Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-05-06
FINANCE AND TRADE
Stock Market Was Strong
Again Today.
MANY SLIGHT GAINS
HEAVY ABSORPTION OF MISSOURI
PACIFIC.
The Granger Roads Generally Were
Well Taken by the
MANY SLIGHT GAINS

Special Dispatch to The Evening Star.
NEW YORK, May 8.--American railway
shares in the London market about equal
ed our closing prices of yesterday. Consols
were a shade better for both accounts.
In the local stock market the opening
was not as active yesterday, but prices
generally were slightly firmer than the
final figures Of yesterday.
The strongest features at the start were
the copper shares, which gained Y per
cent, and Missouri Pacific also up y per
cent from the previous days closing price.
There were also fractional advances in
st. Paul. Reading issues, the Rock Island
shares, Union Pacific, the steel issues and
cialties San Francisco and St. Louis COM
mon advanced y per cent, and there was a
like Improvement in International paper
on better demand for that stock.
National Lead. on the other hand. lost y
per cent on small offerings, and Delaware
and Hudson, on profit taking sales, lost
" per cent
Sugar was not active nor as strong as
In the past few days, the stock losing "
per cent before the end of the first half
hours trading, the rest of the market,
however, at this time, in nearly every in
stance, showed further small gains over
the initial prices. Trading. however con-
tinued rather dull and the traders appeared
to be waiting to see if any gold was going
out on account of the advance in sterling
rates which occurred this morning.
Paris exchange on London, however con-
tinues to hold firm, which may prevent the
expected gold exports from this side this
week. Commission house business was only
moderate, and foreign houses had only
few orders in this market at the start The
second 25 per cent call on Metropolitan Sc
curfties stockholders, amounting to 81 5OO.-
600, was regarded favorable to Metropolitan
Street Railway Company's stock as giving
fhsa hn1 pf fb, LATE
assurances as to the guarantee there hav-
ing been some tmidity in that respect re-
Gently.
The market during the first hour of bust
ness continued to show good strength, with
gains of from " to per cent from opening
prices. and the trading was little more
active.
Money continues easy: call rates o. per
cent, and loans for the next nine months
could be had at 5A per cent
sales or stock up to noon amounted to
NO 100 shares, against 100000 shares yes
terday for the same period of time but not
W1thstanding the loss in activity prices
generally were considerably improved over
opening figures, and the tone of the mar
ket continued strong. The bond dealings
about equaled those of yesterday, amount
Ing to s1,O04,OOO. Foreign houses were not
active traders. but probably sold from 1900
to 5000 shares on balance
Although the market has been less active
today than yesterday, it showed more of a
broadening out tendency. which was con-
sidered favorable indication as to its
future. There were several instances to-
day in which some inactive specialties
were taken in hand by their friends and
some advanced in their price-the most mott
able of these was in the case of Pere Mars
quette. and also in Chicago Great West.
ern. both of which scored good fractional
gains.
The absorption Of Missouri Pacific by
brokers usually acting for the inside inter-
ests. was also a prominent feature of the
speculation. There was no attempt made
to bid up the price of this stock On the
other hand. the brokers active in the Sc
cdrity appeared to discourage manipula-
tive tactics until their orders could be
filled. The same accumulation was also
noticeable In st. Paul. Union Pacific, Atchi-
son common and in all of the local traction
shares.
The afternoon market, though continuing
dull, showed frmness, and proft-takiny
sales rallied to cause any reaction to speak
OF. The traders, on the whole, were bullish
on the outlook. and thought the buying on
yesterdays little reaction and during most
of the forenoon today better than the SELL
ing. There were two or three special fea-
lures Of strength In the afternoon specula-
ton.
Wabash preferred, the Rock Island H.
sues and Illinois Central, all of which were
In good demand, showed gaining ex-
tending to about 1 per cent from opening
figures. Rumors of an increased dividend
on the latter stock could not be confirmed,
but the earnings are showing large in
creases. and the buying for the past few
days has been of the best. There was
some bullish talk on Chicago and Great
more actively dealt in today. Leather
stocks were also in good demand and
gained fractiOnally in the afternoon trad
ing.