Omaha daily bee., 1903-04-18
NEW YORK STOCKS AND BONDS.
Market Reaches Higher Level, but
Then Grows Sensitive.

NEW YORK. April 17.-Prlces Of stocks
achieved a pretty comprehensive upward
movement today, but at the higher level the
market showed itself very sensitive to the
unfavorable effect of a violent drop in
Metropolitan Street Railway. as it did on
Wednesday to the sudden drop in Man
haitian when a strike trst seemed imminent.
Today the market displayed much greater
resiliency and the final recovery, when the
decline was checked in Metropolitan Street
Railway, was rather violent in some cases.
The reaction had practically wiped out the
rallied almost to the top level in the last
few minutes of the trading and the closing
was strong in an Irregular way. The days
movement of prices was largely profess
sional. but was evidently backed by big
resources. This was clearly seen by the
aggressive way in which prices were bid
up at the last against the shorts after their
raid on the market.
The advance in the market was pursued
with some manifest caution and with at
tentive consideration of symptoms of a re-
newal of realizing sales. The progressive
steps of the advance, however, failed to
on the other HAND there was no Indication
that there was any new outside interest
attracted to the market by the advance In
prices. Belated covering of some large
accounts was in evidence and was an i'm
portant factor in the strength of some
stocks. The advances in the market seemed
TO have come to a pause before the sudden
drop in metropolitan Street Railway and
prices ave way quite readily In sympathy
with that movement. There had been evil
NAAN oA Nos ~ - ASAo IAFENs
in the market and the bears panied lneIr
fierce raid with the purpose of uncovering
| stop loss orders and ~dislodging long stock.
ms price fell rapidly 61R points, but the
| subsequent rally wiped out 24 points of this
loss. Metropolitan Securities fell an ex-
IRENE 81 and rallied 4 points. The loss In
| Third Avenue extended to So on compare
lively light dealings and there was no
transaction in the stock after the market
rallied. Manhattan continued firm and
turned strong, rising 2% over las night at
one time, in spite, of the vote Of the en-
ployes in favor of a strike. The hope is
evidently entertained that II strike will be
averted.
comparatively late coming into the days
movement and there was an unusually large
number OF industrials embraced in the ad-
vance. Colorado Fuel and General Electric
made gains of 51R, Peoples Gas advance
"a just at the last and the list of ! to :
point gains among the industrials is a Iona
one. General considerations apparently
ruled the speculation. such as the technica.
strength OF a position following. so pro
longed a downward course Of prices with
the resultant relief of the money marke'
ceptionally encouraging crop returns ano
reports of large current export business In
the grain markets. The figures Of th'
what disappointing, showing an increase
over last week Of wheat of 344, 492 bu., bui
a decrease in corn exports OF nearly 10000
Sub-treasury operations indicate a gair
by the banks on that account or N'63S,OV
and II is estimated that this figure Will h
expanded by about 100000 from Other
sources. In view of the stock marke
I liduidation a considerable loan reduction 4
confidently expected in tomorrow's banl
statement.
by the late furry in stocks. Total sales
mar value, 50, $685. GEO.. United States new 4
advanced a on the last call.
The following are the quotations on thu
NruF York Stock exchange.