Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-03-29
MANY BUYING ORDERS
Prices Make a Very Wide
Opening Today.
new HIGH RECORDS SCORED
Highest Price on Record Reached
for Southern Pacific.
: BALKAN SITUATION CHEERS
London Advices Chief Factor in Re-
newal of Upward Movement.
Notable Advances.
new HIGH RECORDS SCORED
BALKAN SITUATION CHEERS
SpcciaI Dispatch to The Star.

NEW YORK. March Gas a result OF
The large number of buying orders Eat
the market" in the hands of commission
houses this morning. prices on the New
York Stock Exchange made what Is
known as very wide opening from Sat-
urday's closing figures. There were so
many of these buying orders from out of
town that initial sales in nearly all OF the
active stocks were up from one-auarter
10 a point and half above Saturdays
closing quotations
The buoyancy over the financial situa-
tion in general which caused marked
advance in securities on Saturday, ending
almost in a bear panic. continued today
throughout the early hours and after a
number of fluctuations left prices early
in the afternoon higher than at the open
ing and with new high records for the
year in the case of Union Pacific and
Louisville and Nashville. and with the
highest price on record for Southern Pa
cific.
This renewal of the upward movement
and its continuation in many securities to
new high levels for the year was attrib-
uted largely to the fact that throughout
Europe official circles believed that the
crisis between Servia and Austria had
been successfully passed and that for
several months at least there would be
TO more serious war talk in Europe over
the Balkan situation.
Substantial Advances in London.
Consols in the London market made sub
stantial advances and all European gov
eminent securities as well as rails and
industrials on the other side participated
In the rise due to this new assurance OF
peace.
Among the factors in this country con-
tributing to the further enhancement Of
values was the information from Wash
ington that the national legislators in
tended to hold night sessions in both
houses of Congress in the hope of COM
pleting the new train bill with all pos
Sible speed.
II was generally conceded in financial
circles that the conditions of trade. ac-
cording to the latest reports. did not in
themselves warrant such rapid advances
in the price of securities had been
scored in the last few business days. But
il was explained that Wall street. conf
dent of an early settlement of the tariff
question and therefore of an early re-
that was interrupted by the panic of
1877. was already beginning to discount
tie future by few months.
Due to Covering of Shorts.
There is no doubt that a considerable
part Of the advance in quotations both
Saturday and today was due to the COW
ering of shorts by a large number OF pro-
fessional traders. who took fright at the
first signs of the 'spring rise" and who
decided that it was about time to pro-
te.t themselves, even If they Gid not see
their way clear to a reversal of tactics.
another bull card I'm the estimation OF
many traders was the fact that the head
of the Hartman system of railways and
a representative of the Hill interests had
held satisfactory consultation on the
Pacific coast over the question Of ter
minals in Portland and had reached a
kind of working agreement so that Meth
er system would for some years to come
eXpend money uselessly building branch
lines into the others domains.
The same reports which had the Hill
and Hartman interests entering into pa
Cific relations represented the head Of the
Union and Southern Pacific roads as be-
ing homeward bound with many plans
for the future betterment of those prop
critics.
Among the rumors tending to a further
rise In the value of the Hartman securi-
Ties was that early next month, or in
May, there would be some important an
4. nouncements regarding both those rail-
roads. which, notwithstanding denials
from the executive offices, indicates that
There fill be financing on a large scale
by both of these western lines.
Pacifics Soar to High Prices.
Certain 1t was that Union Pacific in
fhe early hours made new high record
for the year and Southern Pacific sold
higher than ever before in its existence
New York Central, which now enjoys
the advice of the leading spirit of the
Union and Southern Pacific roads, also
shared IN the effect of the Hartman
turnors, and sold about Io points above
the price 10 which 1t fell in the general
sympapthetic slump OF last February,
when attacks on Reading and United
States Steel caused declines in the entire
market.
Another factor contributing to the rise
IL the value of securities. if not in their
actual worth, was the continued ease in
The money market, Notwithstanding the
export OF SO much gold in the last two
weeks on account of London, the fact
being that even after we shipped so much
gold away New York still has on hand
more cash than when the last gold-export
movement started, and now that the eff.
flux OF gold has practically subsidized trad
ers are encouraged with the prospects of
- of for lot s,ya