Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-04-03
HEAVY PR0F|T-TAK|NG
Opening Dealings Marked by
Fractional Declines.
LONDON HARD AT CLOSE
Local Rally Advanced Few Of the
Specialties.
STRONG UNDERGONE MANIFEST
Union Pacific Features Last Hour
With Price Near to High Rec
ord Of Thursday.
LONDON HARD AT CLOSE
STRONG UNDERGONE MANIFEST

NEW YORK April As a result of
further profit-taking the stock market
opened up this morning at fractional
declines even from yesterdays closing
figures. which, 1t will be recalled were
at about the lowest prices of the day for
the active securities. The profit-taking
that was in evidence in the last hour
Of yesterdays market was resumed this
morning. and result many railroad
and industrial shares receded from frac-
tional declines to losses OF about one
point.
After the low opening however. there
was a rally, due perhaps to the effort
of the shorts to cover. which sent prices
up considerably, and in this advancing
movement few specialities, like Ca
madam Pacific and Interborough pre-
ferred sold at higher prices than their
highest figures yesterday.
The market here followed somewhat the
trend of affairs in London. where there
was more cheerful feeling on account
of the satisfactory April / settlement. and
where evidences are accommodating to
show that business revival throughout
Europe has begun.
Consols, which were 1-16 lower than yes
terday in the London market when our
market opened THIS morning, HdTuSHcu
later in the day and the American rail-
way shares showed average decline on the
other side Of only about q of point
below parity with New York prices.
The suspension of small brokerage
concern connected only with the little
exchange" had no effect upon the market
and all the news that actually reached
Wall street from without was of an en-
couraging nature. The report OF trade re-
views was to the effect that there was a
good showing of foreign trade for us and
there was continued evidence of return
ing confidence exhibited in large build
ing operations.
Rate Decision and Tariff.
Sentiment was of course divided as to
whether or not there would be any de-
cision next Monday by the Supreme Court
in Washington upon the so-called COM
modities clause case and whether the de-
cision if it should come would be for or
against the best interests of the Reading
railroad.
There was also naturally divided SEN
timent upon the question as to whether
Wall street had not already pretty we'll
discounted the effects of the proposed
tariff bill in the shape in which the most
sanguine believe 1t will soon emerge
from Congress as tariff law Because
of this division OF opinion profit taking
continued. and there was some augmenta-
ton of short interests in the expectation
of buying securities back next week at
prices little lower than prevailed for
the greater part of today's short ses-
sion.
Closed Active and Strong.
Toward the close of the market the
strong undertone- which had been mani
Testing itself in the swings earlier in the
day took Union Pacific almost to its high
record of Thursday. and showed an ad-
vance in marlborough preferred of five
and one-half points above its low price
of yesterday.
Canadian Pacific. upon continued buy
ing from London, made further advances,
and United States Steel common recov-
cred most of the losses sustained in
yesterdays reaction.
The market near the close was both