Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-03-22
MATERIAL ADVANCES
Opening Prices Pass Satur.
days Closing Figures.
SEQUEL TO LONDON NEWS
Consols Advanced for First Time in
Several Days.
ARBITRAGE HOUSES BUYING
Heavy Purchase of Reading by One
House Sends Up Stock-Steel
Moves Up a Notch.
ARBITRAGE HOUSES BUYING
Special Dispatch TO The Star.

EFtfidi bi>pdtNH W iuc stat.
NEW YORK, March 22.-Prices on the
New York Stock Exchange today were
ut material advances over Saturdays
closing figures. The market opened
strong upon advices from London. where
there was more cheerful feeling over
the probabili les of peaceful settle
nent of the Balkans dispute and where
news of the end of the telegraphers
strike in Paris permitted a resumption
of activities in European securities which
had been sadly interrupted for the last
few business days.
ConsolS advanced in the London market
for the first time in several days. and
nearly all the Americans participated in
the strength of the market for securities
in general on the other side. Arbitrage
houses here bought 25,0OO shares for Lon
don account soon after the opening, and
practically exhibited the floating supply
in the leading issues. This buying on
account of London was supplemented by
considerable covering on the part of the
shorts.
There were other factors which con-
tributed to the advance in today's mar
ket. One house. which prides itself upon
accurate and early information as to the
probable result of decisions from Wash
ington. distributed orders to buy 5000
assumption that there would be no de-
cision today from the United States Su-
preme Court in the case Of the COM
modities clause of the Hepburn act.
The result of this heavy buying of
Reading from one house alone sent the
stock up point and half. and when 1t
was announced early in the afternoon
that there would be no decision in that
case today nor any likelihood of decision
for the next two or three weeks. Reading
made another advance to point 2as higher
than Saturdays close.
Union Pacific Advances.
Union Pacific. although not making at
first such a pronounced rise. advanced 2k
points by 40 o'clock to 1SOA, where it has
not been for several weeks. Southern
Pacific naturally enjoyed some Of the
strength manifested by the other Harri-
man securities.
Notwithstanding the failure of an old
hut rather small concern engaged in the
manufacture of structural iron and steel,
the shares of the United States Steel
Corporation manifested more strength to-
day than at any time since the introduce
1ion of the Payne tarin bill aiming to
reduce the duties on steel products 80
per cent.
United States Steel common advanced
over point from Saturdays low figures.
Whereas some of the strength of steel
a
The shorts. some of the advance was at
tributed Ia the excellent showing made
in the last annual report. but recently
issued and now for the first time being
thoroughly appreciated by those who have
had an opportunity 20 study it,
That report shows that even in the last
year OF depression the corporation has
put back into its various plants an
amount of money equal to about 40 per
cent of the present market value of
United States Steel common shares, tend
ing to show that even though there may
have been a large amount of water in the
common stock at the organization Of the
corporation. the water has to all intents
and purposes been effectually squeezed
out OF it.
Gold Engagements.
Further engagements of gold for ex-
port TO London on the steamship sailing
tomorrow. bringing the amount of the
effiux this week already to nearly So
100000. had no more effect upon the rates
of money than did the exodus of a similar
amount of gold from this port last week
either to the Argentine Republic or to
London.
Money on call opened at per cent. but
even after the announcement of the aug
mented engagement of export gold the
rate sof;ened to 1s4 and per cent.
One OF the explanations for continued
easy money here was the fact that the de-
mand for money in Chicago was dulleI
there today than it has been for some
time, and that bankers there do not look
TOR any improvement in the money mar
ket until Congress has completed it's work
of revision.
The continued ease of call money, 1t is
needless to say. added TO the buoyant
mn in RI