Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-03-25
FURTHER RISE TODAY
Cheering Factors Contribute
to More Advancing.
SLIGHT RECESSION EARLY
Easing Of Due to Profit Taking
Sales.
ERIE STARTS AN ADVANCE
First-Hour Losses Recovered and
General Forward Movement
Joined in by Other Stocks.
ERIE STARTS AN ADVANCE
Special Dispatch to The Star.

Special Dispatch To The Star
NEW YORK March 25-Average prices
on the New York Stock Exchange having
advanced in the last week, after consider
able backing and filling. to about the
highest points attained for the past
month. a slight reaction was regarded as
almost inevitable today by the Majority Of
traders. and after the market opened at
fractional advances over yesterdays clos
ing figures, there was an easing off, due
undoubtedly TO those who feared TO de-
lay all of their profit-taking too long.
The initial rise in prices this morning
WIS attributed to bullish news in the local
market, as well as to a better feeling in
Europe over the Balkan situation, which
in The early dealings on the London mar
ket seemed TO have improved greatly. al
though advices later in the afternoon as
sumed a more warIike attitude on the
part OF Austria.
After the recession of prices In the mid
die OF the first hour additional good news
was received in the financial district from
Albany with reference TO the Fries prop
oSitlon TO issue $3O,OOUUO worth of bonds
for redemption and improvement. The or
iginal memoranda of the upstate public
service commission March granted prac-
tically all the requests of the directors OF
the Erie road. except that il imposed e
condition that the directors should obtain
the consent of ~ per cent OF the bond
holders before the commission would as
sent to the issuance of the new bonds.
The opinion of the commission today APP
parenIIy LETT loophole which would en-
able the company to issue the bonds, even
though it might not be able to get the as
sent of the percentage of bondnolders or
igtnally required by the commission.
Consolidated Gas Enjoys Rise.
The result of this modification, IL such
1t might be called, OF the public service
commissions ruling was to advance the
price of Erie common from 2i1a to %.
and to put up the first preferred stock "a
points.
A corollary effect of this rise in Erie
vancing movement. thereby recovering
fractional losses sustained earlier IN the
morning.
Consolidated Gas also enjoyed rise
Of nearly 2 points early In the afternoon
upon the election of a former Secretary
OF the Treasury to the office OF president
OF the gas company. although his election
had been anticipated In ALI street for
several weeks before his retirement at
Warrington March 4.
Easy money continued TO be q cheering
factor In the present market, and money
on call renamed practically unaltered.
gold for export to London. and the feeling
prevailed that the movement OF gold to
Europe for the April 1 disbursements
had practically eliminated.
Pleased Over Tariff Prospects.
Advices received from Washington in
dicating that the Payne bill as originally
introduced would be materially altered
in the Senate under the influence of SEN
ator AIdrich. who would probably draft
the amended Senate bill in such a way
that II would not contain the dreaded
fifty-per-cent cut steel products nor
any Of the other very drastic clauses in
the original tariff bill. and Wall street
was pleased with the prophecy from
Washington that the tariff bill stood q
much better chance OF early passage in
Its form as amended in the Senate.
At any rate, IT was freely pr sdicted that
the President was anxious to have the
tariff matter settled as speedily as posi-
BILE and that with the President and Sen
ate working together for haste, the new
tariff law would probably go into effect
much earlier than originally anticipated.