Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-03-27
FINANCE AND TRADE
Heavy Bear Raids on Penn
sylvania.
WHOLE LIST WEAKENED
NEW YORK CENTRAL ALSO UN-
DER PRESSURE.
Secretary Shaw's Bond Announcement
Had Little or No Effect
on Market.
WHOLE LIST WEAKENED
pecIal Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK. March N.-London quota
tons for American railway shares was
helped to q little rally this morning on buy
Ing orders from this side. occasioned by the
offer Of the Secretary Of the Treasury In
his refunding plan published late yesterday.
The advance in London extended from u to
1 per cent, and was general, the only ex-
ception being Southern Pacific which was
down " per cent.
Opening prices showed advances Of from
Y to ~ per cent the latter advance oc-
curing In st. Paul. Union Pacific gained
~ per cent; Atchison. Wabash preferred,
Pennsylvania, Baltimore and Ohio and Can
adam Pacific ruled y per cent higher. Cop
per shares were up y. and Southern Pacific
about n per cent higher.
The steel shares were slightly higher.
Bonds quiet, but did not participate In the
improvement shown In stocks.
The first few minutes of trading we-e
very active. and the market acted we'll,
especially New York Central and Metro
politan the former opening up l per cent
over last nights closing fgures-ex-divi-
dend, ~ per cent.
Metropolitan opened at an advance of 1
per cent. but the trading in this speciality
was not active. Pennsylvania was quickly
singled out for attack by the BEARS and
when that stock began tumbling they also
turned their attention to New York
Central and directing all their guns
against these two vulnerable stocks
both OF which were extremely weak
and without inside support. Pennsyl-
vania, before the end of the first hour, had
declined nearly per cent, and New York
central lost about per cent from opening
figures. At this lower level there was some
short covering, which steadied them for
time.
The rest Of the market during this slaugh-
ter behaved very well, with the exception
OF st. Paul. which declined easily over a
point from the early high level Union
Pacific, too. lost over a point, and there
were fractional declines generally through
out the list.
selling on the early advance and then turn
Ing buyer on the break that followed TAX
Ing little over 10000 shares In all. The
traders were still bearish, and took very
little stock In the treasury relief measure,
doubling its Importance as much of a mar
ket factor or helpful monetary measure.
The selling, however, still appears to
come mostly from the shorts, excepting in
two or three specialties. in which the early
bear raids caused some liquidation of long
stock. and the market begins to look over
sold. Up to noon the sales of stocks
amounted to 31S5OO shares and in bonds
to 1851 600.
At that hour the general list was steady
with the exceptions Of New York Central
Pennsylvania and st. Paul all of which
were weak under bear selling and Nquida-
ton of long stock. - ...
In the early afternoon aggressive selling
broke out again, especially In New York
Central and St. Paul. the former stock de-
clining sharply to 131, against 1861 at the
start. Pennsylvania was also weak and
the general market became very much I'M
settled, In which declines were general.