The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-04-18
STOCKS DOING BETTER
COMPREHENSIVE UPWARD MOVE
MENT is ACHIEVED
Violent Slump In Metropolitan Gives the
Market the Quality of SensItiveness-
Closing Is Irregular but Strong.

NEW YORK, April 17.-Prices of stocks
achieved pretty comprehensive UPWARD
movement To-Day, but at the higher level
the market showed itself very sensitive to
the un1aForabie effect of a violent slump
In metropolitan Street Railway as it did
on wednesday to the sudden drop in Man
hattan. when strike first seemed immi-
nent Today the market GlisDlayed much
greater resiiiency and the final recovery
When the decline was checked In Metro
pol1tan Street Railway was rather violent
in some cases.
The reaction had pra cticaIIv vvjned out
the advances. but some conspicuous
stocks rallied almost to the top level in
the last few minutes of the trading and
tile cloSlng was strong in an irregular
way. The days movement of prices was
largely professional but was evidently
backed by large resources and confident
operations This was clearly shown by
t pis aggressive way in which prices We're
bid up at the last against the shorts after
their raid upon the market.
Spectators Move Cautiously.
The advance in the market was pursued
with some manifest caution and with at
tent1Ve consideration of symptoms of a
renewal OF realizing sales. The progress
slVe steps of the advance however, failed
70 develop any signs of renewed liquida-
ton On the other hand there was no
indication that there was any new out
side interest attracted to the market by
the advance in prices. Belated covering of
some large short accounts was in evil
strength of some stocks.
The advance in the market seemed to
nave come to pause before the sudden
drop in Metropolitan Street Railway, and
prices gave way quite readily in sym
pathy with that movement. There had
been evidence all day of a long supply
of this stock in the market. and the bears
planned their fierce raid with the purpose
of uncovering stop loss orders and dis
lodging long stock. The price fell rapidly
6h points, but the subsequent rally wiped
out 2h points of this loss. Metropolitan
Securities fell an extreme 51@ and rallied
4 points. The loss in Third avenue eX-
tended to 81 on comparatively light. deal
ings. and there was no transaction in the
stock after the market rallied Manhattan
continued firm and turned strong. rising
22s over last night at one time, in spite
of the vote of the employees in favor of a
strike. The hope is evidently entertained
that strike will be averted.
Advance in industries.
Some of the standard railroad stocks
were comparatively late coming into the
days movement, and there was an I'M
braced in the advance Colorado Fuel and
General Electric made gains of 51z, Peo-
pies Gas advanced PA just at the last
and the list of l to point gains at the
industrials was a long one. General con-
siderations apparently ruled the specula-
ton, such as the technical strength Of a
position following so prolonged down
ward course of prices with the resultant
relief of the money market by Hquida-
ton good railroad earnings, exceptional
ly encouraging crop returns and reports
of a large current export business in the
grain markets. The figures of the week s
grain exports were however, somewhat
disappointing, showing an increase over
last week of wheat of 344 1872 blu, but a
decrease in corn exports of nearly 1.000, 600
bu. Subtreasury operations indicate a
gain by the banks on that account of
81. 633 600 and it is estimated that this
figure will be expanded by about 81. DOC. 600
from other sources. In view of the stock
market liquidation a considerable loan re-
duction is confidently expected in tomor-
rows bank statement.
Bonds were firm and were little affected
by the late furry in stocks Total sales,
par value $2,608 900. United States new
As advanced Il on the last call.
CLOSING list.