Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-03-24
FINANCE AND TRADE
Bears Had Little Opposition
in Stocks.
WHOLE LIST DECLINED
WABASH THE ONLY ROAD SHOW
ING STRENGTH.
Public Taking Very Little Interest in
Harket-Outlook for Business
in Spring.
WHOLE LIST DECLINED
Special Dispatch to The Evening Star.

opeclA dispatch to The Evening Star.
NEW YORK, March A.-In London
American railway shares continued to show
declines. The weakness IN those shares
and in consols which were off Is per cent
for both accounts, was attributed to rumors
of a new government Transvaal loan of
f35.OO00o0 and a London county loan OF
Els 100000, making total OF f5I,ooo,oo0-
In the local stock market prices general
ly were from u to n per cent lower on
renewal of yesterdays late selling move
ment and out of sympathy with the lower
London market
those scored in the foreign trading, the
bears were pretty active in the first half
hours speculation and succeeded in scor-
ing slightly further recession from the
opening prices, from which point there was
some pool support given here and there,
and the market recovered fractfonally. The
best rallying spirit was displayed by South
ern Pacific and 1t was about the only stock
at the start not to reflect a decline from
yesterdays closing figures
In the industrials Sugar made an early
loss of / per cent, but little later recover
ed about half that loss. Copper shares were
weak and declined about IN per cent from
yesterdays highest price. Tennessee Coal
and Iron continued to show good support
around 67l a decline Of a per cent from
last evening.
The United States Steel shares were only
slightly lower and very inactive.
Reading acted rather weak at the start
on talk OF reduction in the price OF anthra-
cite at tidewater. 1t was maintained that
present prices cannot hold in the face of
less active demand for coal in the large
cities throughout the country. Pennsylva-
MIA was sold on the idea that the authorized
new stock would probably be issued at to-
morrow's annual meeting of the company.
The local traction shares, especially Man
haitian. felt the effects Of selling, caused
40 So Io INV, IN,
that system to the small advance agreed
upon by the company. Another conference
is to be held this week to try and settle
things amicably.
After the first hour of trading the mar
ket for the railway shares was holding
fairly well. but the local traction shares
continued to show weakness and the room
traders were free sellers of Manhattan,
losing sight of the fact that should there
be a strike on the elevated road the divi-
dend would not be affected, it is guar
anteed by the Interurban Railway Com
pany.
The subtreasurys gain from the banks
amounted to $l67 600 yesterday, and since
last Friday it has gained s69S,00O from the
banks. Around noon the market still con-
tinued to show irregular movements within
narrow limits. London was quite seller
Of the coalers and the room traders were all
bears in spirit, but only nominal sellers of
the market.
The larger professional operators were
pictlS evenly ulNiueu Ola Tie iOUS anu SnOTl
side Of the speculation. and only one or
two pools showed much inclination to
trade in their specialties. The Wabash is
sues continued to show the best strength
as a group: the other Gould stocks were
allowed to follow the trend Of the market
The Rock Island issues were not in as
high favor as of recent date. owing to re-
ports of some opposition developing in
Texas regarding their consolidation plans
with two or three Of the southwestern
roads.
In the early afternoon trading the mar
ket was again rather freely sold by the
room traders, and there were some western
selling orGers in st. Paul and Rock Island
issues. Support from the pools was only
nominal and prices gradually worked to
about the lowest of the day, averaging
from Y to 1 per cent from opening figures.
Copper shares were not as well supported
as at the start, on news OF a reduction Of y
cent in the selling price of lake and electro
lytic grades. Amalgamated lost about Is to
1 per cent from its earlier price.
After this selling movement the market
became extremely dull and prices hardened
fractionally.
Money rates were around So per cent and
nothing was heard of the little furry
started late yesterday and which carried
call rates up to per cent. Time money
continues easy at from 8 to b1a per cent and
sterling rates weakened perceptibly yester-
day.
About the most disappointing feature TO
the speculation is the almost utter lack
of interest in the market by outsiders, as
seen by the small commission house busi-
ness being done. Railroad earnings are
keeping UP remarkably well as to gross
and fairly well regarding net returns, con-
sidering the increases in operating ex-
penses that have come to nearly all the
larger systems throughout the country duo
to advances in wages of employees in most
part. Judges of experience in the street
still think we shall see good spring rise,
and say the market is now getting in
good position to SubStantiate this idea.
In the late trading the market again re-
acted on selling by the room traders and
helped by some of the large bear operators.