Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-04-24
Opening in Stocks Was Quite
Weak.
RALLY CAME LATER
EARLY LOSSES RECORDED AND
GAINS MADE.
B. and O., N. z. Central and the Read
ing Issues Were Among tho
Active Features.

Special Dispatch to The Evening star.
NEW YORK. April 24-American railway
shares in the London market showed de-
clines extending to Y per cent. compared
with our closing prices Of yesterday.
Consols for both accounts were y per
cent up, due to favorable government
budget announcements regarding decrease
in taxations.
In the local stock market the opening
prices were generally from y to q per cent
below yesterdays final figures. due to lower
London prices and continuation of profit
taking sales. so noticeable in yesterdays
trading.
Baltimore and Ohio was quite active at
about q per cent decline, New York Cen
trail lost Y per cent, Norfolk and Western
Off y, and there were numerous declines in
the active railway list Of y per cent.
The local traction shares were only frac-
ttonally changed at the start, and very soon
thereafter Manhattan gained y per cent
and Metropolitan rallied " per cent. Brook
lyn Rapid Transit was inclined to shade or
with the rest Of the list.
Sugar was only fairly active, losing 10
per cent in the opening price. 125%. and
holding steady around that figure.
Copper shares were sold at the start to
take profits, and the price of Amalgamated
receded y per cent. The Rock Island issues
held better than any of the active railway
shares, and the buying was said to repre-
sent tn6 CmCdgO COntTOllnS interests.
Mexican National continued to reflect the
buying of yesterday, the stock holding up
well and with good demand appearing at
intervals.
The Gould issues were fractionally lower.
in sympathy with the general trend Of the
speculation, and there were some good
profit-taking sales in the Wabash issues.
After ten minutes trading the market
showed a good demand for stock. Com
mission houses, however reported falling
off in out-of-town business. Bonds were
comparatively quiet.
The banks continue to gain from sub
treasury operations. Yesterdays reports
show they gained $780, 600 from that institu-
ton. and since last Friday it has lost
2,9So.0OO to the banks. The subtreasury
was also debtor to the clearing house to-
day to the extent of SLOTS, 100.
Some selling in the market today was In
duced by the adverse decisions of the inter-.
state commerce commission regarding ad
vances in freight rates on some of the rail
roads between Chicago and New York
The proposed advances In freight rates
affected several important articles aud
products, among which were iron articles
dressed beef, packing-house products, grain
and grain products. These matters have
been under consideration by the commits
sion all the past winter in the form of a
general investigation by that department,
and the decision finally reached is that the
proposed advances in the rates on grain
and grain products are not justified.
Owing to the form of the general investi-
cation, 1t Is stated. no order can be made
on the record, but that further proceedings
will be commenced unless the respondent
carriers readjust their rates on grain and
grain products"
At the end of the second hour of trading
the market became active and strong and
prices generally rallied sharply. Baltimore
and Ohio, one of the leaders, scored over a
full point advance from its early low level,
and there were gains In st. Paul PennsyI-
vania. Brooklyn Rapid Transit, Manhattan
and few other prominent issues of from
y to X per cent.
There was no special news to account for
the strong rally excepting the fact that
there was no actual pressure to sell in the
early trading. and all the offerings appeared
to be well taken by the strong interests in
the street
The western operators appeared to help
the decline in the early trading but
were buyers In the noon rally.
Around the delivery hour, 2:15 pm. the
speculation again became quite animated
and the market became very strong. Ad-
vances. however. were only slight. with the
exception Of a few special movements. one
of which was in the Reading issues, the
common stock gaining over l per cent, Bal
timore and Ohio also continued to show
good strength with very little change In
the price since the noon rally.
The banks have gained considerably from
the known movements of currency this
week, the amount being placed at over six
and a half millions. of which more than
half appears to have come from the interior
movement the remainder being gained
from the subtreasury operations since last
Friday.
In the late trading the market continued
to show a strong undertone and looked as
If prices would be better tomorrow.