Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-03-24
Upward Movement Attained
Notable Proportion
IN GREAT MANY STOCKS
Extremely Heavy Selling for Profit
Taking General.
LONDON DECIDEDLY STRONG
Copper Shares Notable-Extensive
Advances Among the Industrial
and Miscellaneous Securities.
LONDON DECIDEDLY STRONG
Special Dispstch to The Star.

NEW YORK. March 24.-During the
earlier part of the present month the i'm
proving tendencies of the stock market.
which were already being manifested In
definite form. could probably have been
sufficiently and satisfactorily accounted
for by merely technical trading circum-
stances. 1t was then clearly apparent
that the conclusion of general liquida-
tion had been reached at a time when the
short interest in the market was still trc-
mendously extended.
Even at that time. however there were
some material signs of improvement In
various directions. including the local and
the interior banking situation. while fur
Their signs of revival showed themselves In
various lines of the country's trade. Doubt :
less, however. the change In the technical
conditions of the market might. after all.
be named as explaining sufficiently the
recovery in prices. which ran along with
out serious interruption during the re-
mainder of the month.
Within the past few days speculative
sentiment and the position of operators
for q rise in prices have been materially
strengthened by a number Of really Sig
nificant occurrences. There seems tc be
no doubt that the general diplomatic sit
uation as affected by the expedition OF
our battleship fleet to the Pacific ocean.
now stands in a far less menacing light
than was the case few months ago:
improvement in the always signincant
steel and copper trades have appeared.
Furthermore. there can be no question
that yesterdays decision of the Supreme
Court at Washington in the various It'll
cations conducted for their salvation by
railway corporations In widely separated
sections of the country are fraught with
Significance as showing some way out or
the apparently hopeless tangle into which
railway affairs were thrown by reason OF
the ill-considered action of the state legis-
latures during the past fifteen months.
One further forward movement In the
same general direction was the measure
introduced into Congress yesterday look
ing to the sensible amendment Of certain
features of the Sherman antitrust law.
Further Rise in Prices.
This last named bill has been intro
duced 50 late in the session of this Con-
gress that its enactment seems open
to doubt. although it is commonly
assumed that the President In his forth
coming special message to Congress will
throw the weight of his influence in the
direction Of the passage Of the Hepburn
amendments. At all events these various
considerations led to further rise in prices
in today's stock market, and the upward
movement attained notable proportions
in large number of stocks at one time
or another during the business session.
Furthermore, the rising tendency Of
the general market had to withstand
upon occasions extremely heavy and con-
centrated selling which undoubtedly
represented the realization Of profits by
large financial interests. who for one
reason or another felt impelled to extend
support to various securities during the
last serious break In tho market In
February.
The liquidation Of this description was,
to be sure. counterbalanced in great
measure by very considerable increase
In the business Of commission houses. an
occurrence which may be regarded as
foreshadowing a further advance or the
contrary. according to the individual point
of view.
The London stock market was also de-
cidedly strong. notably for the copper
shares. which advanced In connection
with further rise In the quotations for
the metal. Aln1agamated Copper was not,
however notably conspicuous In the local
dealings, and the operations here for for
eign account were quite overshsdowed by
the magnitude Of the local transactions.
Exceptionally extensive advances among
the industrial and miscellaneous securities
were noted in Consolidated Gas. General
Electric and Westinghouse Electric.
Little gossip of a novel and interesting
character accompanied the dealings In the
railway list. although the shares of the
roads In the southern states naturally
benefited Substantially by yesterdays rul-
ings Of the Supreme Court at Washing
ton.