The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1900-03-02
NEW YORK.


NEW YORK March The stock market
fected from the outset today the reduction Of the
unwicdy short interest by the large covering which
took place yesterday. and which caused 50 lively a
rally the weak spots Of the market Practically
all these stocks showed renewed weakness today
Third Avenue couspicuously SO. This stock fell m
the last hour to new low level fun point below
yesterdays lowest and rallied hut feebiy closing
with net loss Of q points. Rumos were circulat
cd Of heavy assessment 10 he levied on the stock
TO effect the reorganization. The other local trac
tion stocks relapsed weakly in sympathy, declines
ranging In the group from in Manhattan to 81 in
Metropolitan. The shorts in Sugar were much less
TO cover and that stock also fell back. falling
an extreme a. and closing with net loss OF a.
Very marked weakness in the metal stocks was an
added factor towards reaction, American Hoop lead
Ing decline with loss for the common stock Of
a. and for the preferred Of I points Colorado
Fuel the Federal Steel stocks Tin Plate. Steel and
Wire, National steel and Tennessee Coal lost from
u 70 - from the bes. prices, the last named having
shown considerable strength in the early dealings
Peoples Gas reacted q
Outside business was very much hampered on ac-
count Of interrupted telegrauhic communication and
the buying orders through commission houses which
have been growing in volume for number q days
past, fell to Insignificant proportions There was.
however. good demand early in the day for rail-
road stocks, based on the continuous reports ~
large earnings for January. In spite Of the high
level Of operating expense The erest PENNSYLVANIA
system showed gain in net earnings for January
Of the lines directly operated both east and-Nsst
u Pi,tshurg Of 70 per cent The Chicago. Burling-
ton Quincy. with only a small increase in oper1
atins expenses. showed increase in net earnings
Of no less than liz per cent The C.. G.. G. 4 ST.
fold, and the Louisville Il Nashville net earnings
we're 36 per cent greater than last year. Such MOI
table growth in earning power naturally led to buy
ing Of railroad stocks many less prominent stocks
joining In the movement, hut the whole list suc4
cumbed TO the influence Of the weakness in tha
specialtes. The St Paul's statement for January
also had discouraginE effect. as II showed thd
gross increase nearly all eaten up by additional Cpl
Grating expenses The decision Of railroad presi
dents 10 give official sanction 10 the notorious cut
ting Of grain rates from Chicago had some inaut
the railroad list
London was liberal buyer Of stocks during tha
day ON the strength Of the relief Of Lad smith and
took fully 20 900 shares
The sterling exchange rate yielded ! on this ac
count and on continued export demand for cotton
The snbireasury absorption Of cash since FrdaY
reached nearly 5000 600 today In spite Of the March
disbursements, both for absorption aud government
account, 1t is realized that this have marked
effect on the showing Of the hanks in the comm.
weekly statement No effect was manifest however,
In the days money market.
The bond market was active. and prices were wcI
maintained. Total sales. par value. ST. 54s 0Gn
United states fves, registered, advanced / in thh
bid price