Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-03-17
FINANCE AND TRADE
Firmer Tone in Most Active
Stocks.
PACIFICS' ISSUES FIRM
COPPER SHARES ALSO A BULL
FEATURE
Market Closed Rather Dull Under
Profit Taking by the Long
Side.
PACIFICS' ISSUES FIRM
Special nlspatch to The Erening Star.

Special Dispatch to The Evening Star.
NEW YORK, March 1.-THE early Lon
don market for American railway shares
showed some heaviness in tone, but later on
prices recovered to about our closing fig
ures of yesterday.
The local stock market at the opening
showed firmer tone. and the general list
averaged slightly higher than yesterdays
final quotations. Speculation was very
quiet, with the greatest interest centering
around Southern Pacific, Union Pacific and
New York Central in the railway list. Cop
per shares, Tennessee Coal and Iron, and
shelters issues were the leaders in the
industrials.
Southern Pacific quickly gained y per
cent after the opening on purchases by the
pool, but the rally did not last. and after
the first half hours trading the price reacted
to about opening figures. This might be
said of most of the other active railway
shares, with the exception of New York
Central which acted heavy from the start.
Notwithstanding reports of a meeting of a
committee of the employees of the New
York, New Haven and Hartford road at 2
p. m. today. to confer with the president
of that road to try and arrange an AMIGA
BILE adjournment of their grievances.
The general list showed irregular move
ments within l per cent. Several times be-
fore the end of the first hour the indica-
tons pointed to a good deal OF covering on
the part of the bears in some OF the stocks
which showed an extensive short interest
in the loan crowd
Tennessee Coal and Iron was a strong
feature throughout the morning session, the
rumorS current intimating that this
months net earnings are expected to equal
the combined months of January, Febru-
some talk of a dividend distribution later
on the common stock. Copper shares all
showed firmer tone and 1t was thought
a good deal of the weak bull following had
been shaken out in the declines Of the past
few days in those issues
Louisville and Nashville seemed to be
We'll taken care OF, notwithstanding the
reported new issue of bonds and the dis
astrous floods in the south. The stock is
said to be in hands of a newly formed bull
pool 1t rallied easily with the rest of the
market, and stock appeared to be rather
scarce in the loan crowd, The Readings.
Fries, st. Paul, Union Pacific, Baltimore
and Ohio, Pennsylvania and the Atchison
stocks all ruled firm after the first hour
of trading, and Shelters common held its
1 per cent advance.
active.
The subtreasury gained $3s2. 600 from the
banks yesterday, which makes the banks
a loser of s12s.oO0 to that institution since
Friday last.
Nothing more was heard Of the rumor
put out just before the close yesterday that
the two warning factions in Southern Pa
cific and Union Pacific had reached an
understanding regarding their difficulties.
Both stocks were firm and appeared to re-
ceive support from their respective leaders
Around the noon hour the market general
ly showed an improving tone, and there
were good recoveries in Consolidated Gas.
Pennsylvania, Reading, the Fries, st. Paul
and most of the active issues.
The market was extremely dull from mid
day until about delivery hour CHS p.m.).
when prices were again bid up slightly ON
the shorts.
Consolidated Gas enjoyed the best ad-
vance, because of a scarcity of that stock
in the loan crowd. The Readings also were
rather actively dealt In, and the common
stock gained about l per cent over the
opening price, and there was some bidding
up of prices in most of the active shares on
covering by the traders who were disap-
pointed in not causing liquidation of long
stock in their early selling.
In the late trading there was some profit
taking on the long side of the account and
prices shaded off fractionally from the
best, copper shares being the first to feel
the effects of this selling. The market on
the whole, however, showed very fair
undertone Of strength, but inclined to dull
ness