Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-03-11
Stocks Were Irregular Under
Bear Attacks.
LONDON ON BULL SIDE
ERIE ISSUES AND COPPER STRONG
FEATURES.
Secretary Shaw's Visit Gave Little Ad-
vantage to the Wall Street
Bull Operators
Special Dispatch to The Evening Star

Special Dispatch to The Evening Star
NEW YORK, March L.-Londons early
market Tor Americans was heavy. but in
the later trading there were advances OF
from u to y per cent above our closing
figures of yesterday.
In the local stock market. notwithstand-
Ing the bad break right at the close in the
previous days trading. the initial prices all
showed fractional gains in some Of .ss
most active shares
Ihere We're advances extending to IL per
cent in St Paul, and there were gains of ~
per cent In Canadian Pacific. III per cent
IN Anaconda, * in Amalgamated Copper,
n IN Union Pacific, and good rallies in Erie
Pennsylvania and New York Central.
After the first few minutes Of trading
there was renewal OF the bear attacks
and some scattered liquidation Of long
stock. These two factors unsettled the
market again and some declines followed,
especially In the local traction group, the
weakest of which was Metropolitan.
The loss In that stock averaged ~ from
winch level there was quick rally Of over
point. due to a statement of ex-President
Vreeland explaining the falsity of recent
unfavorable rumors regarding the property
and ascribing the instigator Of the false
rumors to be discharged employe. who is
now probably employed by some specula-
tors who wish to depress the price Of the
stock Tor speculative purposes.
Brooklyn Rapid Transit and Manhattan
both felt the effects of the weakness in
Metropolitan. the former losing about per
cent and the latter declining Y. Third Ave
nue. lost about per cent.
In this early reaction a good deal Of COW
ering took place after the first drive at
values. and on the appearance of this buy
ing the market steadied up considerably
Around the first hour there was quite
an active market In Erie, and the stock
gained about " per cent. The strength in
this speciality helped the general market
to another rally, which carried prices a
little above opening figures.
The subtreasury gained S673, 600 from the
banks yesterday and since Friday the
gain has amounted to $3,l47OO0. Money
was quoted at per cent.
Some satisfaction was felt over the news
from Washington containing the infor-
nation that at yesterdays cabinet meeting
the financial situation was discussed, but
good deal OF genuine uneasiness would
have Immediately disappeared had the news
item also stated that some immediate &C.
ton would be taken to stop the subtreasury
drain from the banks and some method
devised for putting money into circulation
instead of boarding 1t under present ar
rangements.
Commission business was rather light, and
the trading for the foreign account was not
much OF factor In the speculation. The
strength in Southern Pacific was due to
purchases by the pool operators, who con-
sidered the situation satisfactory SO far as
they were concerned in this speciality. There
was some good buying reported In the Rock
Island issues. especially In the preferred
stock.
Chicago operators were sellers OF St
Paul on the rally, but their sales did not
AFFECT the price Of the stock.
The visit OF Secretary Shaw OF the treas
axon In ian,
with the discussion of the financial sit1la-
ton by the cabinet at Washington yester-
day. was regarded In some quarters as an
indication that some action toward reliev-
ing the financial situation was contempiat-
ed.
This idea was sufficient to cause a little
strength in government bonds, but later in
the day when the Secretary announced to
a reporter that he had simply come on to
look into custom house matters and thai
he did not consider the financial situation
demanded any action on his part, there
was some disappointment shown in the
street, and the market shaded of as q re-
suit
The decline. however, did not extend very
far, nor was the selling at all heavy, and
after the movement occurred the general
market again rallied, led by q renewal of
bull manipulation in Amalgamaaed Copper.
Around o'clock the market became
active and prices generally showed good
gains, the rally carrying stocks throughout
the list above all the earlier advances.
Metropolitan and the other local traction
shares all shared In a sharp upward move
ment. the former gaining about per cent
over the lowest of the day.
Erie issues. too. continued to show good
strength, doing better than a majority of
the railway list, although there were good
advances In Baltimore and Ohio, st. Paul
Missouri Pacific. Union Pacific and South
ern Pacific.
Copper was another strong feature In the
late trading. based upon another advance
in copper metal to 14% cents per pound.
In the late trading the market shaded OF
fractionally. but the undertone of specula-
ton showed unmistakable signs Of improve
ment,