Evening star. [volume] (Washington, D.C.) 1854-1972, 1902-04-07
Bears Attack Stocks on Bank
Statement.
DULL AT THE CLOSE
BANKERS SAY FINANCIAL SITUA
TON rs ALL RIGHT.
Little Demand From the Public fog
Stocks-Manipulatio in
Market.

Special Dispatch to The Evening Star.
NEW YORK, April 7.-Saturdays bank
statement had a depressing influence on
sentiment in spite OF the fact that the
strongest banks in the street continue to
give out assurances Of an easy money
market and abundant prosperity. SEN
timent Is more easily Influenced Just now
than prices because of the lack OF all out
side demand. Unfavorable bank state
ments reflect only conditions known hours
before publication by the interests most
heavily interested in the securities market
and have no effect in such quarters after
appearing on the tape.
Would be buyers and reviying public in
terest suffer, however. and a dull and mar
row market. brim full of manipulation. re-
suits. The engagement of s2.5o0o0o gold
for export was another factor which tend
ed to chill the general situation. but a
prominent bank offered money rather free
ly at Az per cent I'm order To oounteract
the outflow of specie.
Bank reserves are unquestionably low and
the inflow from the interior does not reach
liberal proportions
Inc present week may see some changes
OF Importance in this currency movement.
but until such changes are recorded there
would seem to be small foundation for a
materially higher market. ..
The so-called western contingent sold
some OF their specialties during the morn
ing, and I'm some quarters the squirt was
considered to have served its purpose and
to have permitted liquidation on a large
scale.
ST. Paul. Northwestern and Union Pacific
rejected these sales. but there was fair
support at the lower prices. Realizing IN
Louisville and Nashville preceded an an
nouncement that the company would add
$WO,oV to its capital. These sales forced
the price down something over i per cent
Southern Pacific was given support
around %. and there was a fair demand for
Atchlson on all concessions. The earnings
OF the latter company keep up wonderfully
well. and fair crop conditions would in ala
likelihood, be followed by renewed activity
stock.
A new group of low-priced shares was
made active during the day, largely because
there was no opposition to such a move
ment.
Alton issues were first taken I'm hand
and moved up, and later in the day Wis
consin Central was added to the list OF
easily moved properties. Wabash issues
showed fair strength and there was a mod
crate inquiry for Chicago and Great West
ern.
Among the industrials the Express stocks
were feature at substantial advances at
tributed to new rumors of an early deal.
westinghouse Electric had a sharp ad-
vance of per cent during the morning but
the movement was very erratic. Amalga-
mated Copper was bought by houses with
Boston connections. and there was said TO
be a better tone in the metal market
The United States Steel CORPORATION viii
issue its circular, explaining the proposed
S2oOoOOOO bond issue. about the middle OF
the week. The stocks of this company
nave been allowed to relapse into dullness
pending this announcement.
During the final hour prices were ir-
regular under mixed dealings. in which
there was a decided absence Of new buy
ing