Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-02-27
FINANCE AND TRADE
Bears Had Control of the
Stock Market.
SUPPORT WAS. WEAK
SHARP BREAK IN STANDARD OIL
SHARES.
Prospect Of an Unfavorable Bank
Statement Tomorrow Caused
Weak Close.
SUPPORT WAS. WEAK
Special Dispatch to The Evening star.

Special Dispatch to The Evening Star.
NEW YORK. February 27.-The morning
cables from London. which were somewhat
delayed by storms in England. showed a
lower range of prices for the American
railway shares. This had only a slight
sympathetic influence on this side. the
local stock market opening only a shade
below yesterdays closing figures, and i'm
mediately thereafter the tendency for the
next half hour was toward improvement,
the rally extending to 1 per cent In st.
Paul and Wabash preferred and from u to
" per cent in the general active list. The
hrmer tone was caused by some short
covering, some good buying In the Wabash
issues and Copper and by reports from
Washington OF a little better prospect OF
the passage Of the Aldrich bill.
Inc advance. however, did not hold after
the first hour. The bears at that time were
again at work putting out short contracts
and the bulls were less actively supporting
their specialties than was the case in the
earlier dealings. There were no sensational
fluctuations. however, and business was not
as active at the start
=. London did very little on this side and
commission houses reported a scarcity of
out-of-town orders.
Short covering was still the feature in
Metropolitan street railway shares. The
support In the Copper issues was still con-
sldered GOOD. There were some newspaper
reports OF disagreement in the Sugar trade,
out the stock acted as IL these rumors had
only been put out to enable insiders to get
some cheap stock. The western crowd
was said to be quite active on the bear
side of the market, and may have been the
principal aggressive sellers in the profess
sional raid on values In the late trading
yesterday.
toll
over the decline in Standard OIL stock yes
terday. The stock after opening off Is
points reacted points further on the sale
OF nifty shares, closing at 500. for a net loss
of 10 points.
The feeling was general that tomorrow's
bank statement will be unfavorable one.
as the banks have lost quite heavily to the
subtreasury, and 1t Is expected. the final
payment Of 80 per cent on the Manhattan
new stock, amounting to SO. SOC, 900. will fig
ure in this weeks statement. Call money
rates were little firmer, at 81 per cent
The sales to room traders amounted to
234 300 shares. and the market at that tsne
displayed some dullness, with the exception
of the Wabash issues and copper shares, in
higher prices, the former stocks raliying
sharply from the early figures. The gem
eral list was holding fairy well at a little
above opening prices. $3.50
In the early afternoon the bears again
became active and aggressive on statement
that the currency movement this week indi-
cate that the banks have lost thereby about
eight and one-haif millions It was also
rumored that the Aldrich bill would be
again postponed in the Senate. The buy.
ing. however, on this break. which carried
prices from X to y per cent below the low
est figures of the week, was very much
better than the selling.
Around delivery hour (2:15 p-m-) there was
another break, the market showing great
weakness, but support in the Gould stocks
and in some Of the other active issues was
noticeable, and 1T looked as though the SELL
ing by the professional element was being
overdone, in fact, good judges of the situa-
ton were inclined to purchase stocks. for Q
turn at least.