Evening star. [volume] (Washington, D.C.) 1854-1972, 1902-04-28
FINANCE AND TRADE
Stocks Opened Irregularly
Under Decreased Demand.
IMPROVED LATER ON
HIGH-PRICED ISSUES WERE THE
FAvoRITEs.
Rumor That Morgan and Hill Have
Big Block of Canadian
Pacific.
IMPROVED LATER ON

Special Dispatch 70 The Evening Star.
NEW YORK, April 2s.-Todays mark I
opened irregularly under a decreased vol
ume of commission business. London sent
over almost no business, and there was
general lack OF incentive to new business.
The failure to reach a conclusion In thu
coal-strike situation had tendency %
check the advance during the opening hour
but later In the day the coal stocks d.
veloped pronounced strength and led IN,
entire market into a sharp rally
The advance In this group began with
Jersey Central. a moderate demand forcing
the price to the highest point on record
Delaware and Hudson was strong at ad-
vancing prices, and finally all of the Read
ing issues came into the swing OF the move
ment The common stock advanced TO It's
best level. the covering OF short stock put
out on the strike news being added to the
effectiveness OF a good accommodating de-
mand.
After an early period OF heaviness the
Traction shares became steady under tue
influence of a good demand for BrooklA "a
Rapid Transit. The buying of the last
named stock is regarded as significant but
the real motive behind the movement Is
most carefully guarded. There are indica-
tions that the buying comes from sources
close to the inside. Chicago Union Trac-
tion was quite active during the afternoon
L.
was accompanied with rumors OF important
developments in the near future relative to
new leases and franchises.
There was a fair demand for Pennsylva-
MIA, New York Central, New Haven and
similar high-grade properties, but the buy
ing was not aggressive.
Messrs. Morgan and Hill are reported to
have secured a considerable Dutch holding
OF Canadian Pacific in addition TO an ac-
cumulatlon Of the same stock in this mar
ket. These reports estimate that this hold
ing OF stock Will play significant part in
the new steamship merger
The supply of coal for all the ships in the
combine will be subject upon which an
important market episode will be based
later in the season.
The crop situation has degenerated into
quite commonplace uncertainty, and the
chances seem quite as favorable to a fair
crop as is usual at this season Of the year
The granger roads were all advanced un-
der the influence OF this outlook and the
covering of short stock. The demand for
Union Pacific, Atchison and Southern Pa
cific was not intended to force advances,
but reflected a steady undertone and the
abandonment Of the desire to force a lower
level of prices.
Colorado Fuel was taken In hand by the
Gates party and forced up per cent under
a sudden demand during the last hour.
The United States Steel stocks were in
good supply, in spite of the fact that the
company's circular has been we'll received
The document is unquestionably ingenious
but the necessity for the new money is
plausbly discussed rather than conclusive
ly proved. II is not impossible that some
mistake In the handling of this gigantic en-
terprise is being rectified by the new fnan-
cial plan.
The independent properties hold well and
seem to increase in value because OF the
steady demand for pig iron. A reduction in
refined sugars was followed by some selling
OF the stock of the American company. CAL
umet and Hecla declared a dividend of s.
per share, against so paid at the previous
period. Amalgamated was steady, with oc-
cdsional evidences OF good buying