esn
pioyment of labor Is becoming NOR
generous.
Conditions are becoming brighte
daily There are few clouds in sight
CURB PRICES FOR THE WEEK
H.. - g.t--.- -