Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-03-18
RENEWED STRENGTH
Reading Leads Notable AMI
nation in Railways.
IRREGULARITY AT OPENING
Hartman Stocks Failed to Yield to
Coast Rumors.
L. AND N. MAKES A JUMP
Sold at Highest Price Since the
Panic Of 10O7-U. s. Steel Un-
affected by Merger Story.
L. AND N. MAKES A JUMP
Special Dispatch to The Star.

Special Dispatch to The Star
NEW YORK, March 1s.-Although a re-
action might reasonably have been ex
pected in the stock market this morning,
after yesterdays buoyancy over the new
tariff bill, and although there was at the
opening today considerable irregularity
the feature of the transactions In the first
hour was the renewed strength in several
stocks I'm which there appeared to be a
large, short interest. among which were
Reading and Union Pacific.
AS a result Of the efforts of the shorts
Ia get back some of their Reading COM
mon that stock made further rise of
more than a point, showing a total add
vance of more than twelve points since
the bears raided it about three weeks
ago with rumors of impending decision
by the Supreme Court of the United
States in the commodities clause OF the
Hepburn act, which would theoretically.
lessen the income now derived from coal
lands owned by that railroad company.
Conflicting rumors from the Pacific
coast with regard to the health of the
railroad fnancier now out there for pleas
ure and business did not have the effect
of depressing the so-called Harrimaa
stocks there. but on the contrary, Union
Pacific opened strong. and after the
usual fluctuations made a substantial
gain.
Southern Pacific also displayed strength
enough to indicate that the holders Of
that stock were still under the impression
that the ill-health rumors were perhaps
originated merely to affect the market.
L. & N. Stock Advances.
Louisville and Nashville was favorably
affected by the announcement of the re-
demption OF its five-twenty collateral
trust bonds on April 1 next and that
stock sold at the highest price attained
since the panic of 1907. Atlantic Coast
Line. which owns a controlling interest
in the Louisville and Nashville railroad.
naturally participated In the strength.
notwithstanding the rumors of the Or
ganiZation OF Independent iron and steel
manufacturers into combination to OPP
pose the United States Steel Corporation,
the stock of the corporation opened strong
and could not he materially shaken from
its position established yesterday after it
was known that even the trainers OF the
new tariff blu would be satisfied with q
cut of 90 per cent in the price OF most
steel products.
Although the rumors of the organiza-
ton to oppose the steel corporation were
accompanied by rather detailed reports
independent steel men in this city prompt
ly denied that any such organized opposi-
tion was contemplated.
Views on Steel Situation.
Besides. it was argued by operators on
The long side. it was not likely that the
big steel interests Of the country would
permit a 80 per cent reduction to take
place without struggle, and they thought
they saw clearly that In the end there
would be compromises on many classes
of iron and steel products that would in
time give to the steel corporation az much
business as it could profitabIy handle.
As the day progressed there was a
marked narrowing down of the market.
leaving Reading as the most active of
the railroad issues. Considerable interest
was shown in Central Leather stock.
causing an advance Of about one point In
that and American Hide and Leather,
based upon the free item for hides In the
new tariff bill.
The most pronounced weakness in the
market until early In the afternoon was
In Chicago Great Western as result
of more definite information with regard
10 the Is per cent assessment proposed
as part OF the coinpany's plan Of reor.
Sanizattoh.
Americans Active in London.
The price of Americans In the London
market continued to have a sentimental
e1ect upon the local market. Although
consols were still further depressed a
little on the other side. on account Of re-
newed war talk over the Balkan situa-
ton. American securities were in brisk
demand. especially in the case of Union
Pacific. which advanced a full point
Gold Shipments TO the Argentine Re
public had TO be suspended because no
steamships will be available for the River
Plate for about u week, but arrangements
are being made TO continue shipping more
gold 10 London Saturday.
he amount of gold exports however
seem to have had little influence upon the
rates for money, which continued easy
enough to lie used bullish argument
by operators who has been predicting
that as soon as the worst was known in
the form of the new tariff bill, business
throughout the country would begin to
improve rapidly. and that Wall street, as
usual, would anticipate the recovery.