Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-03-28
STOCKS KEEP STRONG
Continue to Rise Until Close
of the Week.
STEADY UPWARD TREND
Highest Point Reached Since Janu-
airy 2 Last.
JAR FOR THE PESSIMISTS
Railway Revenues, Crop Outlook
and Other Factors Portend Re
newed Confidence.


advance in the stock market, that has
been plainly enough smoldering through
out the last fortnight. broke out today
into something resembling open flame.
and the market experienced not only the
greatest activity that it has witnessed
Saturdays stock exchange half ses-
sion for a very considerable period, but
the greatest rise also seen on any day
in the present month Indeed. at the
close of business the average price of the
industrial and railway shares was but
little below the highest point touched
thus far in the present year. this occur
ring on the second day of January.
1t is, of course. entirely probable that
good share of the responsibility for the
days rapid advance is to be laid at the
door of the extended short interest in
the market. According TO general OBJ
servations, most of the professional op-
orators in Wall street recently have been
pessimiStic in British speculative views
and have resisted to the best of their
ability the slow but steady upward move
ment in values that has been going on.
Today apparently good many OF them
confessed defeat. the climax being placed
on their discontinue by the appearance
OF London houses as large buyers of
our stocks, an unusual occurrence for a
Saturday Reference has heretofore been
made is these dispatches to the fact that
not enough consideration has been paid
on this side of the Atlantic to the in
fiuence exerted upon financial sentiment
in Europe by the diplomatic tension ex-
listing for months back between Austria
and Servia.
Appearances are now stronger than they
have been at any time that this diff
Guilty has successfully passed its crisis
and therefore in the last few days fun
damentally more cheerful undertone has
been displayed upon all the European
bourses, and the leading government
stocks there have been advanced.
In our own market today there was
continuation from the outset of the
particular strength noted yesterday in a
few special stocks, such as Missouri Pa
cifc and Wabash issues and the Ameri
Beet Sugar and Consolidated Gas
shares. An idea. which it is believed has
substantial basis. that a comprehensive
financial scheme is preparing for the Mis-
souri, Pacific system and that new and
strong financial support is now. enlisted
the side of the Gould railwa- interests
generally, was the cause, presumably, as
it has been since last fall, Of the strength
in the Gould issues.
Increased Vigor.
THE rumor was concerning American
Beet Sugar that application 10 place the
stock on the regular list of stock ex-
change securities to be made. and
that this application would disclose a fl
nancial condition of the company better
than is commonly supposed. The ad-
vance in Consolidated Gas was of the
same character, seemingly, as that which
has gone on in the stock for some time
In the second hour of business the market
began TO broaden. All the important
stocks rose and continued to rise with
constantly increasing vigor until the end
of the day.
nr
except semi-official admissions that there
have been heavy sales made recently of
lead and copper metal and the appearance
Of number of very favorable railway
earnings statements for the third week of
March. The Southern railway also sub
mitted A noteworthy statement for Feb
rlary, exhibiting gross increase of
SHE',pO and net increase of S6ll 600
The weekly bank statement was in both
lis actual and average figures of wholly
favorable character. showing in general
hat the large influx of money from the
interior of the country had offset the effect
of gold Withdrawals. Sterling exchange
again broke heavily as the result of
further fall in London discounts, and all
talk of gold exports'is at an end.
Broad Movement
The general strength shown in the
stock market through this week, even if
this did not until today run to the point
OF notable advances i'll but few of the
standard shares, has undoubtedly been
due 10 genuine and inherent Improvement
in public sentiment regarding financial
affairs.
The upward movement was OF broad if
not exactly of forcible character and there
We're no evidences that il was caused, ex
Cept in the case of small number of in
oustr!dl and railway low priced shares,
by professional manipulation or buying by
financial interests in high rank.
The market appeared TO be a natural
one; and specific reasons for the rise were
much as anything perhaps the
numerous indications that the recent fall
in prices had discounted whatever I'M
favorable developments there were i'm the
trade situation and that various favorable
developments were making themselves
1clt.
Business over the country as a whole is
still admittedly quiet, but the dullness is
largely confined 10 the eastern rather than
the western section, and the records of
bank clearlngS and the like show that
taken all in all pretty fair gross bust
ness l. being conducted and that the plain
tendency is toward enlargement. There
at least certain railroad companies
that reporting extraordinary heavy
increases in earnings bith in gross and
net compared with those of last year
The revenues OF some OF the roads indeed
are approximately those Of the banner
year OF 1907.
Vast Improvement Noted.