The sun., 1903-11-17

disposition on the part Of tho bears to test
the market for a further decline Inforns-
ton was put out that there would be breaks
In Union Pacific. Baltimore and Ohio and
Rock Island. Pennsylvania was sold heavily
and declined to III.
Around Ill Pennsylvania received good
support and began to recover its early loss.
Content bid for 900 shares or any part Of
this amount and other traders also bought,
The stock moved UP steadily under buying
by Manning. who took In all about l2.ooo
shares. Hennins. 5000 shares. and others,
The buying was thought to be largely short
covering. Pennsylvania was again the most
active stock OF tho list. tho sales for the day
running over 1seoo shares.
The traction issues were among the strong
features OF the morning and served to rally
the market In the afternoon Metropolitan
was particularly strong. scoring net ad-
vance Of IN points over Saturdays closing
price. Brooklyn Rapid Transit participated
in tho advance on what was said by the door
TO be good buying.
The preferred and common stocks Of tho
Chicago and Alton scored further advance
yesterday. great deal Of buying OF the
two issues was done quietly BY brokers who
often represent the control Of tho road.
Toledo, st. Louis and Western issues showed
the biggest gains OF the day. Tho preferred
advanced 5H points and the common n.
over the last sales The activity in the stocks
WAS said to be due to the m manipulations Of
an old bull pool. which was apparently In viting
buyers to come in.
American Sugar displayed a good deal Of
activity on advces from Washington favor
able to the Cuban treaty. P. j. Goodhart
was q large buyer. and Carlisle sold Tho
room is becoming cautious about selling Sugar
short, as the supply OF stock seems to be very
limited. There was very ltte stock to be
had yesterday.
There was very noticeable change In
sentiment on the floor yesterday after tho
morning declines eliminated. The activity
Of the market on the rally. a feature which
has been conspicuously absent In previous
rallies, was widely commented on and created
q favorable impression. There was some
evidence that the vigor OF the rally had started
q wide covering movement by the bears.
After the close one trader said. There
were more bull yells on the floor to-day than
I've heard in q long time. That's a cheerful
thing. 1t is a distinct help to tho nerves.
A year ago while the Horse Show was In
full swing there was quite . decided bull
movement 1t was brought about largely
by the buying OF those from out OF town.
Pittsburg and Philadelphia who had plenty
Of money along with them and took little
flyers In the market.
A broker who was in the loan crowd last
night said that Pennsylvania had been so
oversold that there was limited supply In
the crowd. He added that it was getting to
be the fashion to be short Of Pennsylvania.
There was a good demand for New York
Central and an extraordinary demand for
Baltimore and Ohio.
In the early trading Reading WAS extremely
weak and reached the new low price Of s7x.
This is the low point for two years. rallied
later and closed at sst;. u OF point under
Saturdays close. The selling was attributed
by one rumor to prominent Philadelphia
forced 10 protect his Pennsylvania, and by
another to a prominent operator hero who
held q Ion G line speculatively.
The floor Was In possession OF the informs
ton that the earnings Of Brooklyn Rapid
Transit during November had increased. on
an average. $500 a day. There were also
reports that the system had been inspected
last week by both the Metropolitan interests
and the marlborough. Tho stock advanced
~ points over Saturdays close.