The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-04-18
FINANCIAL AND COMMERCIAL
FnIpAY. April I

fBIDAts Aptu ~.
The vigorous and healthy tone which
has characterized the stock market ever
since last Mondays spasm over the Northern
Securities decision. continued unabated
to-day, presenting further evidence that
the three months decline In security prices
In over and that an important upward
movement In values is under way. The
market has become broad. strong and
resilient. News which a little while ago
would have given prices a setback now
passes unregarded. On Wednesday the
possibility, and what seemed the proba-
bility, Of a serious strike among the en-
ployees OF the Manhattan Railway system
checked the rise; but on the following day
speculative sentiment took the ground
that the strike would be purely local
affair, even assuming that 1t occ-Tred,
and the upward march Of quotations was
resumed. To-day, in the last hour OF
business. after q period OF very active
trading, in which most active stocks had
advanced nearly two full points from yes
terday's closing figures, raid depressed
the price OF Metropolitan Street, Railway
stock over 50 a share. The general market
weakened. reacted sharply, but as quickly
steadied, and at the close prices were again
almost at the very highest figures OF the
day. The character OF the speculation
has, in other words, changed. Events
which would, little while ago, have made
for general depression are now considered
in their true light and do not improperly
and unduly affect values. The ostensible
cause Of the attack on the Metropolitan
shares was the publication In this morn
ings newspapers OF the results OF what
is declared to be an investigation into
the affairs OF the Metropolitan Company
conducted by a lawyer retained by
private interest. That this publication in
itself was not considered an important
matter was shown by the treatment ac-
corded to It by the stock market before
bearish operators chose to make 1t the
subject Of demonstration. People gener-
ally are getting very tired OF the various
investigations" and allegations concern
ing this matter and are awaiting some
thing resembling proof Of the charges
that have been made. Trustworthy infor-
nation il that the accountant employed
by the prosecuting law officer OF the county
to search the books of the Metropolitan
Street Railway Company and Of Its allied
concerns for evidence Of wrong-doing has
been unable to find any such evidence
and has 80 reported to the District Attorney. |
This, Of course, would not preclude the |
bringing OF civil suits for any reason or |
pretext ny all sorts Of persons. At any |
rate, the temper OF Wall Street at present |
is TO buy the per cent. guaranteed shares |
Of the Metropolitan Street Railway Com
pany rather than to sell them because
Of any information that has yet been made
public.
The advance in prices to-day Jagged
in none Of the usually active stocks. al
though certain securities were particularly
strong. 1t is fair to say, perhaps, that
Baltimore and Ohio was the leader Of the
market Money rates continued to soften.
Estimates Of to-morrow's bank statement
are that the banks have gained in cash
between s., 500 900 and a 500 900. the larger
share Of the gain being upon transactions
with the Sub-Treasury. Receipts OF cur
-ency came from every part Of the country,
he rates of domestic exchange In all the
Interior cities are pointing heavily In favor
II this centre, and there seems every reason
20 believe that the usual increase Of bank
in this city during the spring
months In In full swing The abandonment
,f various IDEALS, too, helps the money
situation. A favorable bank statement
tomorrow is looked for, though. Of course,
changes in the loans Of the associated in
,titutions are unknown, and the statement
will be additionally complicated this week
,y the addition to the capital account Of
.wo leading institutions. The notice Of
appeal filed at st. Louis from the decision
handed down against the Northern Secur-
ties Company and the motion made in
he United States Circuit Court there for
, modification of the decree preventing
he payment OF dividends by the Great
Northern and Northern Pacific railways
o the Northern Securities Company. may
Ne taken as indicating that a final con-
,truction Of the Antitrust law Is to be
,sked for from the United States Supreme
Court The matter was without market
fleet Perhaps the best feature Of the
lays business was the strength and firm
less of the bond market and the growing
interest in the market manifested by OUT
iders as witnessed by the volume OF buy
ng orders received from out of town by
he large commission houses.
lew York Stock Exchange Sales. April IL.
UNITED STATE, AND STATE BONDS I'm .ooos,.
b0 81 W. Us ;.'''....'.''-'''.I'sa6ns;iaibn
cLosrNo Prices ov rHrrso sIATss sospA
ism. BID Asked USE. BID Asked
,oso ioek lO7 is1x l3AN I3sk |