Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-03-19
FINANCE AND TRADE
Stocks Were Strong, Led by
Southern Pacific.
FEARS OF A CORNER
SUGAR THE FEATURE AMONG IN
DUSTRIALS.
Substantial Gains Were Made by
Nearly All Of the Active
Issues.
FEARS OF A CORNER
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK March 19.-Iondon prices
for American railway shares were not up to
our Anal prices Of yesterday. The weakest
feature Of that market was Southern Pa
cific, which showed decline OF Us per
cent as compared with our closing price.
In the local stock market some uneasi-
ness was felt before the opening over the
sharp rise in Southern Pacific late yester-
day. the current of talk all running to ex-
pectations of corner in that stock. which
If brought about meant disaster elsewhere
in the list If the market followed the prece-
dent established in the Northern Pacific
corner.
Southern Pacific therefore was watched
with great interest at the start. The OPEN
ing price was running quotation Of from
81 to 66h. against yesterdays closing fig
ures OF 67A. From the opening prices the
stock advanced sharply in the first few
minutes Of trading to 6Sk. where large
amounts Of stock were reached, and the re-
action that followed took the stock back
to 66s; the stock then became very err
ratio. raIying and declining sharply within
| point and half of those figures.
The general list opened with small adj
vances. and there were no signs of hQuida-
ton of long stock in the early dealings.
with the possible exception of ST. Paul.
That stock. after opening OF H. lost u
further on quite active trading, but recov-
cred this loss when the rest Of the list
showed good improvement after the first
Nashville, Baltimore and Ohio Union
Pacific and Brooklyn Rapid Transit
all displayed good strength, the former
stock gaining over point on buying by
the newly formed pool. and there was some
good covering of shorts in the others men,
toned. causing strong rallies. Sugar open
ed with the usual fractional advance of
| the previous days closing price, which
seems to be part Of the bull program to
keep the short interest from realizing the
steady upward trend Of the speculation
In that stock.
After the opening prices the stock is al
lowed to react naturally. with very little
trading noticeable. but the reactions never
seem to touch the previous days closing
figures.
Southern Pacific steadied considerably
after the first hour an announcement
from high unofficial source that the trans
| fer books Of the company would not be
closed until April 3, thus allowing plenty of
time for arbitrage houses to receive stock
| from the other side. And to prevent a close
corner the annual meeting is to be held
April 8. while the hearing in the Keene in
junction suit to prevent the Hartman In
terest voting their Southern Pacific stock is
set for A2ril l.
The subtreasury gained from the banks
yesterday S422.OOO and since Friday last
500, 600 Last week for the same period
the banks lost 100000 to the sub
treasury.
The market around the noon hour con-
tinued to show good strength. st. Paul
reached 1701a against 1854. at the opening,
Union Pacific was " higher and there were
good gains in Baltimore and Ohio, Louis
Vile and Nashville and Southern railway
issues. Southern Pacific again became
| active and the price advanced to 67%
against &c. the low figures reached in the
second hour of trading
London bought some Erie and st. Paul,
but commission house business was some
what checked by the violent fluctuations
in Southern Pacific. This latter stock
loaned fiat at the start, but later 1-32 per
cent was asked for it's use in the loan
crowd.
Up to noon 2S1 900 shares and $3.50 900 in
bonds were traded In.
The anthracite coalers were rather heavy
In comparison with the strength shown
elsewhere in the market, due possibly to ru-
strike commission generally favors the min
ers as against the contention of the opera
tors. The full text Of the findings Of the
commission Is to be given out Saturday
next.
In the early afternoon a more confident
feeling prevailed against the charges Of a
corner in Southern Pacific stock and this
led to some good buying around the room,
the most of which, however. was ascribed
to the western shorts in their endeayors
to cover short contracts. st. Paul, B. & O.,
Union Pacific. Rock Island issues and Can
adam Pacific showed the best gains in this
rally. the latter advancing on purchases by
the Montreal interests. Money loaned at
51a per cent and the general impression
garding the currency movement this week
seemed to favor the idea that the better
rates for money for the past week had at
tracted considerable money from the In
terror points.
In the late trading the market showed in
some instances the result of profit taking.
fractional recessions occurring. but the gen.
eral tone strong and the advances In
most cases well maintained