Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-02-18
FINANCE AND TRADE
Opening Prices Showed Some
Declines,
THEN TOOK A RALLY
EXCEPT NEW YORK CENTRAL,
RAILWAYS WERE NEGLECTED.
Governing Committee Decides to Close
the Stock Exchange on satur-
day and Monday.
THEN TOOK A RALLY

special Dispatch to The Evening STAR
NEW YORK, February 1S-In the Lon
don stock market today Americans showed
some heaviness. due possibly to our some
what lower range OF prices yesterday. and
to the Balkan situation. .~9..s
In the local stock market the opening
prices showed some declines from the clos
Ing figures of yesterday. and their attempts
on the part OF the room traders to help the
decline. There was no particular news,
however. to justify the selling, except the
possibility OF gold exports on Thursday;
but as this was the principal factor Tor the
heavy selling yesterday. 1t hooks as though
the bears would more than discount gold
shipments before they occur.
There is not as yet any certainty that
shipments Will be made.
After the opening prices were rallied a
little on renewal OF bull manipulation in
the copper shares and few other indus
trial stocks, such as Tennessee Coal and
Iron, Shelters and American Locomotive.
The railway stocks were neglected. with
the exception Of New York Central, which
again showed heaviness.
Inc big operators do not appear to be do
Ing much Just now in the market and ara
not unwilling to have the bearishly inclined
traders make a good short interest in the
market on which to base an upward move
ment when Congress adjourns.
The outside public does not appear to be
IN the market either. so that the narrow
market we have had for the past few days
IS entirely natural and due principally to
the wh1ms OF the floor traders.
me wires are still in bad shape and
greatly interfere with out-of-town orders.
", Whicn iends help to the traders, as the pub
nc; as a rule, generally favors the long
slde OF the market. --
Anal. Copper gained over 1 per cent be-
lore the end Of the first hour, and Anacon-
with good gains in Tennessee Coal and
Iron and American Locomotive stocks
nelped the general list to a slight recovery
from opening prices. .r -
Missouri Pacific gained Il Canadian d.,
cif1c Is: New York Central, u, and there
list. ~ ~'e
The local traction shares as a eroup.
showed the best strength in the early trad
ing, with Brooklyn Rapid Transit holding
the lead.
In the early afternoon the market be-
came very inactive, the trading in Copper
shares being about the only feature of the
speculation. the stock selling up to "A,
against 721z at the close yesterday.
There was good deal Of talk about bet
ter trade conditions, and Boston operators
continue very bullish on the metal
There seems also to be an awakening
speculation in these issues in the London
market.
New York Central continued heavy and
there were a variety Of rumors in regard
to the heavy selling and consequent weak
ness In this Vanderbilt speciality noticeable
for some time past.
The favorite bear argument against the
stock Is that the company will shortly re-
Quire large loan to carry out its ter
mtnal plans and improvements and has had
to pay out great deal of money In meet
ing the claims due to the tunnel disaster.
The Atchison board of directors author
lied yesterday the issue Of S. 100000 of the
Eastern Oklahoma division first mortgage
4 per cent twenty-five-year gold bonds
The proceeds Of this issue are 70 be used
for the construction and acquisition Of other
additional properties and not for improve
ments nor betterments Of existing proper
ties F.zs :. =
The banks are said to have lost about half
a million to the subtreasury since last FRI
day. SECS ~.
Call money continues easy at "a per cent
but time money rates have stiffened a little
The governing committee took favorable
action today on the petition to- close the
stock exchange next Saturday and Monday
on account Of Washington's birthday.
In the late trading the further liquidation
In New York Central of what looked like
long stock, at the lowest price 1t has reach
ed In some months. encouraged the bears to
sell the general list. causing reactions OF
from n to y per cent in most of the active
shares.