Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-04-06
Sharp Rally in Union Pacific
Today.
INJUNCTION DENIED
SOUTHERN PACIFIC INCLINED TO
WEAKNESS.
Sugar Also Declined, but the Balance
Of the List Was
Strong.

Special Dispatch to The Evening Star.
NEW YORK. April Elm tho London
stock market American railway shares
were up from Y to per cent and consols
for both accounts advanced y per cent
In the local stock market the tone at the
start was much improved. notwithstanding
the poor bank statement of Saturday The
rally that followed its publication gave evil
dence of an extended short interest, and
the reports in yesterdays papers showing
the large increases in exports over i'm
ports from this city since the first of the
year were cheering factors in the specula-
ton.
At the start there were no declines shown
in the active stocks. and a large majority
showed improvements extending from Y to
~ per cent.
The Gould stocks were all active AMI
stronger. due. no doubt. to the agreement
reached between the Wabash officials and
their employees and to the further expecta-
tons that the way is now cleared for an
early announcement Of the Gould unificatiou
plans
Canadian Pacific rallied over a point at
the opening on buying for the Montreal
pool
Brooklyn Rapid Transit and the other
local traction shares were well bought, and
advances extending to per cent and over
occurred in them.
st. Paul was in good demand from the
short interest and helped, too. by some buy
Ing by the Standard Oil brokers' Pennsyl-
vania and New York Central were also
helped to point advance by the demand
from the short interest, while Baltimore
and Ohio, the Fries and Union Pacific all
accorded closely to the higher London
quotations in those stocks
Copper was not active. but sympat hize1
with the rest of the list, selling up about
" per cent in the early trading.
Sugar after opening up u per cent, quick
~ lost y per cent on renewal Of the SELL
Ing pressure noticed on Friday and Satur-
day OF last week, due to the price-cutting
In that commodity inaugurated by the Ar
buckles few days ago in some OF the west
ern districts.
After the first half hours trading. in
which the general market increased the
advances somewhat, another selling move
ment developed in Sugar, causing a de-
cline of per cent in that stock from the
opening price. This weakness, however,
did not extend to the rest of the list. which
held its improvement very well and in some
cases scored further advances.
The subtreasury gained 100000 from the
banks on Saturday, and since Friday last
it gained $4,000 Money loaned on call
at per cent at the start and then drop
ped to 6 per cent.
After the second hour and I'D to noon
the market became very inactive, but
prices generally were at about the best
Of the forenoon. Transactions amounted
to 223, 100 shares and in bonds to 81 800 OOO
London bought about 1900 shares on
balance.
Sugar recovered half OF its early loss,
but acted rather heavy on the recovery
Colorado Fuel and Iron lost some of its
early rally on renewal of the selling
noticed in that stock last week and due to
the reports Of new issue Of bonds on the
railroad DrOnertfeS of fhe
The general disposition after the first
hour appeared to be to do as little business
as possible until the publication of the
decision regarding the Southern Pacific suit
Commission houses reported only fair
amount of out-of-town business in stocks
but London's transactions were helpful In
a small degree: Southern Pacific was in
cilned to be little heavy. but Union Pa
cific on the other hand was well bought and
the advance fairly well held.
In the early afternoon there was a strong
general advance in the whole market when
the decision in the Southern Pacific suit
was received. giving a victory to the Union
Pacific people. The active shares ad-
vanced from u to Y per cent over the best
previous prices on free covering. and bid
ding up Of prices by some OF the pool
operators. The rally was too sharp to last
long. and on profit taking prices shaded
of fractionally. Southern Pacific acted
rather weak. selling of Y per cent
In the late trading the market was In
clined to react a little on prof1t-tals1ng
firm. with the exception Of Sugar and
Southern Pacific, both of which were In.
cAned to heaviness. News from Cincinnati
reports the Southern Pacific's annual meet.
ing, which was to be held on Wednesday
has been postponed indefinitely.