Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-04-12
ADVANCE CONTINUES
Prices Reach Higher Figures
Than They Have Since 1907.
NO LONDON INFLUENCES
Recessions Follow Profit Taking Soon
After Opening.
STRONG UNDERGONE EVIDENT
New High Records for Atlantic Coast
Line and L. & N.-Further Rise
in Wheat Ignored.
STRONG UNDERGONE EVIDENT
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK. April 12.-The advancing
movement in the stock market, which had
been going on ever since February %
last but with noticeable rapidity in the
last two weeks, and which, contrary to
expectation was not materially retarded
by the approach of the Easter holiday
last week was resumed this morning
and carried prices In many representative
securities to higher figures than they
have hitherto reached since the panic OF
1907
Because the London Stock Exchange
always observes Easter Monday as
holiday traders here this morning were
unable to get the usual line on the mar
ket before our opening by seeing whether
London was up or down.
The local market had to proceed entire
~ on our own judgment without any
financial advice from Europe, since the
closing of our markets on Thursday
afternoon of last week, as all of the
European bourses were closed today.
Soon after our opening, at prices frac-
tionally higher than the closing figures
Thursday afternoon. there was consider
able protit-taking. which caused recessions
that brought most all of the securities
down to last weeks closing quotations.
Rally in Second Hour.
But after the first wave of profit-taking
which the market withstood In a manner
indicating a very strong undertone, there
was a rally in the second hour which
took Atlantic Coast Line and Louisville
and Nashville up to new high records
since the panic. Atlantic Coast Line SELL
ing nearly five points above Thursdays
Irrr,
willie over three points above Thursdays
low figures.
There was some hesitancy before noon
in the transactions in Reading and other
railroads which derive considerable profit
from their own coal mines because 1t was
feared that the United States Supreme
Court at Washington might hand down a
decision later in the day in the commodi-
ties clause case.
About noon word was received from
Washington that there would be no de-
cision today in the Hepburn act case.
which meant. If course. that there would
be no decision affecting Reading or other
coal roads for at least a week.
Reading Scores Advance.
The definite news that no decision in
this case could come out today resulted in
a renewal Of the up-rush in the market
value of securities and Reading itself
soon scored a net advance of ia points
for the day and similar advances were
made in Union Pacific. Southern Pacific,
New York Central and United States
Steel common.
The rise of United States Steel COM
mon to 521z early in the afternoon was
attributed to some extent to the covering
by the bear contingent, who have been
fighting the rise in steel ever since it
recovered to 45 from it's low price of
41L on February % last. 1t was, in
fact, reported upon what is regarded
as good authority that there was still up
to early this afternoon a considerable
who when the stock was at 40 thought
a ten-point rise was out of the question,
the highest price this year having been J5hs
before the United Steel corporation and
all of the large independent steel manu-
facturers announced their cut in the price
of iron and steel products, 1t was freely
predicted that the shorts in steel would
have to take more medicine before they
completely recovered from their errors
of judgment.
Credence in Reports.
The renewal of the advance in Atlantic
Coast Line and Louisville and Nashville
was accompanied by reports in Wall
street to which considerable credence was
attached. to the effect that the net earn
ings Of those properties had been SO en-
couraging that dividends would not only
be resumed at their former rate but that
extra dividends might also be declared to
compensate stockholders for the reduc-
tions In dividends made during the late
depressions.