Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-03-12
Prices Advanced Today De-
spite Action by Washington.
COMMENT ON PRESIDENT
Discussion Over Projected Plans for
Freight Rates.
GENERAL FORWARD MOVE
Western Union Sold Off Heavily.
Union Pacific, Reading and North
ern Pacific Principal Features.
Special Dispatch to The Star.

special Dispatch TO Inc STAR
NEW YORK, March 12.-When the an
nouncement came from Washington late
yesterday afternoon that the President
had directed his commissioner of corpor-
atoms to investigate the business of stock
trading il was confidently predicted that
the news. which was too late in arriving
to have much effect on the stock mar
ket yesterday, would precipitate re-
action today. That expectation was
based not so much on the notion that the
investigation would bring out anything
that could be represented, In legitimate
stock trading, as that the Presidents &C
ton, like one of his last years series OF
messages. was a reiteration of hostility
to everything that has won the prejudice
of the voting masses.
Wall street is used to being a target for
administrative attacks in presidential
election years. and SO, perhaps, has not
taken the newest move i'm politics too Sc
riously, which is one of the reasons prob
ably why the market today, so far from
reacting. actually advanced.
Aside. from the Presidents order the
greatest amount of discussion centered on
the conflicting amounts of the projected
arrangements for advancing railroad
freight rates. An interview with one of
the interstate commerce commissioners
was cited to show that the raising OF
freight tariffs would be vigorously OPP
posed by the commission. 1t was denied
that the President was in favor of allow
ing the roads to raise rates. But the i'm
preston prevails in Wall street that when
the railroad presidents, who have been
comforting in this city lately, shall ar
rive at a definite proposal to present to
the commission. there will not be much
difficulty in gaining formal permission to
put ii into effect.
Striking Optimism.
At any rate the striking optimism that
the street has been showing recently
with regard to almost every new de-
reiopment in politics or finance Las not
been without it's significance to the
bears. very perceptible condition of
feeling has come over traders that is no
less an indication of better times than
OF the approach of spring. There is
large short interest still outstanding,
but it has few of the marks of conf
deHce that years wearing have made
familiar.
Today's market shows plainly how
strong position is that of market
which has been sold out. for. hotwith
standing many attempts to sell it off.
the list advanced with some degree of
strength. The few stocks that fell be-
hind in the upward movement owed
their heavineSS to well understanding
conditions peculiar to the corporations
they represented.
While there was nothing of the spec
tacular In today's advance. and but little
even of the strength of the past few days,
the advance was generally regarded as
satisfactory evidence of the readiness of
the market to seize upon any really good
news and make 1t the pretext for further
rise.
Western Union Prominent.
The Western Union Telegraph stock
sold off heavily, Immediately after the
opening, rejecting yesterdays unfavor-
able statement and the declaration of
another scrip dividend. but there was lit
tie other movement of moment in the
market.
In the course of the morning it became
known that one of the largest locomotive
works in the country had ordered two
thirds of its men back to work, circum-
stance that had an excellent effect on
sentiment.
Union Pacific. Reading and Northern
Pacific were the first stocks in the ad-
vance, as they were the largest in the oc-
casiOnal reactions. st. Paul was hardly
as active as 1t has been recently though
it kept we'll up with the leaders. The same
was true of steel common which has
recently been as strong as any security
on the list.