The Birmingham age-herald., 1903-04-18
PRICES OF STOCKS
 0N BETTER LEVEL
Market Was Very Sensitive by
 MetropoItan's Slump
BONDS LITTLE AFFECTED
In View of the Stock Market LIquida- tion, a Considerable Loan Reduc- ton Is Confidently Expected In
 Today's Bank Statement.

New York. April 17.-Prices or slochs achieved a pretty comprehensive up"atu movement today, but at the higher leVei inc market showed itself very sensitive to the unfavorable effect or Nioieii' slump in Metropolitan Street rallWay' as if did on Wednesday to the sudden urop in Nanbattan. when a strike first seemed imminent. Today the market displayed much greater resistance and at the Hhal recoverv. when the decline was checked in Netronolitan Street railway, was rath- or nrominent in some cases. The reac- tion had practically wiped out that ad- vance. but some conspicuous stocks ral- lied almost to the top level in the last few minutes of trading, and the closing was strong in an irregular way. The day movement of prices, which was largely professional was evidently backed by large resources and confident operations. This was clearly shown by the aggres- sive way in which prices were bid up at the last against the shorts, after their raid upon the market The advance in the market was pursued with some manl- fest caution, and with attentive eonsld- eration of symptoms of renewal of real izing sales. The progressive steps of the advance, however, failed to develop any signs of any renewed liquidation. On the other point there was no indication that there was any new outside interest at tracted to the market by the advances Tn prices. Related covering Of some large short accounts was in view, and was
 ;,, ctP 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 read fly in sympathy with that movement There had been evidence all day or long supply of this stock in the market, ana the bears planned their fierce raid with the purpose of uncovering stop loss or ders and dislodging long stock The price fell rapidly 6la points, but the supse- ouent rally wiped out 21s points Of thls loss. Metropolitan securities Tell an eX- treme 5l5 and rallied 4 points.
 The loss in Third avenue extended to GA on comparatively light dealings and there was no transaction in the stock after the market rallied. Manhattan con- tinued firm and turned strong, rising 2ss over last night at one time In spite or the vote of the employees in favor of strike.
 The hope is evidently entertained that a strike will be averted. Some of the standard railroad stocks were eompaEa- lively late coming into the days move ment, and there was an unusually large number of ndustrials embraced In the ad- vance Colorado fuel and general electric made gains of 51a, Peoples gas advanced 2ih just at the last and the list of to point gains amongst the industrials was a long one General considerations ap- parently ruled the speculation, such as the technical strength of a position fol- lowing so prolonged a downward course of prices with the resultant relief of the money market by liquidation, good rail- road earnings, exceptionally encouraging crop returns and reports of a large cur rent export business in the grain markets. The figures of the weeks grain exports were however somewhat disappointing, showing an increase over last week of wheat s44, 492 bushels, but a decrease in corn exports of nearly million bushels. Sub-treasury operations indicate a gain by the banks on that account of H, 6S3,O OOO and it is estimated that this figure will be expanded by about a million dollars from other sources. In view of the stock market liquidation, a considerable loan reduction is confidently expected in to- morrow's bank statement.
 Bonds were firm and little affected by the late furry in stocks Total sales, par value, $26OS,OO0. United States new 4s advanced A on the last call.