Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-03-05
Bears Had Control in the
Stock Market.
LED BY WESTERNERS
SOUTHERN AND UNION PACIFIC
WEAK SPOTS
Due to Talk Of Gould Rivalry-Mans
haitian Did Not Show Expect
ed Strength.

Special Dispatch to The Evening Star.
NEW YORK, March 5.-London prices
came from X to II per cent below our clos
ing figures, thought to reflect selling from
this side and some disappointment over the
fact that the Bank OF England rate Of dis
count was not reduced as expected.
The local stock market had a good many
unfavorable developments to contend with
at the opening. Lower London prices.
some renewed liquidation in the high
priced railway shares on account OF the
failure of the Aldrich bill. and some very
aggressive selling by western operators all
contributed to bear attacks The west
erners, 1t is said. after having lost heavily
In the sharp decline in cotton yesterday
were trying to make up some OF their
losses by hammering the stock market.
The first assault on stocks seemed to be
rather successful, but whether they will be
able to cover their short sales at profit
q little later on remains to be seen. AT the
decline which they are responsible for
good judges of the situation think the mar
ket pretty near bottom prices, and look for
a good rally to follow.
At the start there were some irregular
movements, but with the exception OF the
traction shares. led by Manhattan. which
showed V per cent advance. the general
Ia per cent, the latter in Canadian Pacific,
on sales by the Canadians.
st. Paul also felt pressure from the west
ern SPECTATORS. and lost about ~ per cent:
The most pressure. however, was directed
against Union Pacific and Southern Pacific
on reports OF the Incorporation OF the West
ern Pacific Railway Company, with capi-
tai Of $4,000. 600. to build line from San
Francisco to Salt Lake City. Utah. with the
surmise that the Goulds are back Of the
scheme.
Union Pacific and Southern Pacific both
lost nearly 2 per cent on heavy trading.
New York Central was also weak. both in
London and here. and the stock lost over
1 per cent.
The copper shares showed the best re-
sistance to the selling movement at the
start. the opening figures showing " per
cent. decline, and received good support
from the pool in those securities. The
price afterward weakened on the general
decline In the market.
United States Steel issues were lower on
attempts by the bears to make capital out
of the two-year-default clause In the terms
here. and commission houses reported
moderate amount Of long stock coming out
on the decline.
Around the noon hour there was another
drive at prices. and another very weak
spell followed; transactions up to that hour
amounted to 400, 600 shares. There were
rumors at this time that some large dry
goods house was in difficulty, and the
bears made as much capital out Of the re-
port possible.
In the early afternoon there was q little
rally on mcmahon TO cover snorts ana on
the declaration OF the regular dividend Of
'1& per cent and 1 per cent extra on Man.
haitian Railway stock. The latter stock
sold up to 144H against 143 low. but very
quickly lost 1 per cent on realizing sales
The bears were again inclined to attack
values after the Indifferent way In which
the increased dividend on Manhattan was
received by. the street.
Around pm. prices again weakened on
aggressive selling By the westerners, and
prices reached about the lowest Of the day.
There was no special news In this drive at
the market, but uneasiness was felt over
Saturdays bank statement.
This statement, however, like that Of the
previous week, may turn out better than ia
looked for, as the banks have been calling
In loans rather freely this week, and there
has also been heavy liquidation Of long
stock during the past few days.
In the late trading a good deal of irreg-
ularity developed, but the chances favOrad
a rally on short covering.