Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-04-04
CLOSED WITH GAINS
"Bear" Drive at Opening Fail
ed to Produce.
RALLY STARTS ADVANCE
Quick Buying in Of Stocks Adds to
Strength.
STRONG UNDERGONE SHOWN
Corn Products Shares Figured in
Buoyant Specialties-Substantial
Betterment in Trade.
STRONG UNDERGONE SHOW
Special Dispatch to The Star.

| Special Dispatch to The star
NEW YORK, April 3.-With but few
exceptions opening prices in the stock
market this morning were quite little
below the last quotations of yesterday
and at levels, in more than one Of the
active stocks, fully two points below the
highest range touched on the recent up
ward movement. These prices. however.
proved to be the lowest Of the day. and
the course Of the market thereafter APP
peared to justify the suspicion that the
opening break partook more or less of
the nature Of bear drive At any
rate the market steadily strengthened
after the first few minutes of trading,
and closed with gains Of a full point or
more in a large number Of the standard
shares.
| Probably good share of this strength
was due to the quick buying in of the
| stocks by spectators for the fall. who in
creased their commitments yesterday
when they observed what was at that
time the plainly declining tendency Of
values. or course, rumor was busy with
| the subject of the commodities clause
case and a possible decision In it by the
Supreme Court Of the United States Mon
day, and today the temper of speculation
colored this gossip with a cheerful tinge.
From a positive conviction several
weeks ago that the decision would be I'M
| favorable 10 tue railroad companies the
current idea was today that the pro-
! nouncement Of the court would be Of
favorable sort from the railroad point
OF view. But the truth was undoubtedly
the financial district as to the import of
the decision. or even the slightest feeling
of certainty that Monday would bring q
decision In the case at all.
Specialties Affected.
| Specialties affected in todays market
dealings were the Corn Products shares,
| as was the case yesterday, and the Man.
haitian traction stocks. Reasons for the
| advance in this latter quarter were of
| the same mysterious nature that they
| have been. but 1t must be admitted that
an impression is gaining ground that the
| impending reorganization of the Metro
politan street railway system, along with
| the possible passage Of what the compa-
MES declare is absolutely needed legisla-
ton in their interests. will leave a meas
| ure of value for the Interboro Metropoli-
tan stocks somewhat greater than has
been hitherto commonly supposed. I'm
proving business prospects were the rea-
sons assigned for the rise in Corn Prod
| ucts stock
| Practically the only news, outside of
| that of a failure of no great Importance
in Chicago. owing to the course of the
| grain market. was that contained In the
weekly bank statement, which exhibited,
| as was expected, the effect upon bank
loans of the movement in security prices
| during the week. These loans increased
| the actual and average forms Of the
| statement, resulting in slight decrease
| in the bank surplus.
Trade Outlook Improved.
While it may be that the advance in
the stock market this week has put
| more dattering look than 10 just upon
| such improvement in business conditions
| as has actually occurred, 1t is yet UNI
!. deniable that substantial betterment has
taken place in this direction.
| In many lines Of trade buainess Is
concededly active. And a feeling is dis
cerrible among the leaders in the bust
of the depression in trade has at least
been definitely touched, and that while
recovery from this may be SLOW it will,
nevertheless. be certain.
| With this assurance, and with the pros
pect of an indefinite continuance of easy
money. reason for buying of stocks by
speculative interests appears to be very
clear. Indeed, surveying the whole field;
there seem to be only two matters that
stand in the way just now of even
further and more pronounced rise In Sc
curity prices than has thus far occurred.
One Of these is expectancy regarding the
decision Of the Supreme Court in the
commodities clause case
The word "expectancy" is used here be-
cause 1t is manifest that it is mere hest
tation, owing to the fact that the de-
cision has not been rendered: rather than
any fear Of the results following a de-
cision adverse to the railroads, that is
operatin:. ae a source of restraint.
Railway Business.
A selling of coal by the railroad COM
panies at the mines instead Of at tide
wate.. will enable them to conduct their
| h,tc q
they. now do. yet in such a way as to
get substantially as much profit from it
as under prevailing customs.
Secondly. the tariff debate still over
shadows the situation to a greater or
less extent
| There were some welcome indications
a few days ago that this debate might
be prolonged more than had been orig
inally thought, owing to the decided un-
Willingness of numerous sections Of the
country to accept the terms of the bill
committee of the House of Representa-
tives; but it Is now evident that the
Payne bill will be amended in many i'm
portant particulars, and hope as to an
early settlement of the whole matter has
been again quickened.
Bank clearings and railroad earnings
over the country in the months OF Feb
ruary and March have materially en-
that business improvement has received
or Ia about to receive a setback.
Buying Of Copper.
1t is obvious that the current low prices
for copper have provoked a sufficient
amount of buying of that commodity to
give a decidedly stronger undertone to
the market therefor. while in the iron
and steel industry it is also now beyond
dispute that the great reductions in prices
there have stimulated consumption Of
trade products in many important direc-
lions.
Judging from analogies in the past, this
development gives ground for the belief
that from now on the steel trade in gen.
eral will report better things.
! new YORK PRODUCE.
NEW YORK. April 3.-F'lour-receipts.