Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-04-01
ADVANCE CONTINUES
Further Substantial Progress
in Upward Movement.
LONDON 4 STRONG FACTOR
Encourages Activity by Insuring
Easy Money.
EXCESS OF PURCHASES HERE
Southern Pacific Again Makes New
High Record-Resistant Power
of Leaders a Feature.
EXCESS OF PURCHASES HERE
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK. April 1.-Further sub
stantial progress was made this morning
In the upward movement OF the stock
market which has been going on with
considerable backing and filing ever since
tho last low mark February 81. Upon the
opening of the market this morning. near
~ every active security. with but few
exceptions, sold at prices materially high
er than the closing quotations at the top
of yesterdays advancing market.
The advances from London continued
to be of most encouraging nature, the
stock market there having also made fur
Their advances not only on account of
private advices of general revival of
trade throughout Europe. now that the
war scare is over but especially because
the Bank of England today reduced its
rate of discount from 3 to 2k per cent.
This was the first time the Bank of Eng
land had changed its rate of discount
since the per cent rate was established
June IA last. but the action Of the bank
today has been expected for several days
because the rate of discount in the open
market ruled at or a little under per
cent.
This reduction of the official rate of dis
count in London today not only encour-
aged activity in the securities market by
an insuring of easy money, but activity
was also stimulated by the payment to-
day in interest and dividends of at least
s55,O000O0. much of which naturally
sought renvestment.
1t was not surprising. therefore. to find
arbitrage houses buying in the New York
market today more than they sold. and it
was reported in the early hours that
there was an excess of 10000 shares Of
purchases here.
In addition to the strength OF the
market impaired by the rise in prices in
London. based upon this revival of trade
In general. the local market continued to
receive encouraging advices from Wash
ington TO the effect that the tariff bill
would not only be far less formidable to
business Interests than the original Payne
schedule threatened, but tbe bill itself
would be pushed through both houses OF
Congress and signed by President Taft
much sooner than even the most active
member OF the Optimistic Club could have
OWNED several weeks ago.
Cheerful Trade Reports.
From all quarters, save here and there
q bear report to which little credence was
attached, only the most cheerful reports
of reviving trade conditions found their
way into the, financial district.
One OF the bear reports had iron selling
down to $ll ton in Birmingham but the
report was quickly denied by selling
agents. who maintained that no sales had
been below S11.5O.
Against such minor bear reports there
came encouraging news that the Tonnes
plant at Ensiey. which was expected TO
close today. could not do SO on account
of its inability to keep up with new Or
ders received. and officers OF the company
limited that II might not be necessary to
close the plant at all. as the sales depart
ment was meeting with far more encour-
agement in the way of increased orders
than they could have anticipated a fort
night age.
Other Securities Get Boost.
The stock market which opened active
and buoyant. made gains in the early
hours on some of the hitherto neglected
securities of from two to three points
since yesterday, and new high records
since the panic were scored in the early
dealings in Union Pacific. Louisville and
Nashville and Atlantic Coast Line
Southern Pacific again made a new high
record in its history and Denver and
Rio Grande. upon rumors of an impend-
ing change in ownership that would
eventually put that line in the control
of the Hartman interests, jumped three
points. Under the usual profit taking
by those who thought the present up
ward movement had gone about far
enough. prices shaded off before noon. but
recovered early In the afternoon. and i'm
some of the active securities sold higher
than the high prices Of the morning.
An encouraging feature of the market
was the excellent resistance which the
leading issues exhibited from time to
time. when put under the pressure of
short selling by operators for the fall.