Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-04-01
FINANCE and TRADE
Stronger Tone to the Stock
Market.
MONEY RATE HIGHER
PRICES ADVANCED DESPITE THAT
INFLUENCE.
Some Of the Recently Aggressive Bears
Got on the Bull Side
Today.
MONEY RATE HIGHER
rial Dispatch to The Evening Star.

special Dispatch to The Evening Star.
NEW YORK. April 1-American railway
shares In London again showed good i'm
provement over our closing prices Of yes
terday. the advance extending to III per
cent in st. Paul, while the rest Of the list
showed gains Of from " to per cent. Con-
soils were unchanged.
In the local market the initial prices were
fractionally higher in almost every in
stance. the possible exception being in
Sugar refinery common. which lost IL
after the start on notice Of 5 point re-
duetion in refined sugars, as was antici-
pated.
Yesterday the stock. however. recovered
most Of its loss before the end Of the first
half hours trading.
st. Paul. the strongest feature in the Lon
don market, showed - per cent advance
here at the start. but afterward improved
with the rest Of the market. There was
fairly active trading in the general HIST, but
some taking OF profits after the higher
opening. which led to a fra ctional recession.
This. however. was quickly overcome by a
renewal OF the demand from the short in
terest.
The anthracite coalers were not active
and inclined to react a little at the open
ing on account Of some weakness, COM
pared to other issues in the early London
market, but later on these issues displayed
fair tone of strength. The soft coalers
were all stronger. Norfolk and Western
The general feeling that money would
work easier this week and that some out
side buying would be induced (as was the
case to a limited extent today by the
smart decline the market has suffered In
the past few weeks. and the fact that some
good buying II St. Paul and elsewhere in
the market by Standard OIL operators.
helped to win over to the long side Of the
market some Of the aggressive sellers in
the recent past. evidence of which was seen
in the strong rallies in st. Paul New York
Central. Pennsylvania and Union Pacific
stocks yesterday.
After the first hour OF speculation the
trading became dull, with the exception OF
Pennsylvania, which was rather freely sold
by the bears with the idea of forcing de-
cline there for its effect on the rest OF the
list Round lots were traded In around rs
y per cent under its best early price-the
stock holding we'll around that figure.
The rest OF the active list receded frac-
tionally In a natural way without much
pressure except in the stocks mentioned.
Money opened at 8 per cent and ruled
around that point in the early accommoda-
| tons. There was still a good deal of guess
ing regarding the immediate fluctuations In
Southern Pacific stock. The iOaning rate
yesterday at 1-64 premium would go to
show a good short interest in this speciality,
but good houses in the street were inclined
to advise their clients to stay out Of the
stock until the Keene- Hartman con-
troversy Is settled.
The stock enjoyed an early rally of about
l per cent and then lost nearly all of it's
advance of a few sales. Sales of stocks
up to noon, 29S 800 shares. and Of bonds,
81. O56 600 The market at that hour con-
tinued to sag fractonally. The losses.
however were not over / per cent in any
of the active shares; most of the declines
were for about " to & per cent. The
findings against the Wabash In the st.
Louis United States circuit court, in which
the Judge rendered his decision disSolving
the injunction against the strike asked for
by the company, was the cause of a little
weakness In the Wabash issues.
London was again a purchaser in this
market to the extent of from 10000 to 1890
shares.
Call money rates ruled around and 81
per cent, but time money continues plentiful
at 5A and 512 for six months accommoda-
tons. There was a good deal of foreign
| money to be had at the quotation. and
good judges of the monetary situation look
for some recession in these rates.
Southern Pacific acted heavy on reports
that several OF the pool members have
withdrawn from the same. One OF these
gentlemen. 1t is stated Is of considerable
prominence. and, according to rumors.
threatens to commence suit against the
head of the pool for an accounting. In the
afternoon a sharp decline occurred in Col
orado Fuel and Iron stock. the reason for
the selling being aScribed to new Issue of
several millions. to be used in improve
ments, etc. This unsettled to a small ex-
tent the rest of the list, but on the frac-
tionai decline supporting orders were en-
countered. especially in New York Central,
St. Paul and Pennsylvania, the buying in
the latter being exceptionally good. Money
was advanced to II per cent after the
delivery hour. but this little furry had no
effect on speculation. In the late trading
the tone of the speculation continued fairly
strong. with Indications of an improving
market.