The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-04-18
MARKET WAS
SENSITIVE
Upward Movement Was
Noticeable but SIumped.
NO GREAT LIQUIDATION
Rally Was by Oegrees---Some
Reached Top.

New York, April T7.-Prices OF stocks
achieved a pretty comprehensive upward
movement today, but at the higher level
the market showed itself sensitive TO the
unfavorable effect OF the violent slump in
Metropolitan Street Railway as 1t did on
Wednesday than the sudden drop in Man
haitian when strike seemed imminent
The market displayed much greater resil-
iency and the final recovery when the de-
cline was checked in Metropolitan Street
Railway was rather violent in some
cases. The reaction had practically wiped
out the advances, but some conspicuous
stocks rallied almost to the top level in
the last few minutes OF the trading and
the closing was strong in an irregular
way. The days movement OF prices was
largely professional but was evidently
backed by the large resources and conf
dent operations. This was clearly shown
by the aggressive 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
consideration OF symptoms OF renewal
OF realizing sales. The progressive steps
Of the advance, however, failed to de-
velop any signs OF renewed LIQUIDATION
On the other hand. there was no indica-
'tion that there were any new outside in
terests attracted TO the market by the
advance in prices. Belated covering OF
some large accounts was in evidence and
was an important factor in the strength
Of some stocks. The advances IN the mar
ket seemed TO have come TO pause be-
fore the sudden drop in Metropolitan
Street Railway and prices gave way quite
readily in sympathy with the movement
There had been evidence all day OF
supply OF this stock in the market and
the bears planned their fierce raid with
the purpose of uncovering stop loss or
ders and dislodging long stock The
price fell rapidly 61a points. but the sub
sequent rally wiped out 2iz points OF this
loss Metropolitan securities fell an ex-
IRENE 5I2 and rallied points The loss
in Third Avenue extended to 6Si. in com
paratively light dealings and there was
no transaction in the stock after the
market rallied. Manhattan continued
firm and turned strong, rising "a over
last night at one time in spite OF 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 compare
lively late coming into the days move
ment and there was an unusually large
number of industrials embraced in the
advance. Colorado Fuel and General
Electric made gains Of 81. Peoples Gas
advanced pa just at the last. and the list
of 1 TO point gains among the industri-
ais is a long one. General considerations
apparently ruled the speculation. such as
the technical strength Of position fol-
lowing so prolonged 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 large cur
rent export business in the grain mar
kets The figures OF the weeks grain
exports We're however, somewhat disap-
pointing. showing an increase over last
week OF wheat of 3i4 .i9s bushels. but a
decrease IN corn export OF nearly MIL
lion bushels. Sub-treasury operations in
dictate a gain BY the banks on that ac-
count of 81 CO. go and il is estimated that
this figure will be expanded by about a
million dollars from other sources In
view Of the stock market liquidation
considerable loan reduction Is confident
" expected In tomorrows bank state
ment-
Bonds were firm and were little affected
by the late furry In stocks. Total sales,
par value. s2ss.cc0. United States new
Is advanced !. per cent on the last call
cI nSrNG STOCK LIST