Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-04-29
FINANCE AND TRADE
Stocks Were Well Supported
Today.
SOME GAINS IN PRICES
OUTLOOK Is FOR A BULL
MARKET.
ONE GAINS In PRICES
Is FOR A BULL
MARKET.
Both Railroads and Industrials WerO
in Good Demand-Some Out.
side Buying.


NEW YORK. April 29.-American rail-
way shares showed q little Improvement
In the London stock market today a spe-
cial feature of strength being Canadian
Pacific. which was up 1 per cent. Consols
for money were LIE per cent of and for
account 1-S per cent down.
In the local stock market opening prices
were fractionally firmer and there was
some disposition to buy stocks, both by
those who sold short yesterday and by
people who had kept out of the market for
the past few days. pending the decision
in the franchise tax cases. There were re-
ports current in the street today that this
case would probably be appealed to the
United States Supreme Court for a final
decision as to the constitutionality Of the
act.
The traction shares showed a little more
activity, and the rally that started late
yesterday In these issues was continued in
the early trading. Manhattan showed the
best strength advancing over Y per cent in
the initial dealings. Metropolitan and
Brooklyn Rapid Transit, both showed only
slight gains, but held the small improve
ments very we'll. st. Paul, Union Pacific.
Atchison. Baltimore and Ohio. PennsyIva-
MIA and the Gould issues, together with the
Erie shares. all showed fractional Improve
ments over the final figures Of yesterday.
The anthracite stocks were all active and
showed advances extending to about per
cent IN Reading common and q little less
In the stocks In that group. These shares
were helped by the very favorable March
statement of earnings on the Lehigh VAL
ley system, published today, and also by
less talk Of federal investigation of tho
coal combine.
Canadian Pacific was up about IN Per
cent on the better showing in the London
market and by a good demand for the
stock both from that center and from Nom
treal Its statement Of earnings for March
was also helpful, the large increase In both
gross and net being very favorably 70.
ceived.
In the industrial shares Sugar appeared
the strongest. the price gaining over per
cent. On small transactions in the first few
minutes Of speculation the buying was said
to come from the lower Wall street inter-
ests, who have been bullish for some time
on the trade outlook.
Copper shares continued the advance
which occurred In the late trading yester.
day. Amalgamated gaining about / per
cent on buying. said to represent the pool
in that speciality.
After the first half hours trading tho
prices generally held fairly wen. Bonds
We're quiet, but steady. Nothing more in
the way OF gold exports was expected. the
Two shipments yesterday aggregating ST.
OO,UO, being looked upon as special trans
actions. Money on call loaned at on to
~ per cent and sterling rates are still
quoted below the gold exporting figures
The banks lost 81. 1876 900 to the subtreas.
TRY yesterday, but since last Friday tho
gain by that institution only amounted to
$229, 600
The subtreasury was, however a debtor
to the clearing house this morning to the
extent Of 1924 ia.
Up to noon the total sales amounted to
only 156, 100 shares of stock. and bonds tn
the amount of $40. 600 were traded in.
Louisville and Nashville and the Could
shares advanced fracticnally, while the
Erie issues continued to show good &C.
tivity and strength all classes Of stocks
being In good demand at advancing prices
Conditions all appear to favor a higher
range of values in the stock market tha
principal factor lacking being the apathy
OF the outside public and the absence from
the street of good many of the larger
railway interests.
There was not much change in the after
noon trading. The good demand for tia
Erie issues continued, round lots of the
stock changing hands in all classes of that
security at small advances over the noon
prices. The general list also showed some
further fractional gains on covering by
the shorts. and some quiet picking up of
some of the active shares by people who
have felt bullish on the market for the
past week or two.
In the late trading the market continued
to quietly absorb all offerings Of stock
and prices generally showed an advancing
tendency. especially noticeable in the Erie
and anthracite coal issues.