Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-04-08
Somewhat. Better Tone in
Stocks Today.
OPENING IRREGULAR
THE STEEL ISSUES WERE RATHER
HEAVY,
Statement Yesterday as to Earnings
Was Not Satisfactory to
Wall Street.

Special Dispatch to The Evening Star.
NEW YORK, April S.-American railway
shares in the early London stock market
were fractionally lower. with the market
there showing some Irregularities. In the
local stock market the opening was about
the same in point of activity and price
changes as that of yesterday. The initial
dealings were slightly under last nights
closing figures. but Immediately afterward
the market became firmer and prices gen.
orally showed improvement extending from
IA to 1-2 per cent.
The market then became dull, with a
sagging tendency. and the bears sold one
or two of the active shares for effect on
the general list.
The United States Steel report of earn
ingS for the March quarter was disap-
pOintment to the street. and there was
some pressure on those securities from the
bear interests, but both the common and
preferred stocks received good support and
were not weak at any time, the heavy
selling of yesterday in these shares having.
1t seems discounted the poor showing III
earnings published this morning.
Peoples Gas was sold on the idea that
the democratic success at Chicago In the
municipal elections held yesterday was an
unfavorable factor, both for that specially
and the traction shares of that city.
The feeling in regard to the position of
the pool in Southern Pacific a little
more hopeful. as 1t was known that sup
port in that stock has come from the Union
Pacific interest In the recent past, and II
was also thought the pool had hQuidated
quite freely in this speciality during the
past week or two.
Union Pacific was fairly firm, but there
did not appear to be any haste on the part
of the controlling interest in the stock to
advance the price of those securities which
would be helpful factor to the Southern
Pacific pool holdings. An advance In the
lower stock would naturally tend to give
the Keene forces a better market for their
pool stock
Copper shares were unfavorably affected
by a reduction in the price of that metal
in the London market. which caused some
liquidation in those shares in this market.
the price reactfng about l per cent. There
was rather a sharp advance in sugar on a
good demand from the short interest in
that stock. helped by some good buying
from lower Wall street interests.
After the first hours trading there was
another rally in the general list, in which
the advance Immediately after the open
ing was added to and the market showed
a considerable improvement in tone. Com
mission houses were doing very little out
of-tOwn business and London was not much
of factor in the trading.
St. Louis and Southwestern issues were
inclined to weakness on what appeared to
be liquidating of long stock, and National
Biscuit stock also lost ground on the an
nouncement of the Incorporation of a rival
corporation in New Jersey. The subtreas-
ury had a debit balance at the clearing
house this morning of 81. 123047. and the
banks gained from that institution yester-
day $237 600 making a net gain Of S152 900
since Friday last.
Up to the noon hour 10000 shares were
traded in. and 1881 600 in bonds. London
was a purchaser of about 10OOO shares in
our market. At this hour the market con-
tinued to show good strength. and there
was less bearish talk on the part of the
room traders and some shifting about too
on their part from the short to the long
side of the market.
Consolidated Gas stock gave evidence of
less fear of a municipal lighting plant be-
ing established, by 2-point advance, and
the strength of st. Paul was feature Of
the speculation. The sharp advance in
Sugar set good many of the bearishly in
clined room traders to thinking and a lit
tie later on. In some instances at least, to
a change In their market position over the
ensuing holidays at the end of the week.
In the early afternoon the market.
though dull, continued hard, but there was
no attempt made to bid up prices Senti-
ment among the room traders continued to
improve and the larger professionals were
disposed to cover shorts on the theory that
there seemed to be organized support In the
market. go. .-.-
Some of the conservative commission
houses reported investment demand for
both Metropolitan and Manhattan shares
In the late trading the market reacted a
little on profit taking. but the undertons
continued fairly firm. Business was very
dull