Evening star. [volume] (Washington, D.C.) 1854-1972, 1901-03-07
Stocks We're Rather Weak as a Rule
and Lower.
GOOD WING OF c. AND 0.
Gould Properties Were Also Gen.
orally Well Taken.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK, March THE opening of
today's stock market reflected a disposition
on the part of certain large operators to
Tighten accounts. The pressure of long
stock forced some sudden recessions espe-
ciafiy in Amaigamated Copper and Burlng-
ton. The fact that a prominent bank. sup
posed to represent a few OF the larger in
terests, had called loans yesterday and the
steady rates for call money today made
the street hesitate. and. instead of adding
to present holdings. the lines of long stock
We're curtailed.
The stocks which were RECENTLY mos.
active gave way to the selling. but were
well taken at the lower prices. Union Pa
cihc, Atchison and Erie receded under the
pressure, and pool support was not ag-
gressive.
Chesapeake and Ohio was taken In round
amounts during the morning. In spite of The
easier tone reflected elsewhere and gained
2 per cent The demand was based upon
the excellent statement of earnings, and
the hope that they will lead to increased
dividends. St. Paul was advanced about .
per cent upon its dividend prospects, and
little was heard of the postponed deal I'm
these shares
Southwestern roads Were firm in tone and
attention was again directed to the Gould
properties by reason of their steadiness I'm
a dull market. 1t was something OF a CO.
incidence that both Manhattan and West
ern Union. Gould properties of a slightly
different character, should have developed
superior strength after the first hour Pool
buying Is credited with advancing these
shares and considerable following has
been created by reason OF the responsive
condition of both properties.
The covering Of a considerable short in
tereSt In Tennessee Goal Irn,
the price up sharply, and led to a tempo
rary revival In the properties which are
not included In the new corporation. With
the usual disregard for consistency the
street argued that the independent compa-
nies would be greatly benefited by the giant
concern. Only few days ago the argu-
ment was exactly opposite, and the shares
were then as weak as they were strong to-
day.
The former view is likely to prove to be
the more correct. temporarily at least To-
days high prices failed to hold under the
pressure of the new selling which they in
spired- The stocks which are included m
the new company were strong but Inactive.
In Federal Steel and few of the lower
priced common shares there is steady Hb-
sorptlon going on which argues well for the
future of the new securities. Sugar and To-
bacco were irregular and two factions SEEM
ed to be contendng for market supremacy
The Gas stocks were strong at new high
prices and something very gratifying to
shareholders is said to be pending In them,
especially in the consolidated company The
demand for the high grade. inactive invest
ment shares was good and there was good
inquiry for bonds, except governments.
which were shade easier. The market as
whole was a trihe heavy late in the day
and mixed in character.
Liquidation of speculative long stock was
In progress from time to time and no at
tempt was made to force an advance. The
public demand fell off and commission
houses offered stocks down for a time. A
trading market would seem to have been
established instead of q sustained move
ment in either direction. Rallies and de-
clines will succeed each other and new
risks will not be undertaken for a long
pull In special instances there may be
developments which will warrant substan-
tial swings, but the general market is likely
to follow only a part of the way.