The times. [volume] (Richmond, Va.) 1890-1903, 1900-03-02
WEAKNESS in THE:
STOCK MARKET
Third Avenue Conspicuous in the
Lower Ranks.
RUMo OF ASSESSMENT.
Cause Good Demand FOR That
Glass OF Stoclls-London
Liberal Buyer.
Liberal Buyer,

NEW YORK. March 1.-The stock mar
ket reflected from the oueset to-day the
reduction OF the unwieldy short interest
by The large covering which TOOK place
yesterday, and which caused so livery q
rally at the weak point OF the market.
Practically all these stocks showed re
newcd weakness to-day, ThirG-ANcnue
conSpicnously so. This stock fell III inc
last hour to a new low level, a fun point
below yesterdays lowest. and rall!ed put
feebly, closing with a net loss OF ~
RUmors were circulated of a very heavy
assessment to be levied on the stock TO
effect the reorganization. The other local
traction stocks relapsed weakly IN sym
PATTY, declines ranging in the group from
in Manhattan 10 Ga. in Metropolliah.
The shorts in Sugar We're much less eager
To cover, and that stock also fell back,
falling al extreme AZ, and closing with a
net loss OF 3i.. Very marked weakness
in the metal stocks was an idded factor
towards reaction, American Hoop le ,,,l,ni;
the decline with a loss for the common
stock Of ia. and for the preferred OF 4
points Colorado Fuel and iron.<t Fed
eral Steel stocks, Tin Plate, American -,tsll
nessce Iron lost from / X TO ;'l3 from the
best prices. the last named having shown
considerable strength i'll the carry deai-
1ngs- Peoples Gas reacted 2s4 outside
business was very much fampcred on ac-
count OF interrupted Geographic +comHiu-
nicaIion. and the buying orders through
growing in volume for a number OF days
past, fell to insignificant proportions
There was, however. a good demand early
in The day for railroad stocks, based on
the continued reports of large earnings
Tor January, in spite OF the hlSh level
OF operating expenses. The great fenh-
earnings for January of the lines directly
operated. both cast and west OF PlttS-
burg, of s3 per cent The Chicago, Bur
lington and Quincy, with only q small IN
crease in operating expenses. showed an
increase in net earnings OF not less IMAM
il per cent. The c.. c.. G. and ST. Louis
system increased its surplus for January
over tenfold. and Louisville and Nash
ville's net earnings We're 46 per cent
greater than last year. Such notable
growth in earning power naturally lea
10 buying of railroad stocks. many OF the
less prominent stocks joining in the
movement. but the whole list succumbed
10 the influence of the weakness in the
specialties. ST. Paul's state for January
also had a discouraEinG effect. as It
showed the gross increase nearly all
eaten UP by additional operating eH-
penSeS. The decision of railroad preSl-
dents TO give official sanction to the noto-
rious cutting OF grain rates from Chicago
had some influence on the railroad list.
London was u liberal buyer of stocks
during the day on the strength of the re-
i:ef of Ladysnaith, and took fully $1,000
shares.
Sterling exchange rate yielded y on this
account and on continued export demand
Tor cotton. The Sub-Trcasury absorption
OF cash since Friday reached nearly
$1,000 coo to-day.
were well maintained. Total sales, par
value, Soo,j45,00o. United States IS reg
istered advanced Il in the bid price.
The total sales Of stocks to-day We're
.,"GS0o shares, including Atchison. Il, 10:
do preferred. 43965; Baltimore aid Ohio
1000: Burlington and Quincy, 12,S'1;
Louisville and Nashviiie. CTS: Marhat-
tan. $50; Missouri Pacific. $500; Reading
first preferred. 5000: st. Paul. 1o600;
Sou horn Pacific, 10,S90; Southern rail-
way 1925: do. preferred, 1850; Union
Pacific. y, 10: American Hoop. 2.2I!;
American Steel and Wire 90. $50: Ameri,
can Tobacco. l9,oS0; Brooklyn Rapid
Transit. 22.S15: Federal Steel. 1,320: Ma
tional Steel. l%.475: Peoples Gas, ESQ;
Sugar. 5S.-6J; Leather, $3.50.