Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-03-24
UPWARD TREND AGAIN
Railways Lead Advances After
Early Fluctuations.
BEAR RAIDS MlSCARRY
Fail to Force Prices With Traction
Weakness.
LONDON PRICES ARE IGNORED
Many of the Active Railroad Shares
Attained Highest Figures Since
Last January.
LONDON PRICES ARE IGNORED
Special Disnatch 10 Tho Star.

Special Disnatch 10 Tho star
NEW YORK, March o4.-One of the
most encouraging features in today
market was the strength of securities
in general. notwithstanding further sue
cessful efforts to depress the price OF
Third Avenue railway shareS. which, after
their break yesterday. orened fraction
ally lower this morning, and under con-
siderable pressure sold down at one time
10 oJh which was IL points below yes
tcrday's highest quotation.
In contrast to the further decline of
Third Avenue stock, slight gains were
recorded in both the common and pre-
ferred issues of the Interborough- Metro
politan securities. the explanation in Wall
street being that the Interborough-M Metro
politan company had already sold its
holdings in the Third Avenue line and
had effected the distribution to the pub
lie at prices that not only relieved the
holding company of the burden of carry
ing the Third Avenue line, but gave 1t
considerable funds with which to meet
the assessments that might later be levied
upon the shares of the Metropolitan
street railway.
The weakness of the Sd avenue de-
partment of local fractions. which un-
doubtedly put ammunition in the hands
of the bear raiders late yesterday after
noon could not TODAY overcome the up
ward movement for stocks in general.
After many fluctuations in the early
dealings most of the active railway shares
were found at points from y to I u above
yesterdays closing figures. and many
We're at prices above the highest quota
tions yesterday. Among the noticeable
advances in the railroad department were
those made by Pennsylvania: Southern
Pacific. Union Pacific, New York Gen.
trail and Reading.
Strength in the Anthracites.
The strength of Reading and Pennsyl-
vania was attributed to reports from the
coal mining districts that the anthracite
miners had adopted a program almost
certain TO eliminate in a peaceful solu-
ton of the present labor difficulties.
The fact that the program to be dis
cussed in Philadelphia next week con-
tanned some clauses which the mine own
ers +, are not likely to grant was imma-
terial i'm the minds of speculat tors for the
rise here. as they regarded this new pro-
gram of the miners merely as plan TO
save their faces and avoid strike which
the present enormous quantities of coa
on hand could only end i'm their defeat.
The market here again ignored frac-
tionally their prices in London, both for
consols and Americans i'm general. which
were depressed there over the continued
war talk i'm southeastern Europe. which
has been gong on IOr weeks, WitH Ho M
6tcation of a speedy settlement 1t ap-
reared TO be again case where the pr1-
mary market for Americans was really
made in this city. and where London had
TO follow US in. placing valuation upon
our own securities
Rise in Steel and Copper.
Early i'm the afternoon many of the
railway securities, strengthened by the
gradual rise in United States Steel COM
mon attained prices higher than they had
reached since last January. The strength
Of United States Steel common was sus-
pacted in some quarters to be due largely
10 a heavy short interest. but the strength
in the copper shares was attributed to
large sales of copper metal in the local
market
1t is needless to say that these reported
sales of raw copper by the producers
also had a good effect upon the entire
market. as indicating a revival in trade.
Money continued easy in the local mar
ket. and nothing more was heard of fur
Their engagements. Of gold for export to
London. where the discount rate among
small bankers and bill brokers was today
much lower than the prevailing 3
per cent rate of the Bank of England
that it was hoped the bank would soon
reduce its present rate of discount.