Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-03-03
Stocks Were Weaker After
Strong Opening.
BEARS HAD CONTROL
COPPER AND MANHATTAN WERE
THE EXCEPTIONS.
Failure Of the Financial Bill and
Tighter Money Were the
Bear Features.

Special Dispatch TO The Evening Star.
NEW YORK, March 3.-American rail-
way shares In the London market were
fractional y lower and the market there was
qufet.sss 49,
In the local stock market. while the open
ing prices. as a rule. were fractioually
lower. the initial dealings in almost every
instance showed an inclinat ton on the part
of the bears to cover outstanding short con-
tracts. The failure to pass the Adrich bill
seemed to have been discounted during the
past few days, when it became generally
known that the measure had very little
chance either in the Senate or House.
The early losses averaged y to q per cent
the latter loss occurring in Tennessee Coal
and Iron, while the international list aver
aged " per cent decline. The Wabash is
sues were heavy on reports that the train
men and firemen on this road east of the
Mississippi were expected to go out on a
strike today.
An early drive at Amalgamated Copper
failed to weaken that stock more than
fractionally. and this decline was soon re-
covered and the stock sold above last
nights figures before the end of the first
hours trading. Manhattan was the strong
est feature of the whole list the stock
making sharp gain, of about per cent on
buying for prominent people identified with
the property. The buying in Brooklyn
Rapid Transit was also said to be better
than the selling. and a good many current
rumors predict higher prices for this spe-
cialty.
After she FIRST few minutes of trading
the market rallied rather strongly. the
leaders being Copper, Missouri Pacific and
Sugar. the latter gaining over / per cent
London was not much of a factor in the
market, selling a few thousand shares on
balance. The commission houses reported
After the first hour of trading the in
clination to cover short contracts disap-
peared and the larger bear interests be-
came active sellers again, the general list
giving away fractionally; in some cases the
lowest prices of the earlier speculation
were exceeded in the decline that followed.
In this selling movement there appeared
to be some liquidation of long stock by dis
appointed holders who had not given up
hopes of the passage of some financial re-
lief measure until today. Another dis
couraging factor was the large gain OF
81 ,S57 900 made by the subtreasury yester-.
day, and since Friday the banks have lost
$3.993,O0O to the subtreasury.
Up to noon there were 1855, 300 shares dealt
in and the market at that time continued to
show struggling liquidation. with prices
from Y to 1k per cent below opening fig
ures with few exceptions, notably In Sugar.
Manhattan and Brooklyn Transit, the two
former stocks showing fractional gains and
the latter was only slightly changed from
yesterdays low figures. Traders were all
bearish but the larger interests were in
clined to lend little support where pres
sure was noticeable The most dishearten-
ing feature to the bulls at this time was
that some of the banks were calling in loans
and declining to make time loans, appar-
emily wishing to conserve their resources
for the April payments and in measure
meet the heavy corporation demand on the
money market.
Chicago houses were heavy sellers Of
Union Pacific. Rock Island. ST. Paul and
Baltimore and Ohio stocks. London was
also quite a seller of the latter security.
Just before the delivery hour (2:15 p.m.)
another savage drive was made against
values. and the market declined to the
lowest figures of the day. but this selling
movement and the decline that followed
brought in a good many large covering
orders. and the market in consequence en-
joyed very fair rally, prices. however.
did not advance enough to more than half
cover the losses sustained on the days
trading and the feeling among the room
traders continued pessimistic..