Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-03-31
MORE HIGH PRICES
Southern Pacific Leads Fresh
Start Today.
BUOYANCY Is GENERAL
Bears Again Routed for bareback
Rumors.
MANY ENCOURAGING SIGNS
London UP l., Both Europeans and
Americans-U. S. Steel's
Continued Advance.

special plSlidtcl ~ nv .''"A-
NEW YORK. March 31.-The upward
movement in the stock market, winch De-
gan several days ago and was most
pronounced on Monday, after hating yes
terday. made a fresh start today that
sent Southern Pacific up 10 higher point
than IL ever sold before and early in the
afternoon carried Union Pacific up TO the
highest quotation recorded for that stock
since the panic of 1907. The market open
ed in a majority OF issues at fraction
ally higher prices than yesterdays closing
figures and after the usual fluctuations
caused by profit taking a rally sent nearly
everything up even higher than on ini-
tial sales.
Various favorable influences tended TO
advance the market. while the bears were
devoid of any efectual rumors to keep 1t
down. United States Steel common con-
tinued to advance upon reports of very
heavy buying in structural steel and a
general feeling among the users of steel
and iron products that bottom prices for
material had been reached irrespective
of the outcome OF the tariff ball now I'M
der discussion in Congress. There were,
in fact. so many other encouraging devel-
opments besides the tariff that the i'm
portance of that bill for the time being
ut ItdSl Sttineu TO De ulSTeSdTueu.
London up both in European and
American securities because there was no
longer any feeling of the possibility of
war in southeastern Europe to retard the
revival of trade on the continent.
Beneficial Influences.
That fact in itself continued to exer-
else a beneficent effect upon the New
York market. Then word was also re-
-ceived today that arrangement had
been made between the anthracite miners
and the mine owners whereby the labor
ers would continue at work after the ex-
piration of their three-year contract to-
day. and remain at work under practical
" the same terms until the two sides
could perfect new working agreement
for the future. One of the Immediate eff
fects of this amicable adjustment was to
still further advance the price of Read
ing, whose profits are derived SO largely
from Its coal mines.
The strength of Union Pacific and of
Southern Pacific was due not only to the
fact that the head of those systems is
now on his way home to attend an impor-
fant meeting of directors of those lines
next Tuesday. but also to the very favor
able reports of earnings for the month of
February. which were issued today. show
ing that in that month there an in
crease in the gross receipts of both COM
pdnieS. as we'll as such economical op-
Grafton for them. that for the period from
July l last Union Pacific showed an in
crease of more than 81 .OO0, 900 in net reve-
nues and Southern Pacific of more than
100000 also in net revenue.
Argentine Gold Engagement. ,
The announcement of the engagement
of a half million dollars worth of United
States gold coin for shipment to the Ar
sentine republic today. with possibly the
export of a similar amount next week.
had practically no effect upon the money
market. which continued as easy as 1t
has been in the last few weeks.
\ fall OF 10 points in the rates on for
eign exchange soon after the announce
ment of this small shipment of gold to
Buenos Aires. it was thought. would eff
other material export of gold either to
South America or London.
Brooklyn Rapid Transit made further
gains today and the general advancing
movement also brought up the traction
shares % companies operating exclusively
on Manhattan Island, although the con-
ditons of the dividend-paying BROOKLYN
road and the Manhattan lines in the
hands OF receivers had nothing in COM
mon Peoples Gas, upon rumors of an
increased dividend. jumped up two points
and consolidated gas made still further
advances since yesterday
Atchison, Topeka and Santa Fe, B e.
o. and New York Central also show
ed further gains and strength
The buying was largely the result of
advices by commission houses to their
clients who are looking for permanent in
Vestments or speculative securities for the
long haul. to lose no time in getting in
before prices became too high.
London a Heavy Buyer.
Much of the buying under this advice
came from London. which it is estimated
purchased about 10000 shares in the mar
ket this morning. offsetting to a large
extent the tendency on the part of a
large number of local traders to take
prOfitS at each conSiderah ie adyanca