The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1903-04-18
BALTIMORE PROVISIONS.
STOCKS IND BONDS.

New York, April 1T.-Prices of stocks
achieved pretty comprehensive up
ward movement today, but at the higher
level the market showed itself very SEN
sitive to the unfavorable effect of a yio-
lent slump in Metropolitan Street Rail-
way, as il did on Wednesday to the sud
den drop in Manhattan when a strike
first seemed imminent. Today the mar
ket displayed much greater resiliency
and the final recovery when the decline
was checked in Metropolitan was rather
violent in some cases. The reaction had
practically wiped out the advance, but
some conspicuous stocks rallied almost
to the top level in the last few minutes
of the trading and the closing was strong
in an irregular way. The days move
ment of prices was largely professional,
but was evidently backed by large re-
sources and by confident operations. This
was clearly shown by the aggressive way
in which prices were bid up at the last
against the shorts after their raid upon
the market. Belated covering of some
large short accounts was in evidence and
was an important factor in the strength
OF some stocks The advances in the
market seemed to have come to a pause
before the sudden drop in Metropolitan
Street Railway, and prices gave way
quite readily in sympathy with that
movement. There had been evidence all
Gay Of a long supply of this stock in
the market and the bears planned their
fierce raid with the purpose of uncover
ing stop loss orders and dislOdging long
stock. The price fell rapidly 6h points
but the subsequent rally wiped out ~
points Of this loss. Metropolitan secur-
ties fell an extreme of 51A and rallied
4 points. The loss in Third Avenue ex-
tended to 6A on comparatively light deal
ings and there was no transaction in
the stock after the market rallied. Man
hattcn continued firm and turn
ed strong rising 235 over last night at
one time in spite of the vote by employees
in favor of strike. Some of the stand
ard railroad stocks were comparatively
late coming into the days movement
and there was an unusually large num-
Der of industrials embraced in the add
vance Colorado Fuel and General Elec-
tric made gains of 5k, Peoples Gas
advanced "a just at the last and the list
of l to points gains amongst the
irdustrials was a long one. General con-
siderations apparently ruled the specu-
lation The figures of the weeks grand
exports were somewhat Disappointing
showing an increase over last week in
wheat of 3i4, 492 bushels and a decrease
in corn exports of nearly million bush
els. ub-Treasury operations indicate a
gain by the banks on that account Of
81 .G33 geo, and it is estimated that this
figure viii be expanded by about mil
lion dollars from other sources. In view
Of the stock market liquidation a con r
siderable loan reduction is confidently
expected in tomorrow's bank statement.
Bonds were firm and We're little ef-
fectcd by the late furry in stocks. Total
sales par value 50 $3.50
L. S new As advanced Il per cent on
the last call
Total sales of stocks were 755. 700
shares. including: Atchison, $4,000: b.
and o., 81 500; Canadian Pacific. 1900;
C. and o. $500: Erie. 10000: L. and N.
10000; Manhattan, $4,000; Metropolitan,