The Washington times., 1902-03-26
Approaching Holidays
Have Restrictive Effect
on Days Trading.
MONEY LIKELY TO HOLD STEADY
lnduStrials Weak at Opening,
But Manipulation Aids
ReCOverieS.
CROP REPORTS ENCOURAGING
Attempts to Market Terre Haute-North
American Takes Sharp Rise-Labor
Situation Viewed More Unfavorably-
Supporting Orders Check Moderate
Liquidation.

Situation viewed More unfavoraDly-
Supporting Orders Check Moderate
Liquidation.
NEW YORK. March 25.--The tone Of the
stock market today WAS reactionary, but
in view of the recent 2dvance, which con-
tinued almost uninterruptedly for two
weeks. the declines were not especially
noteworthy. Business was even more re-
stricted as regards the outside interest
than il has teen of late, and the reaction
served to emphasiz, the professional
character of the speculation.
The moderate liquidation which was
perceptible in the first hour of today's
session was checked when the market re-
ceived supporting orders from these
quarters which are in control of The stu
alton. As the day advanced the price
movements developed a great deal of ir-
regularity. and the widest fluctuations
were in the comparatively unimportant
specialties rather than the standard
shares.
Trading Restricted.
Trading was undoubtedly restricted by
the fact that many of the operators were
disposed TO even up their contracts be-
fore the arrival of the three days holi
day, beginning en- Friday of this week AT
the same time, the market afforded an
opportunity TO arrive at the conclusion
that the efforts OF minor bull pools to
create a following in their respective spe
cialties have been cutie unsuccessful. To
prick an incipient boom in a usually in
active stock. it is only necessary to en-
deavor to execute a moderate liquidating
order, when the fabric collapses.
The street was disposed to take a mere
unfavorable view of the labor situation
and the demands of the United Mine
Workers inspired limited selling of the
hard coal stocks. but at the declines they
were well supported.
Call Money Firm
Call money continued firm al i1ad5 per
cent. and the indications are there will
be a comparatively heavy interior de-
nland for currency for the next two or
spring disbursements More or less shift
ing of loans with the approach of April
is an annual cor dition to be met in the
money market, and will also tend to up
hold the prevailing rates.
Sterling exchange was a shade frmer,
with limited supply of bills in the mar
ket and a very fair demand therefor.
however. and a further rise will be neces-
sary here before gold shipments can be
made at a profit. Bankers believe that
money rates will continue firm until cur
rency begins to return from the interior.
Collections to Geese.
After July / the collection of war taxes
will cease and the drain upon the banks
by the Subtreasury will be lessened. II
is to be observed, though, that the
subtreasury in its operations with
the banks since Friday has gained s74S, 600.
London was again a comparatively I'M
important factor in the local market. The
foreigners cabled small fractional declines
for American stocks and during the day
traded in about G, 500 shares, buying $500
On balance.
Opening prices here were generally re-
dictionary. In the railway list the declines
in Reading common and the second pre-
ferred extended to nearly l per cent, but
the introduction of supporting orders
caused them to become dull and steady.
The grangers were fractionally lower, as
were the Pacific stocks. The copper
shares were heavy on dealings which were
mainly for the account of Boston houses.
Rally in fractions.
Among the traction shares following a
steady opening there was tendency to-
ward recovery. Manhattan was marked
up / per cent, and caused a reduction in
a modest short interest
Sentiment as regards this stock was
rather favorably affected by the state
Inent that rapid progress is being made in
changing the motive power Of the road.
There was no news relating to Brooklyn
Rapid Transit and the stock accumulated
prior to the recent meeting Of the com
pany to ratify its financing plan continues
10 be concentrated.
In the Industrial quarter the Steel is
sues were heavy. with the declines frac-
tional. The appearance ,of formal an
nouncement of the bond tonversion plan
is now only q matter of few days.
Declines in Indu&rials.
elsewhere in the industrial quarter
there were ! per cent declines in Cen
eral Electric and Westinghouse Electric.
The independent coal and iron stocks were
weak at the opening. but the depression
vas succeeded by a sharp manipulated
rise In Colorado Fuel and Iron.
IN carly decline ia American Sugar,
=s!-sA !s==z.. = ==yi.=5 - siziz 5fvJE, was fUf-
lowed by recovery. although reports
from Washington regarding tariff legisla-
ton were not regarded as altogether ia
,orable.
Among the specialtics Evansville and
Terre Hauis attracted attention. as at
tempts were made to market the stock.
which opened of points on the pros
pcct OF an indefinite delay in declaring
the dividend on the common shares.
Crop News Encouraging.
Chicago. indianapolis. and Louisville
Was also lower on the delay in action on
the company's dividend. North American
was taken in hand again Tor a sharp rise.
rltAough there was no news TO account
for TIE movement. The floating supply
Of the stock is small. and the condition
makes the work CT manipulation compare
lively easy
News regarding the c.cPs was cacou--