Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-03-12
Stocks Were Weak at Open
ing and Close.
RALLY ABOUT MIDDAY
COPPER AGAIN THE MARKETS
STRONG FEATURE.
Metropolitan Was Weak, but Other
Traction Shares Were Strong
Railway Dividends.

Special Dispatch to The Evening Star
NEW YORK, March 12-American rail-
way shares in the London market today
showed some irregular changes in the carly
dealing, and declines of from u to% per cent
later on, with the exception of copper
shares and Southern Pacific. both of which
showed improvements Another sensational
advance in the price of copper metal was
announced.
In the local stock market the opening
showed a somewhat easier tone. especially
in the internationally listed stocks, due to
the lower London quotations. Copper
shares. however. were features of strength.
Amalgamated opened at a higher level and
Anaconda scored a per cent gain.
The activity and strength In these securi-
ties reflects the further advance in the price
of the metal. The Amalgamated stock.
which is now earning between Q and per
cent, will be able to increase this showing
very largely on account of the recent strong
advances in the price of the metal both
here and abroad
The local traction shares, led by Manhat-
tan. showed a better tone. with the excep-
ton OF Metropolitan, which acted a little
heavy at the start resumed pressure
from the active bear pool in that speciality.
Manhattan gained about Y per cent in the
first few minutes OF trading and held the
gain in the face of declines elsewhere in
the market.
Brooklyn Rapid Transit too, held firm
around yesterdays closing figures and
showed an inclination to sympathize with
the greater strength displayed by Man
haitian.
Southern Pacific and Union Pacific while
showing slight reactions over yesterdays
higher level. were we'll supported and ap-
peared to be easily rallied when the occa-
sion demanded.
st. Paul, Baltimore and Ohio Canadian Pa
cihc and Louisville and Nashville were
steady. In the Industrial group sugar was
inclined to weakness on adverse Washington
news regarding the Cuban treaty. The stock
lost over 1 per cent before the end OF the
first half hours trading. and the support
was not as good as heretofore.
The steel issues were less active, but
prices were well maintained at a little
above yesterdays figures.
After the first hours trading. despite dis
appointment over the fact that no public
announcement Of an encouraging nature
followed the visit of Secretary Shaw with
regard to the monetary situation, a further
loss to the subtreasury yesterday of $751;
day, and attempts on the part of the bears
to depress prices from the start, q general
recovery took place, which. though slight.
showed very fair undertone of strength
throughout the list, and left the level o.
prices little above the opening, with few
exceptions.
In the midday trading some stock came
out on the rally from the western specula-
.
fair seller on balance. Sugar was rather
cratic in its fluctuations but the buying
appeared to be better than the selling on
the adverse news from Washington. In
New York Central just the reverse ap-
peared. the selling coming from pretty good
sources .-.. ,,.'4..- - .-.,f-
There was some rather free covering in
ST. Paul. Notwithstanding expectations OF
only the regular dividend on the stock being
declared today and nothing being dome re-
garding the new authorized stock issue at
this time.
The market generally. though lacking In
activity held the second hours rally with
great stubbornness. with here and there
slight upward movements in specialties.
In the late trading the market shaded or
on selling by the traders and the bear
cuques.
The regular semi-annual dividends were
declared on st. Paul preferred and COM
mon C3h per cent?. and this seemed to be
disappointing to some people In the street.
who. against a general belief. expected some
action to be taken regarding the new issue
of stock. The heaviest selling in this de-
cline came from the western element but
there was absolutely no news OF any kind
to account for 1t. st. Paul lost about per
cent. sugar y. Union Pacific II. and there
were general recessions OF about Y per cent.