Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-04-18
Stock Market Opened With
Firm Tone.
PROFIT TAKING LATER
BANK STATEMENT WAS RATHER
DISAPPOINTING.
Bears Made a Drive at Reading ea
Rumor of Move on Coal
Trust

| Special Dispatch to The Evening Star.
NEW YORK. April 1S.-American stocks
in the London market today showed
small advances over our closing figures of
| last night
In the local stock market the feeling
| among the traders continued cheerful. and
| the opening prices were fractionally above
| the closing figures. The feature at the
start. as was the case at the end Of yester-
days session. was In Metropolitan street
railway stock and the Metropolitan secur-
tiles shares.
The former opened on a running quotation
from 1914 to 1924. against the closing price
of 1293s. and the latter stock gained IL per
cent Third avenue also recovered sharply
from yesterdays bear raid, gaining about
3 points. The recovery in this group was
due to strong denals of any Irregularities
in Metropolitan by very prominent people
In the street, who look upon the present
attack on that property as merely a stock
| jobbing play.
Among the active railway shares there
were initial gains of " per cent in Atchi-
son common. Baltimore and Ohio common.
Missouri Pacific and Brooklyn Rapid Tran
sit. and Y per cent advances in New York
Central. Canadian Pacific and Tennessee
Coal and Iron. The anthracite coal shares
and the steel issues were only nominally
changed- The former was a little heavy at
the start.
Sugar was strong at an advance of over
| point. and the copper shares were up q
per cent. After the first few minutes Of
speculation the market showed some irreg-
ular1ties. and on prOfit-taking sales tho
general list reacted fractionally from OPEN
ing ngures There was no real pressure,
however, to sell stocks, and the undertone
continued to show firmness.
The subtreaSury lost 81, 10000 to the
banks yesterday. and was a debtor to the
clearing house today to the extent of
81, 131. O13.
Manhattan was strong all the morning
on general expectations that the labor diff
hculties on that system would be settled
without precipitating strike. the feeling
among the employees being that such
move on their part would be suicidal.
Inc railroad earnings published today con-
| tinue to show good increases over last
years reports for the same periods.
After the first hour of trading the mar
ket continued to show the effects of profit
taking sales. and there was free selling of
Reading issues on reports In the news
papers or coming meeting of the inter-
state commerce commission to investi-
gate the alleged coal trust. The common
stock lost about 20 per cent and was not
as we'll SUPPORTED as in the recent past.
After the publication of the bank state
ment. which was somewhat disappointing
to the street on account of a small increase
IN the loan item where 4 good decrease
liquidation in the early part of the week
and the increase In cash was not as large
as some of the traders had expected, there
was some short selling as a result. but the
market did not show any great recessions.
With the exception Of Reading, the closing
prices were in majority of cases slightly
above the opening figures, Notwithstanding
enOrtS on the part of the bear traders to
keep prices down. There were 2SO.5O
shares traded in and bonds to the amount
of $685. 600. The weekly bank statement
follows:
Reserve on all deposits increased, 81 $685.
$50; reserve on deposits other than United
States increased 81. $50, Ats; loans increased.
s. $500; specie increased, s2,O17, 500; legal
tenders Increased $3.50, 400; deposits increas-
ed 81, 469. 400; circulation increased $685. 900,
The banks have gained 81, SS1 200 in cash
which is about what was looked for by
conservative people in the street The in
crease in the loans Is not large enough to
be significant, but 1t is to- be noted that the
increase in deposits is not as large as 1t
should be by $2,So0OOO to be consistent
with the other two changes The net result
brings the surplus reserve up to S6,O07. $50.