The Washington herald., 1909-03-28
PRICES ARE BUOYANT
Great Activity and Strength
Prevail in Stocks.
SHORT INTEREST THE CAUSE
Average Prices Rise TO Near the
Highest OF the Year-smOIdering
Advance OF Last Fortnight at Last
Bursts Into FIame-Trading Is the
Heaviest in Months for Saturday.

New York, March 27-The fire OF an
advance In the stock market that had
been plainly enough snolderlng through
out the last fortnight broke out to-day
into something resembling open fame,
and the market experienced not only the
greatest activity that it has witnessed
on Saturdays stock exchange half
session 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 av-
erage price OF the Industrial and railway
shares was but little below the highest
point touched thus far in the present
year. this occurring in the second day Of
January. 1t IS. OF course. entirely prob
able that q good share of the responsi-
bility for the days rapid advance is to
be laid at the door Of the extended
= short interest In the market.
According TO general observation, most
Of the professional operators in Wall
street recently have been pessimlstic in
their speculative views, and have re-
sisted TO the best OF their ability the
slow but steady upward movement in
values that has been going on To-day
apparently. a good many Of them con-
fessed 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 Sat
urday.
SpeciaItieS Are strong.
There was a continuation from the out
eaf ~ ha rss- -
terday in a few special stocks. such as
the Missouri Pacific and Wabash issues.
and American Beet Sugar and Consoli-
dated Gas shares. An idea, which it Is
believed has substantial basis. that a
comprehensive financial scheme is pre-
pairing for the Missouri Pacific system,
and that new and strong financial sup
port is now enlisted on the side Of the
Gould railway interests generally. was
the cause. presumably. as il has been
since last fall, Of the strength In the
Gould issues
The rUmor concerning American Beet
Sugar was that application 10 place the
stock on the regular list OF stock eX-
change securities was 10 be made. and
that this application would disclose a
financial condition OF the company better
than IS commonly supposed.
Market BrOadens.
In the second hour OF business the mar
ket began to broaden All the important
stocks rose and continued 10 rise with
constantly increasing vlgor until the end
Of the day. or actual financial news
there was little. except semi-oficiaI ad-
missions that there have been heavy sales
recently OF lead ana copper metal, and
the appearance Of a number Of very IA
vorable railway earnings statements for
the third week OF March.
The southern Railway also submitted a
noteworthy statement for February. ex-
hibiting a gross increase Of $685., 900 and
net increase Of S611. 900.
The weekly bank statement was in both
its actual and average figures OF wholly
favorable character. showing in general
that 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 fait in London
discounts. and all talk Of gold exports IS
a an end.