Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-04-02
FINANCE AND TRADE
Bears Had Another Inning
in Stocks.
M ARKET WAS DULL
SHARP BREAK IN WESTERN
UNION.
Said to Be Due to Marconi's Rivalry
Attack on the
Pacihcs. i

Special Dispatch to The Evening star.
NEW YORK, April 2.-Reports Of severe
fighting in Albania was responsible for an
unsettled market in London the market
there for Americans showing general frac-
tional declines. with the exception of New
York Central. which was up IN per cent.
In the local stock market the opening
was very inactive. but prices generally
showed small declines compared with last
nights closing figures. The labor troubles
throughout the country were an important
factor in lettering outside clients from
participating in the speculation. and the
bears were again inclined to activity in
consequence.
Another troublesome factor was the
Southern Pacific-Union Pacific fight. the
day at Nashville.
The bears were at work principally in
New York Central. st. Paul and Pennsyl-
vania at the start. and were helped some
by bad break in Western Union Tele-
graph stock and a good deal Of weakness
in Colorado Fuel and Iron.
The decline In Western Union was attrib-
uted to some liquidation OF long stock be-
cause OF the Marconi and DeForrest wire
less telegraph companies advertisements to
send messages for 1 cent a word. The Col
orado Fuel and Iron stock was pressed for
sale by the bears, who commenced yester-
day campaign in that security on account
OF new issue Of bonds
me opening prices showed declines of
from 70 to Y per cent. the latter occurring
In Amalgamated Copper. ST. Paul. Penn
sylvania. Atchison. Southern Pacific and
Union Pacific opened off about "a per cent:
Sugar off ". on a further reduction of Ave
points IN refned sugars. announced by the
ArDuckles this morning.
LONDON an earlV seller here h,It ia
sales were not large enough to be much
Of a factor. =
After the first hours trading the mar
ket became very dull, with prices holding
fractionally lower than at the opening
The attack on Western Union appeared to
De a preconcerted affair, and the selling
ORDERS were traced to a prominent bear
operator. the theory Of the street being that
through its decline he hoped to cause some
liquidation Of long stock by outsiders and
unsettie the general list to facilitate cover
ing Of short contracts elsewhere in the mar
ket.
Union Pacific and Southern Pacific were
both about the heaviest Of the railway
shares, while Pennsylvania and New York
Central did not show as good support as
was the case yesterday.
Call rates for money opened at per cent,
reacted to Z, and in the early afternoon
were bid up to 10 per cent. the higher rate
encouraging the bears to renew some SELL
ing In the active stocks, notably in Mis-
souri, Pacific. st. Paul and the Wabash
issues
The market has been pretty well tested
throughout the session today by some OF
the larger bear interests, the endeavor
being to find some weak spot where the
hammering process could be done with
enough success to enable the bears to cover
some Of their large outstanding short COM
mitments elsewhere in the market.
1t was with this idea that the attack on
Colorado Fuel and Iron and Western Union
stocks were made earlier in the day, and in
both stocks the selling was moderately sue
cessful. Western Union, however, recov-
cred some of its loss and the attacks did
not appear to bring out the liquidation of
long stock the bears expected.
In the late trading the general market
was holding very well around prices that
in most instances were only fractionally be-
low opening figures. The Gould issues were
not as well supported today as they have
been in the recent past, but 1t is safe to say
that the selling in these stocks today repre-
sented in a majority of orders short sales
rather than liquidation Of long stocks.