Evening star. [volume] (Washington, D.C.) 1854-1972, 1900-04-07
Stocks Opened Strong, but Reacted
Later in the Day.
BANK STATEMENT UNSATISFACTORY
Southern Pacific Received Good
Support During the Day.
GENERAL MARKET REPORTS

Special Dispatch 10 The Evening Star
NEW YORK. April THE trading in the
early market this morning was favorably
Influenced by a revival of the demand from
London and the prospects for a good bank
statement, The late trading Was reaction
airy, because of the disappointment as to
the week banking operations. The banks
did gain something over Si.7o0.0o0 in law
fui money. but considerably larger
amount had been expected. Loans increas-
ed about S13.Oo0.oo0, as the result of in
creased activity in the stock market This
increase was not unexpected and is believ-
ed to represent advances on eilt edged rail-
way collateral
The deposits have been Increased sl4s76-
900. calling for a larger reserve and re-
ducing the surplus fund trifie over 81 g3O-
900. or to total of s7.90i. sl0. A gain of
$iSF 300 is reported in the item Of now
circulation, and shows a willingness on the
part of the local banks to avail themselves
OF the new currency law. The statement
was not up TO expectations of the street.
but there are no real defects to be found in
the showing
The statement as whole is more con-
slstent than any Of its immediate predeces-
about accurate.
The buying of Chesapeake and Ohio was
one or the features OF the day, London TAX
ing the stock in considerable yoluma Tho
recent changes In the management of the
property and the bright outlook for the soft
coal properties have brought the property
| into great favor abroad.
southern Pacific was given excellent SUD-
port throughout the day emphatic denials
OF inside friction serving to force out the
short interest. The question of dividends
| on this stock is evidently for remote
consideration, but the earnings are most
encouraging.
The bonds of the company might AFFORD a
better opportunity for successful manipula-
ton than the stock, since they would seem
to deserve place a triffe nearer similar is
sues of neighboring lines
Inc Traction stocks at the close OF the
week occupy a place in the street gossip
ABOUT as prominent the steel shares did
one week ago. The buying is said to be
significant and the supply of stock limited.
A short interest is said to exist and of suf-
nclent value to force a substantial rally
The steel forecast was most disappoint-
ing, and the Traction shares must prove
themselves worthy before anything more
substantial than a professional demand is
encountered. The roads are doing well in
! the matter of earnings. and TO that extent
| at least are deserving of the reviNing in
| terest.
The Pacific shares seem fully able to
maintain the new price level in snita Of
| the extent of the rise and the inconse-
| quential proportions of the reactions
| Northern Pacific common was well bought
during the day. but no effort was made to
force the price during the profit king of
! the last half hour. There is little d0r,bt
/ that this property win earn and paw per
cent dividends. The buying of Missouri
| Pacihc was good for time but realizing
| safes We're responsible for fractional de-
| cine at the close Of business.
sugar was strong and the buying IL GER
| talniy entitled to consideration since II has
| none of the evidences Of a merely routlna
movement.
The market may be chilled for time NV
| todays bank statement. but sentiment IN
| the main is quite confident at the end ~
the week as II was at the beginning A
| scarcity of good inyestrnen Is q $50, A.,
| ducement to resist the temptation Of TAX
[ holdings.