Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-02-24
Local Market at Opening Was
Generally Lower.
BEARISHLY INCLINED
SOME OF THE LOSSES RECOVERED
AFTER FIRST HOUR.
Up to Noon are, 900 Shares Were
Traded-London Continued 10
Be o Seller.
Special Dispatch to The Evep,n. Star.

Special Dispatch to The Evening Star
NEW YORK. February "a, 190s.-London
prices for American railway shares showed
rather heavy tone this morning, declines
IN that market extending from S-S to ia
Der cent
In the local stock market the opening
while not active, was generally lower, and
there was disposition to sell stocks on the
poor bank statement Of Saturday and more
talk of gold exports.
In the initial prices there were declines of
from u to IL. the latter In Metropolitan
Railway. The other stocks Of the local
traction also suffered declines OF over a
point
Southern Pacific, Tennessee Coal and Iron
and Missouri Pacific lost about 1 per cent,
and there were good fractional recessions In
most OF the active railway issues, with the
exception Of St Louis and San Francisco
and the Wabash shares.
The former stock-opened up 81 per cent.
and on good demand for the stock made a
further gain Of " per cent. after which. on
realizing sales. the stock reacted trife.
The Wabash issues held most of the ad-
vances scored on Friday.
The Anthracite Coal shares were weak,
but there was no special news on them. 1t
was suspected, however. that there had
been some good selling for New York ac-
count in the early London market.
Copper shares acted fairly well at the
start but later reacted with the rest Of the
list.
The United States Steel issues were fairly
steady on expectation of an early announce
ment OF the contemplated bond issue.
On the whole the early trading showed
fair support, but the traders as a rule were
bearishly inclined and after the first half
n n,o1 str, trading there was general recess
sure on Baltimore and Ohio and Union Pa
cific.
In the bond department there appeared to
be an unlimited demand for st. Louis and
San Francisco refunding As.
After the first hour the general market
recovered some of its losses on the renewed
activity and strength In the Wabash stocks
and bonds, preferred stock rallying over q
point and the common and debenture .'B'
bonds gained nearly per cent.
Up TO the noon hour there were 2769
shares traded in, and at that time the Wa
bash issues and some OF the other Gould
shares continued to show good recoveries
from the opening prices.
London continued to be a seller of stocks
In our market, being quite an active one in
Wabash preferred. The market, however,
though professional. continued to show evil
dences of important operations going on.
especially In the Gould group.
can railway shares continued to show
weakness throughout those issues.
In the early afternoon there was anothGe
selling movement started by the traders.
the most pressure as in the earlier trading,
being directed against Baltimore and Ohio
and Union Pacific.
This movement developed some fractional
declines In the general market. but the sell.
ing was not considered significant, and tho
urdertone of the market remained fairly
firm. with the exception of the local trac-
ton shares, in which there were declines OF
over point in Metropolitan and Brooklyn
Rapid Transit.
There was rumor that several Of the
local banks had received hurry orders
from Chicago for currency to the
amount OF about 81 100000 on account
of the currency famine at that Gen.
ter. Although no announcements had
been made by the subtreasury officials
up to 1918 pm, regarding this rumor the
bears used 1t as a fact and sold the market
on 1t. w.
In the late trading there was some irreg-
ularity to the speculation, Copper and tho
Wabash issues continuing to show good
strength, while the rest Of the list was held
in check and in some cases weakened by
the selling Of the professional traders, who
are bearish on the outlook.