Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-03-10
FINANCE AND TRADE
Bears Again Had Control in
Stocks.
COPPER WAS STRONG
ATTACK ON SOUTHERN AND
UNION PACIFIC.
Belief That Long Stock Has About
All Been Forced Out
Rally Expected
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK, March lO.-In the London
market today American railway shares
showed declines ranging from u to \ per
cent compared with our closing prices OF
yesterday. Copper shares were the features
of strength In that market, the metal, both
for spot and futures, showing another ad-
vance in price.
In the local stock market prices opened
slightly below last nights figures on de-
malls of rumors yesterday regarding an I'M
Outstanding having been reached between
the minority and majority Southern Pacific
stockholders and no confirmation Of the
stories current yesterday of the reforma-
ton Of the $50, 600, 900 bankers pool to pro-
tect the monetary situation Lower London
quotations also had some effect upon senti-
ment at the start
The initial prices averaged from u to
per cent decline, the latter in Southern
Pacific and Missouri Pacific, both OF which
were heavily sold soon after the opening.
The whole list was subjected to a savage
bear attack during the first hour of trad
ing, but prices yielded very stubbornly and
good support was noticeable In Union
Pacific, Southern Pacific and st. Paul.
Copper shares were the strongest feature
Of the early dealings and Amalgamated
Copper advanced about per cent over yes
terdays highest figures.
In the second hour some weakness de-
veloped In Metropolitan Traction and in
American Ice issues. This lent encourage
ment to the bears, and another general
attack was made values. the market
again shading off fractionaIly.
Around the noon hour prices continued to
show weakness New York Central was
under pressure, losing over 2L per cent:
st. Paul lost IA: Union Pacific receded a
point from opening, and the general list
showed signs of collapse. Southern Pacific
sold down to coz, against 631z for yester
days highest. Support at this time in the
market appeared to be withdrawn, and the
bears took advantage of this fact to ham
mer prices all around the room.
The news that the banks have lost $780,
600 to the subtreasury since Friday was
discouraging factor. There was no other
news to account for the bad break in prices.
1t is truS London was quite q free seller OF
stocks in the first hour, and that there was
moderate liquidation by commission houses,
but the way these stocks were taken, with
small rallies occurring afterward. msled
a good many as to the actual strength or
the support, and there was much disap-
pointment felt and expressed over the sub
sequent break. Money loaned at per cent.
In the early afternoon trading the mar
ket showed some feeble signs of rallying
from the extreme low prices, but the buy
ing seemed to come principally from COW
ering Of shorts. In this Improvement there
were only fractional advances excepting
Southern Pacific, which gained IL per cent
over its low figures.
In the late trading the market lost soma
of it's last rally, but pressure of long stock
appeared to favor rally from present
prices,