Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-04-20
Active Trading in New York
Traction Group.
ATTACK ON READING
In CONSEQUENCE THE PRICE ROSE
OVER A POINT.
Anticipating the Investigation by ths
Interstate Commission-Judge SAM
born's Decision at st. Paul.

Special Dispatch to The Evening Star.
NEW YORK, April 2o.-In the London
stock market American railway shares
were trregularly changed from our closing
figures on Saturday. Consols were 4 per
cent higher for both accounts.
In the local stock market the opening was
somewhat irregular the internationally list
ed shares corresponding with the fraction
ally lower prices in London. while the is
sues not listed in that market were slightly
higher.
The most active trading appeared in the
local traction group. Manhattan. on the
understanding that a strike will be averted
on that system, was the leader in that
group Of stocks. the price advancing sharp
" over two points on short covering and
some buying by the inside interests iden-
titled with the property.
Brooklyn Rapid Transit was also quite
actively dealt in, and the stock enjoyed
over a point rally In the early trading.
Metropolitan was not well thought Of
and only fairly steady on light transac-
lions.
Among the industrials the copper shares
were the most active, and Amalgamated
was well bought by brokers representing
the Standard oil interests. who. ii is under
stood, have recently picked up great deal
OF this speciality.
The steel issues showed some animation
and were fractionally better.
In the anthracite group the most interest
conferred in the Reading Issues the COM
mon stock of which after an early loss OF
ABOUT 70 per cent, recovered that loss and
added little gain on buying by interests
Identified with the property.
A good deal was heard about the coming
investigation into the coal combine by the
interstate commerce commission, but the
stock was not pressed for sale at the start.
In the railway list Baltimore and Ohio
acted the best in the early trading, rallying
fractionally from the opening and holding
fairly well throughout the first hour.
St Paul and Union Pacific. though
slightly under Saturdays closing figures.
were well supported by the western opera
tors: Southern Pacific also displayed a
good. firm tone. Canadian Pacific was
bought by foreign houses. although the
price was only moderately changed.
In the bond dealings Union Pacific con-
vertible AS was the most active feature,
with a firm tone predominating.
After the first hour of business an at
tack was made on Reading, and that stock
lost a little over point from opening
off fractionally through sympathy. but the
trading was not active the decline, ex-
cept in the anthracite stocks.
The subtreasury lost $4,000 to the
banks on Saturday, and since Friday last
the banks have gained from the subtreas-
ury $1,599OOO The latter institution was
also a debtor to the clearing house this
morning to the extent of $685.. O63.
211, 7O5 shares and in bonds 81 ,O13, 600
London traded in about $1,000 shares
selling some Union Pacific and buying Ca
madam Pacific. The rest of the foreign deal-
ings were scattered
The general market at this hour con-
tinued to show some reaction from the
early high prices, and the Reading issues
were still acting little heavy in anticipa-
tion of the investigation into the anthracite
coal agreement.
Shortly after l o'clock news was received
from ST. Paul, Mimi, stating the court
had granted the motion of the Northern
Securities Company to allow it to pay out
dividends on that stock pending final
decision by the United States Supreme
Court This ruling by the court had good
effect on the market and prices Immediate
ly began to recover.
The Northern Securities stock rallied over
points on the curb in about ten minutes,
and there were sharp recoveries of from
to Pc points in most of the active railway
shares on hasty covering by the bear
traders. This rally, however, was too
sharp and decisive to hold but the re-
action left prices materially higher and in
most cases above the opening prices.
Later advices from st. Paul, Mimi. state
that the Northern Securities attorney filed
an appeal against the decision of the fed
eral court in the merger case which will
take 1t to the United States Supreme
Court for final hearing.
After the delivery hour the market be-
came very inactive, with prices shading off
slightly, but the general list still showed
fractional gains over the opening prices
and the undertone was steady and strong;
the only heavness was in Reading but
fractional compared with the initial deal