Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-04-30
FINANCE AND TRADE
The Stock Market Opened
Strong Today.
SOON BECAME WEAK
REALIZING SALES AND ATTACK
By BEARS.
The Closing Was Dull and on an Aver
age Half Point Below
Yesterdays.
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK, April 3O.-The London
market for American railway shares
showed some inequality in the early trad
ing, but on the whole the market there
was up to our final prices of yesterday. st.
Paul was the exception. being u per cent
above our market. Consols for both ac-
counts were 1-16 per cent better.
In the local market the opening prices
were generally at about yesterdays final
level. with the exception Of Reading up "
per cent on the good March statement Of
earnings and the Fries up u per cent on
a continuation of the buying movement so
conspicuous in these shares yesterday.
Peoples Gas, the strongest stock on the
list in the last half hours trading of the
previous day, opened off ~ per cent, but at
that price supporting orders were in evil
dence, and the stock held fairly we'll around
1O5.
little lower on the stronger tone observable
proft-taking sales induced thereby. This
stock, however, together with the other
Mexican shares on the list after the first
rev minutes of speculation. made some
slight recoveries.
st. Paul and Union Pacific were firmer
and the Frisco stocks were Considerably
better in tone, the first preferred stock
gaining over one per cent on small trans
actions.
Copper shares were reactionary in tone
after the initial trading. the Amalgamated
stock of that group losing l per cent on
sales probably induced by lower prices for
the metal in the London market. The To-
cal tractioq shares continued to show good
strength, the most active stock being Met
roppl1tan, which gained about " per cent.
Sugar and the Steel shares were neg
lected. The board dealings were steady to
firm.
After the first half hour Of trading a
profits accumulated since yesterdays open
ing. In this decline losses of from u to
% per cent occurred in most of the active
shares.
The remarkable earnings of the coal roads
for the month of March are attracting a
good deal of interest to those properties.
In the second hour the market though
very professional continued to show the
effects of profit-taking, and prices were not
quite as firm as In the earlier trading.
There was, however. noticeable increase
In the investment demand at the decline,
especially In the bond list.
Pennsylvania lost about y per cent on a
drive by the bears, and st. Paul lost u per
cent. The rest of the active shares were
also fractionally lower. and Brooklyn
Rapid Transit, which had gained over a
advance. Arbitrage dealings were of small
proportions, their dealings not amounting
to 10000 shares. Sales up to noon amount
ed to 191, TOO shares and in bonds to
$S26, GOO
In the early afternoon trading the traders
became a little more active on the short
side of the market, selling Pennsylvania
rather freely, which declined about "a per
cent. This weakness led to sympathetic
declines elsewhere in the active list, extend
ing to about u per cent on the average It
was expected that Union Pacific would
strengthen up little on it's good earnings
reported for March. which showed a gross
increase of 1922, 173 and a net increase of
1921, $50, but this stock lost ground frac-
tiOnally with the rest of them.
The only unsettling news Of any character
obtainable was the threatened strike to-
morrow Of the marine engineers employed
In and around New York harbor, which, 1t
Is said, would effect the Pennsylvania rail-
road more than any other line and was the
basis for the traders attack on that stock
In the late trading the market continued
rather heavy in tone. with scattered selling
here and there and with only fair degree
of support observable.