Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-04-05
bUOYANCY CONTINUES
Opening Strong and at Higher
Figures.
Improvement IN LONDON
Inevitable Recessions in First Hour
Cause Drop.
UPWARD MOVEMENT FOLLOWS
New High Figures Since the Panic
Were Scored by Union Pacific
and the L. G NJ
Special Dispatch TO The star.

Special Dispatch TO The Star.
NEW YORK. April although the
stock market was plainly in hesitating
mood this morning. experimenting fear
that the United States Supreme Court
might hand down a decision in Wash
ington this afternoon in the commodities
clause case that would be Disadvantage
TO the Reading railroad and other
roads owning and operating coal mines.
the market opened strong and at higher
figures in a majority of the active Sc
curities than those recorded at the close
of business last Saturday.
The higher opening in the local market
was attributed somewhat to a display of
buoyancy in the London market where.
III the early dealings, consols and Euro
pean securities in general showed frac-
tional advances from Saturdays close
and where Americans were almost uni
formly higher than closing figures in the
New York market.
The continued rise of securities was
of course. due TO the improvement of
trade in general by reason of the dissi-
patton of the war clouds which for sew
eral months had hung over Ghe continent.
Call Money Rates Reduced.
\ further reduction of the rates for call
money in London giving hope of another
reduction in the discount rate of the Bank
OF England this week. probably TO = per
cent. also had a stimulating effect in
enabling operators to carry their spec
ulative accounts with greater ease. The
buoyancy of the London market was not
offset here by any specific news over
Sunday. For this reason the advancing
movement in the local stock market,
and was resumed on Saturday, was con-
tinued today for some time after the
opening.
The inevitable recessions incident to an
active market took place in the first hour
and caused a drop of from II to 1 per
cent in several of the leading securities,
but before noon the upward movement
was resumed and new high figures since
the panic were reached by Union Pacific.
Louisville and Nashville, and nearly all
railroads and ndustrials got back to
about their high prices of the morning.
The market then settled down into a
kind of waiting mood until something
more definite should be known of the
Reading decision.
Brokers Get a Jolt.
About 1 o'clock the customers in many
of the large brokerage offices were sub
jected To an unintended hoax due to the
mechanical construction of the ticker of
one of the news bureaus which headed an
item from Washington about the Supreme
Court. then in session, Reading DecI-
sions," which the tape readers construed
into meaning that the justices of the
court had begun to read decisions in the
Reading case.
There was great excitemRt for some
time, but no light was shed Upon the all
important question as TO which way the
decisions in the commodities clause cases
would go. IL subsequently, turned out
that the item did not refer to Reading
railroad decisions. but merely meant that
the court was recalling decisions.
General Business Improving.
Reports from the headquarters of vari-
Gus railroads operating throughout the
west were somewhat disappointing today,
in that they showed no material increase
in tonnage, as recorded by the various
traffic managers for the last week, but
bank clearings, as reported by the trade
reviews today, tended to show that bust
ness was improving all over the country.
For instance, of the total bank clearings
for the month of March. this year, 10
of our leading cities showed gains of
70 per cent over a year ago, which Is
only 3.3 per cent smaller than the cor
responding month in 1906 when trade was
very active.
1t is true that the clearings. SO far as
this city was concerned. were about 10
per cent less than March two years ago
but that was attribu ed to the evident
fact that the volume of dealings in the
securities market here is only about so
per cent of what IL was in the active
spring of 1906
United States gold coin to Rio Janeiro
by todays steamship. to be used in set
Ting accounts for coffee. excited no in
terest: and the local money market con-