The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-04-17
SPECULATIVE ACTIVITY Is
Renewed IN NEW YORK.
SUPPORT APPEARS FOR MAN
HAITIAN RAILWAY.
Metropolitan Depressed by Reports
About Finances-Money Is
Much Easier.

New York. April l6.-The speculative ac-
tivity which developed yesterday and was
interrupted by the announcement of the re-
fGsal of the demands made by the Manhat-
tan Elevated Railroad employees was re-
ne~ed to-day. when support wa forth
coming for Manhattan. 1t was hoped that
the labor difficulty on the elevated system
would be adjusted without resort TO a
strike and this induced some short cover
ing in the stock. When IL was perceived
that the market was to be exempt for the
present from the disturbance OF a drop in
this stock. opportunity was taken TO start
an upward movement on the part CT a
speculative party Which is believed TO nave
covered its short contracts IN the recent
Slump. ana TO nave gone n OF the mar
Baltimore and Ohio on the ground Of the
large increase in net earnings disclosed by
the March statement Pennsylvania and
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 move
ment in the Pennsylvania group
wESTERNERS RELUCTANT.
Early in the day, with the exception OF
good absorption of Missouri Pacific. based
OF its large February earnings, the West
ern and Pacific stocks were inclined TO hang
back. Some suspicion was felt as 70 the
character of The selling in Union Pacific
finances of the Metropolitan Street Railway
in the hearing OF a suit against the presf-
dent for libel resulted also IN some selling
of the stock in the early dealings and q
slightly sympathetic depression Late in
1he 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 Southern Pacific,
which was persistently heavy and made a
gain of only a y in the day.
Aznalgamated Copper was lifted sharply
@ a profeSsed expectation that the quarter
y GHEidend would be increased to-day. The
DUr TGarfnd QhnVr q mint on the MAIN
T-rar1ce of the prevailing dividend rate. but
sEEHI a fractional net gain in spite Of the
IN foreign markets Sugars continued rise
w2z due 10 favorable trade conditions. The
advance in Leather was nominally due TO
Z ueyfval of old rumors Of an adjustment
OF 1he accrued dividends Of the preferred
STEEL IMPROVED.
The weekly review OF the iron trade
hHpRd the iron and steel stocks. the con-
EEnadued at the high level and the slight
weakness manifested in various grades be-
ing due 10 increased production with COM
psnsation by the cutting of Of imports.
Tine mptum was based generally on the as
uupuo that the violent decline of Mon
Gay. eliminating as IL did In a prolonged
downward course Of prices. should have
srdiiced to discount sufficiently the unfavor-
sstgF powers in the situation as well as
no Finnish relief to the money situation by
tR extensive liquidation involved The
nnnler situation is conspicuousiy easier and
SHOWS largely increased supplies odering In
WA= market The. declining influence of the
EErtrern Securities case was indicated by
ffR way in which an early fall In that stock
on uhe curb was practically ignored. The
ths aqp level. A drop of 10+ in American
TEheIhone and OF Z In st. Louis and San
Francisco first preferred was accounted
Gr Iby THE fact that previous sales dated
SHnk 10 before the recent violent decline in
rofF market
Ti6e bond market was rather dull but
6en- Total sales. par value, S2.E5.cco.
limited States bonds all unchanged on the
laSf call