The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-04-17

New York, April 1.-THE speculative
activity which developed yesterday and
which was interrupted by the announce
ment of the refusal Of the demands made
BY the Manhattan railroad employees vas
renewed today when support was FORTH
coming for Manhattan. 1t was hoped
that the labor difficulty on the elevated
system would be adjusted without resort
to strike and this induced some short
covering in the stock. When II was per-
ceiyed that the market was 10 be ex-
empt for the present from the disturb
ance of a drop in this stock opportunity
was taken 10 start an upward noveme nj
on the part Of speculative party which
is believed 10 have covered its short con-
tracts on the recent slump and TO have
gone long OF the market Their opera
tions were conspicuous in Baltimore and
Ohio on the ground OF the large increase
in net earnings disclosed by the March
statement Pennsylvania and Norfolk and
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. Early in the day. with the eS-
ception OF the good absorption OF Mis-
souri, Pacific. based on its large Fehru-
AIRY earnings. the western and Pacific
stocks were inclined 10 hang back. Some
suspicion was felt as 10 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 the suit against the president
for libel resulted also in some selling OF
the stock in the early dealings and
slightly sympathetic depression.
Late in the day ST Paul came into
full sympathy with the strength OF the
market and other western and south
western stocks partly So with the excep-
tIon of Southern Pacific, which was per-
sistently heavy and made a gain OF orly
quarter in the day.
Amalgamated Copper was lifted sharp
~ on a professed expectation that the
quarterly dividend would be increased TO-
day. The stock reacted about a pOiaJ
on the maintenance of the prevailing div
idend rate but saved a fractional ne.
gain. in spite Of the weakness of NV
copper and copper stocks in foreign mar
kets. Sugars continued rise was due 10
favorable trade conditions. The advance
In leather was nOminally due to re-
vival OF old rumors OF an adjustment: Of
the accrued dividends on the preferred.
The weekly review OF the iron trade
helped the iron and steel stocks, the con
sumption in all lines being reported well
sustained at the high level, and the
slight weakness in various grades being
due to increased production with CON-
pensation by the cutting OF Of imports.
The upturn was based generally en- the
assumption that the violent decline q
Monday eliminating as it did a prolonged
downward course of prices. should have
sufficed to discount sufficiently the IN
favora BILE factors in the situation. as well
as to furnish relief TO the money stu
alton by the extensive liquidation in
voIved
The money situation is conspicuously
easier and shows largely increased sup
plies Offering in the market. The dcciiE-
ing influence of the Northern Securities
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 lo2. points in Aeu,r-
lean Telephone and OF : points in 81.
Louis and San Francisco. first preferred.
was accounted for by the fact that ere
vious sales dated back TO before the re-
cent violent decline In the market.
The bond market was rather duh. but
firm. Total sales. par value, S,f5,s".
United States bonds were all unchanged
on the last call
Closing stock quotations were as
fclIOVS-