The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-04-04

A detsyminsd effort In ths stock market
to-day TO break prices was not only I'M
successful, but rebounded % vigorously
upon The authors Of the operation - to
punish them severely. Indeed. Il must b
said tint. considering tho days market In
all Its phases. Il displayed more positive
strength than It has on any day for two
months past, and that for the frst time
In tho period named there waa witnessed
the peculiar buoyanoy oh6rao teristio Of =
thoroughly oversold market when prices
finally begin to turn. As has frequently
been remarked in this column. the most
discouraging feature Of the market during
the course Of the downward movement
has been its failure 70 exhibit any raTying
power that could be called vigorous and
il lack at any time Of what could be called
aggressive buying; but to-day tho market
evinced. or seemed 70 evince, that elias
tioity which only comes after prices have
been depressed a. far a. they oan be. The
market opened tamely and was without
especial feature until the second hour Of
business, when the bear contingent began
It's final foray. The assault was assisted
by the continuance Of comparatively high
call money rates. these rates ruling until
Sa1o Aosc oiNcthOOh Nv AscoiAy VIC b1iAso we
at which they have prevailed for some
days past. Southern Pacific stock, espe-
cially, was singled out for attack. As the
Company closed to-day for the annual
meeting. the desire to purchase shares for
voting purposes was no longer speculative
force In upholding their price. Specu-
Ators hostile to the market, therefore.
had little difficulty In forcing quot atoms
for Southern Pacific well under last nights
closing figures. The selling. also. In all
probability, represented the fears of many
holders Of Southern Pacific shares that the
decision Of Judge Lurton at Nashville.
upon the motion for an injunction restrain
ing Union Pacific directors from voting the
Southern Paciic shares, would be favorable
to the Union, Pacific Company, 1t may
have also been due TO the fact that the best
opinion In Wall Street-is that the Union
Pacific directors, even II they are restrained
from voting at the annual meeting the
Southern Pacific shares actually owned by
the Union Pacific Company, win be en-
abled TO CONTROL the election b. the proxies
of independent holders Of Southern Pacific
certificates that they have secured.
Indeed. IN announcement to this effect.
which was regarded as of semi-o fficial
character. was made after the close OF the
market to-day. Such . result would
manifsstly mako for higher prices In the
market a. Q whole. New York Central and
Pennsylvania were again under pressure.
and . sale Of 5000 shares Of Louisville and
Nashville by . house which took q very
prominent part In advancing the price Of the
stock above 100 represented. 1t was believed.
about the last of the liquidation Of the hold
ings Of the so-oAlled minority interest in the
property. which were acquired under the
mistaken idea that the stock would DO
placed upon . = per cent. basis. American
Sugar Refining was also exceptionally
weak, because Of some indications that an
other war with the Arbuckle company
and other independent re6ners had broken
out. The general List Of securities, however.
stoutly resisted the attempt to depress
values. the Atchison. Reading and st.
Paul shares standing conspicuously firm.
In the afternoon, however. the aspect OF
the market entirely changed. Prices be-
came dull. hardened and then vigorously
advanced. Operators for the fall. Of that
wary class who. when the market no longer
responds to their attacks. stand not on
once, found themselves In the unpleasant
and somewhat unusual predicament Of
being compelled to bid well above the mar
ket 10 get back stocks which they had sold
The rally was started by . strong upward
movement in Brooklyn Rapid Transit.
This In tho time Of year. a. IL well known.
when the business Of al the traction COM
panies increases largely and when advances
In the prices Of traction company shares
usually occur. There are substantial rea-
sons for believing that the buying Of Brook
lyn Rapid Transit to-day was for Investment
and proceeded from interests prominent
In the present control Of the Manhattan
Elevated Railway system. So far as the
Brooklyn Rapid Transit Company is espe-
cially concerned, 1t Is well understood that its
present earnings are very much in excess
of those Of previous years. A story circu-
lated that the dispute between Messrs.
Keene and Hartman concerning the South
ern Pacific company had been settled. Such
rumor was obviously absurd. The rally
In prices was helped materially by the fall
in money rates to normal figures. The
real cause of the upturn In the market was,
however, ~ previously stated, its oversold
condition. Competent observers are OF the
opinion that this fact has at last been
thoroughly demonstrated.
new York 0sssk HxcAaaee 0aiss. April o.
aesus psIoss or rrrFse STATES Doxpa
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,sso....ioo io7 ,sa,.. ..isoH 1877