Evening star. [volume] (Washington, D.C.) 1854-1972, 1902-04-21
Stocks Sold OFF After Strong
Opening.
MARKET WAS ACTIVE
CROP CONDITIONS IN WEST NOT
REAssURINa.
Action of Supreme Court in Merger
Case Also Aided Bear
Movement
Dispatch to The Evening Star.

Specisl Dispatch to The Evening Star.
NEW YORK, April 2.-Today's stock
market opened strong and higher but had
two decided disappointments TO contend
with later In the day. which resulted in an
irregular and feverish condition. The first
hour felt the unsettling influence Of the un-
seasonable weather in the west and the
damage to the winter wheat crop as a re-
suit of heat and drought.
The granger shares were sold In round
amounts and all efforts to stay the de-
cline were finally abandoned when the SUI
preme Courts action in allowing the filing
OF the state of Washingtons suit against
the Northern Securities Company was an
nounced. Union Pacific after opening II
an advance of per cent, sold down under
enormous dealing for decline of per cent
from the best level Of the morning.
This selling was attributed very largely to
the Gates party, and was a surprise to the
street because of the belief that Union Pa
cific would be the real leader of this week 8
market. In this connection II may be well
to remember that the largest buying in
Nashville followed a heavy condition pro-
duced by the free and ostentatious selling
of other Gates favorites. The filing OF the
suit by the state OF Washington may turn
out to have been utilized an excuse
rather than an actual cause for concern.
Southern Pacific. St. Paul and similar
properties were Soiu GOWN, out later IN the
day the buying of the former was OF the
best. The keene pool rallied the price back
from sudden decline to GO and fraction
to something better than the average price
OF the morning. The most significant new
business of the day went into Reading
common stock
On volume of business materially be-
yond the average the price of the common
stock was carried up over &C. directly in
the face OF the decline In other parts OF
the market. The buying was credited to
Morgan interests and numerous orders
seemed to have been given out by Mr..
keene himself. acting for the banking
house mentioned.
The fact that the market could handle
proof OF its Increased breadth. Not since
last year has there been such a big day
and commission houses had a splendid sup
ply of new business. The larger interests
want higher prices and there seems TO be
determination to put aside such consid-
erations as possible disappointments in
crop news.
officials assist in encouraging this disre-
gard of most important factor by en-
phasizing the fact that the lines of miscel-
laneous business have increased to proper
tons which go far toward offsetting any
decrease In grain tonnage. However this
may be there is a tendency to go into stocks
In no way concerned with the crop condi-
ton. Union Traction of Chicago and Chi
cago Terminal were among the lower-priced
shares in which there was good demand
Colorado Southern issues were well
bought by the new management and every
property in which pools are well organized
was given good support. The traction
stocks were strong and some effort is being
made to increase the interest in this group
The closing was active and irregular.