The Montgomery advertiser., 1903-04-17
WALL STREET REVIEW
SUPPORT WAS FORTHCOMING
 FOR MANHATTAN.
Speculative Party Seems to Have Taken Advantage of the oppor- funity to Boost Prices-Bonds
 are Dull.

NEW YORK. April le.-The speculative ac- tivity which developed yesterday and was in. terrupted by the announcement of the refusal of the demands made by the Manhattan Ele- vated Railway employees, was renewed today It was hoped that the ieSor difpicu.y apr on the elevated system would be adjusted without resort to a strike and this induced some short covering in the stock. When it was per- ceived that the market was to be exempt for the present from the disturbance of drop in this stock. opportunity was taken to start an party which Is believed to have covered its short contracts on the recent slump and to have gone long of the market Their operations were conspicuous in Baltimore and Ohio on the ground O. the large Increase in net earn ings disclosed by the March statement Penn yyansa and Norfolk and Western were in- ciuded in the operations under this leadership. Other Eastern trunk lines and coal is showed some sympathy. but the buying in these and tn tse sss ,n sorcss alset could no. pc raesa , Pennsylvania group. Early in the day. with the exception of the good absorption of Mis- inss. the Western and Pacinc stocks were in- clined to hang back.
 Some suspicion was felt as to the character The testimony regarding the finances of the Metropolitan Street Railway in the hearing of 2 suit against. the president for libel resulted dealings and slight sympathetic depression Late ip the day St. Paul. came into full sym other Western and Southwestern stocks partly So, with the exception of Southern Pacific which was persistently heavy and made Q gain of only quarter on the day. Amalgamated Copper was lifted sharply on a professed ex- pectation that the quarterly dividend would be Increased. today. The stock reacted about a point on the maintenance of the prevailing divi- dend rate, but saved fractional net gain in spite of the weakness of raw copper and cop- per stocks in foreign markets. Sugars con- tinued rise was due to unfavorable trade con- ditions. The advance In leather was nomi- naliy due to . revival of old rurnors of an ad- justment of the accrued dividends on the pre- .ferred. The weekly review of the iron trade helped the iron and steel stocks, the con- sumption in all lines being reported we'll sus- tained at the high leved and the slight weak to increased production with compensation by the cutting of of imports. The upturn- was based generally on the nssumptio that the vio- lent decline on Monday eliminating as 1t did in a prolongsd down ward course of prices should have sufficed to discount sufficiently as to furnish relief to the money situation by the extensive liquidation involved The money situation is conspicaously easier and shows largely increased supplies offering in the mar ket The declining influences of the Northern Securities was indicated by the way in which practically ignored. The market closed active and strong and near the top level. A drop of l0& in American Telephone and in St. Louis and San Francisco first preferred was account cd for by the fact that previous sales dated back to before the recent violent decline in the
 The bond market was rather dull. but firm. Total sales (par .value). S2,476. 900. United States bonds were all unchanged on the last call.
 New York Stock List