Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-02-19
Effect of Bear Movement Of
Yesterday.
AN EARLY DECLINE
MARKET RALLIED, HOWEVER,
AFTER THE FIRST HOUR.
Steadied Up, but Another Rush to Sell
Was Made, Some Stocks Yielding
Fairly Firm at Close.
Special Dispatch to The Evening Star.

NEW YORK, February 19.-The Amerf-
can railway shares In the London market
were again heavy. and there were declines
OF from Y to y in that department. Con-
soils for both accounts were of y per cent.
In the local stock market there was a
continuation of the bear pressure noticeable
In yesterdays late trading, although gold
exports are not looked for now on account
Of the advance in Paris exchange on Lon
don. which is expected to, temporarily at
least. avert exports Of the precious metal
from this side
The shorts. however. were encouraged by
their efforts yesterday. and were imbued
with the idea today that no important
movement would be undertaken by the big
interests in view Of the coming three days
holiday; they also argued that the con-
tinued interruption to wire communication
with the south and west was also in their
favor. With the big interests seemingly
willing to encourage short selling just now.
it was not surprising. therefore. to witness
rather heavy tone at the opening and to
see the traders testing for weak spots in
the market.
The initial dealings in almost every In
stance showed declines Of from = to II.
The Gould group Of stocks was attacked
vigorously. and Missouri Pacific was forced
down Y per cent. the Wabash issues lost
fractionaly, and there appeared to be a
good deal Of liquidation in Pennsylvania.
which lost about y per cent Missouri Pa
cific, however, rallied easily after each SELL
from the insiders. st. Paul lost about y
per cent, Union Pacific ", Southern Pacific
Is. and the coal shares were also fraction
ally lower.
After the first few minutes Of specula-
ton the bears uncovered some stop orders
In Metropolitan. which lost nearly per
cent. and Brooklyn Rapid Transit and
Manhattan lost about y in sympathy with
fhn lima fvS Mnf~1 to-, IT, TIA,
trials there was quite selling movement
noticeable in Leather common, but the steel
shares and Sugar held fairly well. and al
though Copper issues were on slightly from
lowing, who were bullishly inclined.
There appeared to be a willingness to
cover short contracts In New York Central
which caused q little improvement In that
Stock but the talk on this security con-
finues bearish on uncertainty as to the form
Its new borrowing would take.
After the first hour the market became
a little less active. but the undertone con-
tinued weak.
Sales up to noon were 225. 100 shares. and
the market at that hour was a shade bet
ter. helped by the covering movement In
New York Central, which carried that
stock up ~ per cent from the early low
figures. Some delayed western selling
ders came in for execution in the early
afternoon, but the market at that time
was inclined to steady up a little and the
stocks were well absorbed.
Mexican Central acted well and the buy
ing was said to be for interests Identified
with the property who are well satisfied
with recent earnings and anticipate con-
tinuance of the good reports. The Traction
shares, with the exception Of Brooklyn
Rapid Transit, were the heaviest as a
group, Metropolitan and Manhattan both
showing rather sharp declines.
In the active railway shares St. Paul
acted the weakest for a time. possibly ON
account Of the western selling, and perhaps
occasoned by the decision yesterday, at
Chicago, against the beef trust. Indeed,
this decision, showing that the trusts are
not fnvunerable to right Interpretation Of
existing laws, 1t Is thought, has had a good
deal to do with the heaviness in the stock
market today.
Around o'clock another attack was made
on the general list and prices yielded rather
easily. Missouri Pacific and copper shares
were the weakest on this drive and some
liquidation of long stock occurred in both
Of these specialties There was renewed
preston appeared to be that there were
possibilities of a shipment the latter part
of next week unless there Is greater offer
ing of bills. i. 49, i.4-- :. ~.
In banking circles, however, the situation
looks as though actual exports have al
ready been discounted in the market and
there Is no certainty that they may not at
the last moment be averted just as mad
happened previously. In the late trading
there was little covering of shorts, which
rallied the market slightly. Missouri Pa
cific and Copper both leading with a point
recovery. '''= f-T' - -
AS there We're really no unfavorabIe de-
velopments aside from the Chicago beef
trust decision and reiterated rumors Of i'm
pending gold exports. the market has had
decline enough in the past few days to
warrant purchases. for turn at least.