Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-03-23
Bears Attack Southern Pacific
Issues.
MEET LITTLE SUCCESS
STRONG UNDERGONE TO THE
MARKET.
London Was a Free Seller - General
List Inactive, With Slight
Changes in Prices. a,
ecial Dispatch to The Evening star.

Special Dispatch to The Evening star.
NEW YORK, March 23.-In the London
stock market American railway shares
showed fractional declines compared with
our closing prices Of Saturday. with the ex-
ception Of Illinois Central. which was UP
B per cent.
At the opening here the initial prices
averaged slightly lower and business was
fairly active.
The most pressure appeared to be against
Union Pacific and Southern Pacific. the
former losing about Is per cent after OPEN
ing of % per cent. and the latter reacted
about % per cent. st. Paul opened up
slightly. but soon receded to a fraction be-
cific opened of nearly a point from Lon
don's price. Rock Island issues opened on
about 70 per cent.
In the local traction group there was a
tropolitan and Brooklyn Rapid Transit. both
OF which held around the final figures Of
In the industrials Tennessee Coal and
Iron was feature OF strength. gaining Il
per cent, while Sugar was just the re-
verse acting weak from the start and soon
losing y per cent. The Copper shares
showed fractional recessions, the Steel
stocks were barely steady. while the hard
coalers were somewhat lower and neglect
ed.
The miners conference Id the west had Q
tendency to check speculation In the btu.
Minous shares. and B. and o. and Norfolk
and Western both showed slight recessions
In consequence. The fact. however, should
not be lost sight of that on April LIST an
advance Of 10 cents per ton In the haul
ing rates on soft coal goes into effect and
that the present contract prices range from
80 cents to IS cents per ton over those Of
last year.
The weakness In Southern Pacific at the
start DD0arod he n renewal thu
foreign selling Of that stock and a little
easier borrowing demand in the loan crowd.
The feature Of the bond dealings was
the renewed activity In Frisco funding Is.
the price holding around Saturdays ad-
vance.
During the first hours trading the mar
ket generally showed a gradual sagging
tendency. the losses. however, were not
great, and at the lower level there appeared
to be some quiet picking up Of the active
shares. This was especially noticeable in
st. Paul. New York Central, Metropolitan.
Baltimore and Ohio and Brooklyn Rapid
Transit.
There were over 100000 shares traded In
up to noon, and the market at that hour
showed signs Of recovery. The supply Of
long stock was noticeably diminished espe-
ctally tn Southern Pacific. which stock
quickly gained over per cent from its
early low price on attempts on the part Of
Paul. Metropolitan railway and Union
Pacific We're also bought for the same &C
count. and all showed good fractional re-
coveries from their low prices.
London traded in about 12.000 shares,
mostly sales. In which Southern Pacific
figured the most extensively They were,
however, free buyers OF the San Francisco
funding As. a. feature, as before stated, of
the bond transactions. E
/ There was very little active trading In the
early afternoon speculation. excepting In
wabash issues. the preferred stock Of
which, on rather free trading, sold up
IA per cent
The general market continued to hold the
monday recovery and Southern Pacific
showed a hardening tendency, with in
creased demand from the short interest IN
it. .'8s 3--el
Money ruled from 81 to * per cent. .i...
After the delivery hour the room traders
were disposed to work for reaction on
account of the lack of outside interest in
the market Prices shaded OF to about
opening prices, with some general excep-
lions, notably in Tennessee Coal and Iron
the Wabash issues and few other fnactfve
shares.
In the late trading the traders were still
trying for greater reaction in the general
list, but only meeting with nominal success,
the undertone still continuing to show a fair
firmness. and there did not appear to be any
real pressure to Hquidate long stock.