The Washington times., 1902-03-25
Undertone Strong, But
Superficial Movements
Uncertain.
MONEY LIKELY TO HOLD FIRM
Prices Up at Opening, But
Declines Follow on
Selling.
MANIPULATION IN LEATHER
Colorado Fuel and Iron Sells OF, but
Later RecoveTs-Granger ReactionaIy
A Rise in United States Rubber As
cribed to Understanding.

NEW YORK. March 24.-During the
greater part Of the session today the
stock market greatly resembled its pre-
decessors CT last week. There were fire.
quent periods of moderate activity fol-
lowed by dullness. Irregular movements
were recorded and profit-taking in one
quarter on q comparatively limited scale
was Offset by exhibitions of mere or less
strength in others
Some of the movements were decidedly
artificial in their character, rejecting, as
they did. the operations OF those profess
sional spectators who have been unusu-
ally active of late in making fluctuations.
Strong Undertone.
The undertone was strong. however. and
indicated that the powers in control have
the situation well in hand. AS long as 40
unexpected developments occur to create
sudden change in sentiment the outlook
points to a continuance OF prevailing con-
ditions.
Action by the United Mine Workers was
interpreted favorably, and judging from
the movement CT the anthracite coal
shares, it IS not believed that there viii
be any strike. While the bank return of
Saturday was not as good as had been
expected, the statement was ignored to-
day by traders in stocks.
The statement affords no indications OF
easier money rates in the near future
The small increase in surplus reser .es
was only obtaind by a substantial con-
traction in leans and deposits, the loss in
cash Disappointing the expectations of a
small gain. Call money during the morn
ing loaned at per cent, and there was
some talk of higher rate.
Foreign Exchange Firm.
The foreign exchange market was firm,
with bills of all kinds scarce and rather
urgent enquiry for remittance, owing to
the slow steamers on the sailing schedule
of last week. Sterling, however, has ad
vanced in Paris, and bankers here were
Of the opinion that there would be no
gold shipments this week. London cabled
that a more cheerful feeling prevailed in
that market owing to a revival of the
belief that hostilities will soon cease in
South Africa.
The foreign market was influenced by
the war news, with Kafir mining shares
and British consols showing sharp recov
cries. Foreign houses had extremely lin
TIED orders in this market.
The Opening Strong.
In the main the local market opened
strong, with about the only weak features
Amalgamated Copper and Anaconda Cop
per. There were fresh rumors that the
Anaconda dividend would be passed this
week. London cabled a weak and declin-
ing market for spot and future copper.
The g-angers opened strong, but subse
quently became reactionary under the in
huence of proft-taking, accompanied by
weather dispatches not quite as favor
able as those OF last week. Other firm
features in the railway list were Union
Pacific which advanced fractionally, not
withstanding weakness in London. New
York Central. Missouri Pacific. Southern
Pacific, the Southern Railways, the At
fractions Heavy.
Among the specialties in this quarter
which developed activity and tendency
10 higher prices were Evansville and
Terre Haute and Chicago Union Traction.
The traction shares after the opening were
inclined to be heavy, but there was very
little stock pressing.
Inc report tnal an attempt Will De HduS
10 have the Brooklyn Rapid Transit Com
pany put it's wires under ground was not
taken seriously. Interests recently active
on the long side of Manhattan were said
10 be disposed TO discontinue their opera
lions temporarily at least.
Among the Industrials.
Ia the industrial quarter the dealings
were pretty well distributed, with corn
products common the active feature on
an carly advance of more than two points
The United States Leather issues were
more active than they have been for a
long time, and it was due to the work Of
a small pool DESTROYS of participating in
the advancing tendency Of many indus
trial issues.
rise in the United States Rubber is
sues was ascribed 10 the understanding
that the management of the company has
very much improved during the past
twelve months, and by the addition of in
fUential inanciers to its directorate.
Steel Steady and Dull.
The United States Steel issues were
steady and full and during the day III
was said that in all probability formal
announcement Of the bond conversion plan
would be made this week. Colorado Fuel
and Iron sold of On realizing, but later
partially recovered the loss.