The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-04-17
UPWARD STOCK MOVE.
STATUS OF MANHATTAN ELE.
WAITED PRODUCES ACTIVITY.
Spectators That Had Gone Lone on
the Market Start Lift in Prices
Market Closes Active and Strong,
With Prices Near the Top Level.

NEW YORK. April 16.-The specu-
lative activity which developed yester-
day and was interrupted by the an
nouncement Of the refusal Of the de-
mandS made by the Manhattan Ele-
waited railway employees was renewed
today when support was forthcoming
for Manhattan. 1t was hoped that the
labor difficulty on the elevated sys-
tenn would be adjusted without resort
to strike, and this induced some
short covering in the stock. When it
was perceived that the market was to
be exempt for the present from the
disturbance of a drop in this stock, OPP
portunlty was taken to start an up
ward movement on the part of a spec
ulatlve party, which is believed to have
covered its short contracts on the re-
cent slump and to have gone long Of
the market.
Their operations were conspicuous
in Baltimore & Ohio on the ground of
the large increase in net earnings dis
closed by the March statement. Penn
sylvania and Norfolk & Western were
included in the operations under this
leadership. Other Eastern trunk lines
and coalers showed some sympathy,
but the buying in these and elsewhere
In the market could not be traced to
the same sources as the movement in
the Pennsylvania group.
Western and Pacific Stocks Backward.
Early in the day, with the exception
Of the good absorption of Missouri Pa
cific, based on its large February earn
fngs, the Western and Pacific stocks
were inclined to hang back Some sus-
pfcion was felt as to the character of
the selling in Union Pacific and St.
Paul. The testimony regarding the
finances of the Metropolitan Street
railway in the hearing of a suit against
the president for libel resulted also in
some selling of the stock in the early
dealings and a slightly sympathetic
depression. Late in the day ST Paul
came into full sympathy with the
strength of the market and other
Western and Southwestern stocks
partly so, with the exception of South
err Pacific, which was persistently
heavy and made a gain of only IA on
the day. Amalgamated Copper was
nfted sharply on a professed expecta-
ton that the quarterly dividend would
be increased today. The stock reacted
about a point on the maintenance of
the prevailing dividend rate. but saved
a fractional net gain, in spite of the
weakness of raw copper and copper
stocks in foreign markets.
Sugars continued rise was due to
favorable trade conditions. The adj
vance in leather was nominally due to
revival OF old rumorS of an adjust
ment of the accrued dividends on the
preferred. The weekly review of the
iron trade helped the iron and steel
stocks, the consumption in all lines
being reported we'll sustained at the
high level and the slight weakness
manifest in various grades being due
to increased production, with compen-
sat1on by the cutting off Of imports.
Cause of the Up-Turn.
The up-turn was based generally on
the assumption that the violent decline
OF Monday, eliminating as it did in
prolonged downward course of prices,
should have sufflced to discount suffi-
GENTLY the unfavorable factors in the
situation, as well as to furnish relief
to the money situation by the extern
s1ve liquidation involved.
The money situation is conspicuous
ly easier and shows largely increased
supplies offering in the market The
declining influence Of the Northern Sc
curit1es case was indicated by the Way
IN which an early fall in that stock on
the curb was practically ignored. The
market closed active and strong and
near the top level. A drop Of 10 "a in
American Telephone and of 7 in ST.
Louis & San Francisco first preferred
was accounted for by the fact that pre-
V1ous sales dated back to before the
recent violent decline in the market.
The bond market was rather dull
but firm. Total sales, par value, $2475.
900. United States bonds were all l1n-
changed on the last call:
Ie+