Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-05-02
Traction Shares Feature Of
the Opening.
GOULD STOCKS STRONG
TRADERS SOLD ON BANK STATE.
MENT, @
In Most Instances Slight Gains Were
Held Over Initial
Prices. SD I'm
Special Dispatch to The Eve.inr Star

Special Dispatch to The Evening Star
NEW YORK. May 2-American railway
shares in the London market showed some
slight improvements over our final prices
of yesterday Consols were fractionally
better for both accounts.
In the local market opening prices were
generally frmer. with the local traction
shares showing the most activity. especially
noticeable in Metropolitan and Manhattan.
both Of which scored good fractional gains
at the start. and there was a better demand
for these issues from both the bull and bear
sides Of the account.
The Gould shares continued to show good
support and Missouri Pacific. as was the
case yesterday. appeared to be accumulated
by brokers representing the inside interests
in that property. The st. Louis exposition
traffic is expected to increase the earnings
OF this road considerably and. in fact the
earnings Of all its connecting lines will no
doubt be greatly augmented for some time
to come through this source.
While Erie common was unchanged at
the start, the first preferred gained q.
Pennsylvania. st. Paul and Baltimore and
prices. but gained fractionally In the first
few minutes of trading.
The Mexican stocks were slightly Inn
proved on further advance In the price OF
bar silver.
Southern Pacific, Union Pacific and Rock
Island were slightly lower at the start, but
recovered soon after to last nights final
prices. There were some irregular move
ments in some Of the specialties. The an
thracite coalers continued strong. Buffalo.
Rochester and Pittsburg made a sharp al
vance of over four points.
Westinghouse common lost points. And
there was a continuation of the strength In
the American Ice securities. Bond dealings
were scattered. but prices steady. After
the first half hour of trading the traction
shares continued to advance Metropolitan
gaining point more, and the others OF
that group made further fractional ad-
vances. Business was still very dull, COM
mission houses reporting very little outside
trading; the arbitrage brokers were not
active, and the room traders generally were
disposed to await the publication of the
weekly bank statement before making any
new commitments
Upon the appearance Of the bank state
ment, which showed large gain in cash,
but also a large increase in loans, the
traders were active sellers of the list, and
prices, as rule, reacted from y to per
cent, the latter decline occurring in Metro
politan. but the price at this lower level
still showed an improvement Of Is per cent
over yesterdays closing figure. The selling
movement was not very aggressive. and on
the decline nearly all Of the active stocks
met good underlying support, and subse-
quently recovered most Of their losses. The
loan increase was doubtless due to the Erie
PoyAhCiit VI dpoul @SpoUO,VU on the 4 per
cent convertible bonds. a call for which
was made yesterday. another factor posi-
bly, being call for 80 per cent of
the amount underwritten by the syn
dictate formed in connection with the
reorganization of the American Bicycle
Company. The market closed firm at a
shade under opening prices for majority
OF the active shares. The weekly bank
statement was as follows: Reserve on all
deposits. increase, $196.375; reserve on all
deposits other than United States 1882 675;
loans, increased, $13, 453 800; specie, in
creased, $3,163, 200: legal tender, Increased.
$1,o15, 400; deposits, increased, $1S 156 800:
circulation. increased, $4,000.
1t will be seen by the above statement
that the banks have gained 81 735, 600 only
small part of which is carried to the
surplus account because Of the large In
crease in the loans, which, as before stat
ed, undoubtedly resulted from syndicate
transactions. The changes in deposits Is I'M
usually harmonious with the two funda-
mental changes. The net results brings the
surplus reserve UP to $11.1S1 $50.
After the close of the market a decision
was rendered in the Metropolitan suit in
favor of Mr.. Vreeland