Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-03-20
RALLY LIFTS PRICES
Some Stocks Pass Point OF
Yesterdays Drive.
BEARS SPRING OLD TRICK
Report Sudden Death of Vice Presi-
dent Sherman.
LONDON'S INFLUENCE SLIGHT
Market Closes Dull, But Rather
Firm-Northern Pacific and
Great Northern Exceptions.
.0NDON'S INFLUENCE SLIGHT


NEW YORK. March 2O-Althoush the
stock market opened this morning at
slight declines from yesterdays closing
figures. upon the theory that securities
N the last few days had perhaps re-
sponded somewhat too generously to the
cheerful sentiment engendered by the in
PRODUCTION of the Payne tariff bill in
Congress last Wednesday. before the close
OF the first hour there had been a rally
which sent a majority of the issues up
10 points above today's opening, and in
many cases above the point to which they
had been forced by the mild bear drive
started at the very close Of the market
yesterday.
Among the securities to show a marked
advance In the somewhat stationary and
dull Saturday halliday market were
Northern Pacific and Great Northern,
both of which at one time in the middle
Of the short session showed gains OF
more than point over yesterdays clos
ing prices.
AS United States Steel common made
no advances while Great Northern was
rising. some traders endeavored to ex-
plain the different attitudes of those
stocks on the assumption that the rail-
road would derive some advantage In its
ore contract with the steel corporation
even under the present proposed cut In
tarfn duties upon steel products.
The weakness in steel was attributed
largely to reports from the south that the
Tennessee Coal and Iron Company, which
was absorbed by the United States Steel
Corporation in the course of business dur
ing the panic of 1907. would upon April 1
shut down practically Its entire plant from
sheer lack Of business.
Kept Steel Prices Down.
of hi
could be obtained at the Office Of the
steel corporation in this city, 1t never
1heIess had the effect of keeping down the
price of steel shares upon the stock ex-
change There were plenty OF rumors to
short interest not in steel. but in Read
ing and Union and Southern Pacific, and
that an effort would soon be made to
force the shorts to cover at much higher
prices.
That the bears were still resorting to
some of their old tricks to depress prices
was evident early In the session, when
report was received from Utica announc-
ing that the Vice President OF the United
States had dropped dead OF apoplexy.
1t took some time to get an authentic but
positive denial Of the truth Of that report.
and in the meantime many traders VINO
attached credence TO 1t were disposed to
relinquish some OF their holdings at lower
Vice President had been talking over the
telephone to business friends this morn
ing prices began to advance.
No Effect on Market.
The status of London market, where
consols remained unchanged. had little in
fluence upon the local market today. nor
did the rather mixed bank statement
forecast play any important part in the
mornings transactions.
Announcements this morning OF the en-
sagement of Sc 500. 600 In gold for Len
don next Tuesday in addition to the
50 800, 900 going away today. had no ma
terial effect upon the market, as II had
already been pretty we'll understood that
IL might take another $1O.OO0.OOO of our
gold TO even up our trade balances with
Europe.
The market closed dull but rather firm
at very slight net declines from yester-
days closing figures in a majority Of the
most active railroad and industrial af-
fairs. exceptions being. as previously
noted, Northern Pacific and Great North
ern preferred.