The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-04-17
FINANCIAL AND COMMERCIAL.
THURSDAY, April 10.

THURSDAY. Aprilie.
The course Of the stock market to-day
was awaited with great interest In the
financial community. 1t was thoroughly
realized, as pointed out In this column
yesterday, that the market, after q pro-
longed fall in prices and consequent rally
therefrom, had come to q trial Of it's true
substance and character. II prices had
continued to waver as they did yesterday
afternoon. or even had only remained dull.
the conclusion would have been drawn
by many intending purchasers that the
rally had spent it's force, that the iqui-
dation In the market was not yet over and
that future time would probably prove
more favorable for investment or specu-
lative buying than the present. II. on the
other hand. quotations showed an advance
ing tendency, and not necessarily the pub
lie, but the large operators whose pur-
chases and sales have constituted the
major portion Of transactions on the Stock
Exchange for long time back manifested
q desire to buy stocks. a very strong argu-
ment would be thereby presented that
the drop in prices last Monday marked
the elimination Of the recent declining
movement in the market. The most thor
ough pessimist regarding the market must
admit that II to-day's business on the Stock
Exchange could, indeed, be regarded as
a test of this nature. the test pointed I'M
mistakably to the alternative that has been
last described. Prices opened above last
nights closing figures and advanced
steadily throughout the day. In view
Of the very large covering Of contracts
for the fall that has taken place since Mon
day, the vigorous and confident buying
OF securities to-day can hardly be ascribed
to further operations Of this nature. and
they unquestionably represented the views
Of large market operators and OF substan-
tial banking interests that the scare
in the market was over. that the Northern
Securities affair was no longer a predomi-
nant influence in the trading and that the
market factors which a week ago had al
ready begun to produce q distinct upward
movement In prices had. after the inter-
ruption caused by the Northern Securi-
ties decision, resumed their sway.
Tho threatened strike upon the Manhattan
elevated system did not affect the market
to-day. as was feared yesterday largely be-
cause Of the recollection that as Manhattan
Elevated Railway stock is now a guaranteed
security holders thereof will not suffer by
any temporary decrease In the earnings Of
the property. Speculative sentiment was
also encouraged by the authorized state
ment that there were far more applications
for employment on the Manhattan system
than could be filled, even II all the employees
who proposed striking left their places.
With the exception Of the work Of running
the motors the labor required on the elevated
railway system IL not of the skilled variety
and can be performed by almost any one.
A 'tie-up' Of the elevated system is, there
fore, most improbable. While the days
market was Of broad character, the feat
ure was the strength Of the railroad stocks,
especially Of the Pennsylvania and Bal
timore and Ohio issues. A commission
house usually identified with the transactions
OF the largest single operator in Wall Street
bought 5000 shares of Pennsylvania in
the early trading. while trustworthy in
formation is that the buying Of Baltimore
and Ohio came from those whose position
entities them to the best information con-
corning the affairs Of the company. The
real reason for the strength Of these stocks
at this time IL the positive assurance that
has been given to large stockholders Of the
companies that the period Of high operating
OF railway freight trafic, is over. Hereto
fore the order from headquarters has been
for these roads to move the freight at any
cost. Freight traffic is now In such shape
that extraordinary expenses incurred on
account Of it have ceased. and it is believed
that hereafter the net earnings Of all the
railroad lines of the country. which have
recently been diminished by reason of this
difficulty. will show large increases. The
Baltimore and Ohio Railroad is now earn
ing over per cent. upon its common stock
and the buying Of the Baltimore and Ohio
shares to-day came from those who are
convinced that this exhibit is of permanent
nature.