Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-04-17
FINANCE AND. TRADE
Stocks Opened Strong, But
Broke Later.
WEAK AT THE CLOSE
ACTIVITY IN THE TRACTION
PROPERTIES.
Profit Taking Helped tho Bears -
Hammer Down Prices In
Late Trading.
WEAK AT THE CLOSE
ecial Dispatch 10 The Evening Star.

Special Dispatch 10 The Evening Star.
NEW YORK, April 1.-THE London stock
market was Influenced to some extent by
the strong, tone to our market yesterday.
and prices in that market for American
railway shares showed improvements ex-
tending to II per cent above our closing
prices of the previous day.
Consols were a shade better for both &C
counts.
In the local stock market the tone at the
opening was exceedingly cheerful. The
strength shown in the late trading yester-
day. after practically an all day advancing
tendency, gave encouragement to the rank
and file in the street and led to many
changes in the position of the professionals
from the short to the long side of the
account. - ..-
The initial dealings showed advances Of
from u to q per cent in a large majority
of the active stocks. and the tone imme-
diately strengthened on buying by the
western crowd and some active covering
by the belated shorts. who expected the
market to show weakness near the close
yesterday but were disappointed.
There were some exceptional advances at
the start, the most prominent being in Man
haitian elevated railway, which, after an
opening gain of l per cent, very soon after
ward made further advance of rs per
cent on buying by brokers representing the
inside interest in the stock. This gain was
made in the face of the news that the en-
ployes the previous night had almost unan-
imously voted to strike unless the company
reconsidered its determination not to grant
the nine-hour day asked for by the train
men.
The stock opened off about / per cent,
and did not show much inclination to i'm
prove with the good advances scored else
where in the list.
Brooklyn Rapid Transit was strong and
gained over l per cent In the early trading.
Lackawanna gained over per cent and
there were good strong advances in st.
Paul, Union Pacific, Baltimore and ONO.
Atchison, Missouri Pacific. Southern Pa
cific. and, in fact. the whole list showed
very strong tone.
The industrals were all strong in
sympathy with the strength In the railway
list and made good advances, the most
active and prominent stocks being sugar.
copper and smelters.
After the first hour of trading there was
greater activity among the traders and the
commission houses, and the market gradu-
ally worked to a higher level. United States
steel per cent bonds were strong on tho
curb and this had some influence on the
preferred stock, which rallied easily with
the rest of the market.
In the early afternoon trading the mar
ket continued strong, and the buying
especially true in Manhattan. Smelters.
Union Pacific ST. Paul, Atchison and Bal
timore and Ohio.
Call loans were easier a 3a4 per cent. The
known movements of currency up to yes
terday's close of business indicated the
banks had gained in ash-about s.. 900. 900.
little over half of this amount was gained
from the subtreasury. AS loans ought to
show a large decrease on account of the
heavy liquidation in the first part Of the
week. the coming bank sta tement ought to
be very favorable one
Around O'Clock there was a bear raid
on Metropolitan, and the stock declined
sharply. the price breaking to 100. against
1872 at at the opening; the weakness in this
stock caused profit-taking sales elsewhere
in the list, and the general market reacted
from y to per cent
Metropolitan Securities was also freely
sold, and the stock declined several points.
The other. traction shares were well sup
ported and did not suffer much of a de-
cline, with the exception of Third Avenue,
which was also weak.
In the late trading the continued weak
ness in Metropolitan Street Railway and
Metropolitan Securities stocks, the former
selling down to 127 and the latter to 1Ols.
unsettled the whole list, but the buying in
the general market was considered better
than the selling, and the reaction is not
likely to go far.