Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-04-14
FINANCE AND TRADE
Better Tone to Stock Market
Today.
BEARS HUNT COVER
YESTERDAYS BREAK THOUGHT
10 BE OVER.
Conservative Dealers Declare There
Was No Reason for It
Anyhow.
BEARS HUNT COVER


Special Dispatch to The Evening Star.
NEW YORK, April 14.-American RAN
way shares In the London stock market
showed advances over our closing prices
yesterday Of from to 2 per cent. At the
higher level these selling orders were exc
cuted for operators on this side OF the
water with a view OF covering here at the
opening. Consols were lie higher.
The local stock market opened active and
feverish. with a majority OF the active
stocks showing small gains over yesterdays
closing figures. The initial dealings. how
ever. were very irregular and there were
good fractional losses sustained in a great
many stocks Immediately after the opening.
The Rock Island and Frisco stocks were
under pressure on statements that the deal
in those securities would be indefinitely
postponed. The issues of both companies.
however. were not depressed below yester-
days lowest prices. although the trading
was very active in both stocks.
After the first half hours trading the
market rallied with some spirit. led by st.
Paul, which gained ~ per cent. There
were also gains of from n to z per cent I'm
Union Pacific. Pennsylvania, Missouri Pa
cifc. Baltimore and Ohio. Louisville and
Nashville and Southern Pacific. Lacka-
wanna. the stock that suffered most in yes
terday's selling movement recovered over
per cent.
The anthracite shares were under pres
sure again at the start, but there seemed
to be better support in these issues than
was noticeable yesterday. The same really
could be said OF all the more prominent
stocks. and the good rally in these issues
after the first break encouraged the shorts
to cover and gave the room traders the cue
to change their attitude on the market. The
early dealings in bonds were principally in
Union Pacific convertible As in which fargo
blocks changed hands at an advance Of one
quarter per cent.
After the first hour of trading the mar
ket continued to hold the rally, and there
speculation, and good conservative judges
of the situation were inclined to think the
liquidation about over, and the market
close to bottom.
The banks lost s2es, 900 to the subtreas-
ury yesterday. but since Friday have
gained 100000 from that institution.
Money loaned at 5 per cent.
Sales of stocks up to noon today amount
ed to 5O7 800 shares, and of bonds 81, $50 O0O
The buying for London account at this
time footed up about $4,000 shares of the
active favorites. These purchases are said
to be for foreign account and not for New
York short account. as some Of the bears
would like to have the street believe.
The market around the noon hour con-
tinued to advance steadily. In the face Of
heavy sales. the average improvement since
the opening being from 1 to tx per cent
Pennsylvania, Baltimore and Ohio, St Paul,
Union Pacific and the traction shares were
the leaders in the recovery, and all showed
good supporting orders around present
prices. .,. s.-.-.-' zee
Hartman brokers were rather free buy
ers Of Union Pacific. The dealings in
Southern Pacific were somewhat scattered
and the stock was not particularly strong.
The DuytnR in this stock veStardav how
ever. was said to have been for an i'm
portant interest in the street. Traders
generally were inclined to think a sharp
recovery due, but were apprehensive of an
other drive before the real turn came.
In the early afternoon trading there was
little less activity in the market, but
small scale was in evidence, noticeable es-
pecially in Atchison, Pennsylvania, st.
Paul, Baltimore and Ohio and Union PACT
fic. There was also some scale buying
orders in the market for some Of the larger
interests in the street.
In the late trading there was some real
izing and the market shaded off fraction
ally, but the pressure seemed to be lifted
from the market and liquidation about over
for the present.
A good conservative authority speaking
OF the break yesterday in the stock mar
ket says good deal of that selling was
absolutely without reason.
The decision in the Northern Securities
case certainly does not confiscate property,
thu liO one WHO TeHeCIS Will imagine that
such a decision will ever be rendered. The
worst that can happen to the holders of
Northern Securities stock will be to receive
back their pro rata shares of Northern Pa
cif1c and Great Northern stocks. While the
decision is calculated to prevent further
railway combinations, it certainly is not
going to diminish the volume of business
that is being transacted, nor 1t Is going to
have the slightest effect upon our crop pros
poets. The money market Is easing up and
the tendency in that direction will obviously
continue on account of the liquidation that
has taken place.
think, therefore, that this Is q time
when the holders of securities should not
lose their heads. Those who are DESTROYS
Of investing in securities should give the
present situation the closest attention with
the view Of the possibility Of making ex-
cellent purchases.