Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-03-28
Stocks Were Irregular, With
Bearish Tendency.
NEWS WAS FAVORABLE
BANK STATEMENT WAS BETTER
THAN EXPECTED.
But for Short Covering There Was but
Little Demand-Close
Was Dull.
ecial Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK. March 2S.-London quota
lions for American railway shares showed
some irregularity In prices compared with
our closing figures OF last night. but the
market generally was somewhat steadier.
and Baltimore and Ohio gained about a
point.
The first quotations in the local stock
market were somewhat lower. but there
was some hesitancy on both sides of the
market at the start, and no hurried liqui-
dation was noticeable. as was the case yes
terday.
The largest loss in the initial dealings oc-
CURED in Pennsylvania. of V per cent
Norfolk and Western, too. looked heavy.
and both were probably again sold by Phil
adelphia houses. st. Paul quickly host per
cent from its opening price. Atchison ruled
slightly firmer. but Copper shares and
Southern Pacific were both easier I'm tone
Union Pacific received the best support in
the early trading. and there was some COW
ering in New York Central stock, which
held around 1s2. rally of 1 per cent from
yesterdays lowest price. a
The steel stocks were uncha nged and not
actively dealt In. The Reading issues, in
fact all the anthracite stocks, were a little
nrmer. on the good February statement of
the former company. showing a surplus at
ter fixed charges of $914.274. an Increase of
s,2o.l1 and for eight months a surplus of
$1.75O. O6O. .'-s
Manhattan lost about per cent on a drive
in the first hours trading but from this
level buying orders came into the market
opening price.
Metropolitan lost IN per cent on drive.
put II. too, quickly recovered more than
half Its loss. Brooklyn Rapid Transit held
fairly firm around 65.
After the first thirty minutes of specu-
iation, another savage drive was made at
the high-priced issues. unsettling the whole
list again, and declines of from " to III
per cent occurred in the most active shares,
in which which Union Pacific, st. Paul,
Atchison and Southern Pacific suffered the
most.
After the appearance Of the bank state
ment. which was more favorable than ex-
pected, the market generally rallied on COW
ering Of shorts, but the advance did not go
far. and after the first impulse to cover
was over, the market gradually lost ground
again.
The bank statement shows the banks have
gained in lawful money 81, 494 800. The de-
crease in loans is also favorable feature.
The deposit. Item Is again about 81. 600. 900
out of the way, and the net result brings
the surplus reserve up to 81, $50. 800
The statement follows: Reserve on all de-
posits, increase. $500, 500; reserve on de-
posits other than United States, increase.
S3.O9o,9OO: loans. decrease. $685. 200; spe-
Gle. decrease: sl31.0oo; legal tender, in
422 400; Shows 1922. 400; circulation. in
crease, $4,000.
In the late dealings again there was
disposition to cover some of the heavy
short lines put out in the past week. and
this gave the market fairly strong close.
New York Central scored q net gain of
nearly per cent on the days transa ctions.
being wen supported throughout the ses-
sion. -. -..ssy - -...---.y - - $50
Pennsylvania was also fractionally higher.
and there were gains in Reading, the Rock
Island issues. Baltimore and Ohio COM
mon. which was the feature of strength in
the London market. and other issues. such
as Wabash. Missouri Pacific. St Paul, Man.
haitian. Metropolitan and Brooklyn Rapid
Transit All showed a fairly good demand
in the final trading. rr 49,. L.-
The subtreasury gained 5000 from tho
banks yesterday.
Notwithstanding the heavy declines i'm
the stock market this week occasioned by
the activity of the big bear leaders and
their following. there does not appear.
mentally wrong. with. the basic conditions
governing the speculation, excepting the
security congestion resulting from the
numerous new series recently authorized
by the different important railroad CON-
panies
Mercantile agencies continue to make re-
ports highly favorable so far as conditions
prevail in the general trade throughout the
country, weather, crop situations. distri-
button, transportation and collections all
show improvement and are distinctly bull
ish factors and railroad earnings generally
show small Increases over the record re-
turns of year ago.