Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-03-04
Stocks Were Irregular, With
Weakening Tendency.
MARKET RATHER DULL
STEEL SHARES STRONG ON m
PRovEMENT PLANS
Manhattan Was Again q Bull Feature
Erie Issues Also Showed
Some Strength.
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK, March 4.-Early London
prices for American railway shares showed
advances In that department Of from. y to
y per cent over our closing figures OF last
night.
In the local stock market the announce
ment late yesterday by the directors of the
United States steel corporation Of their con-
templated $500, 900 600 bond conversion plan
and the vast improvements expected to re-
suit therefrom In the plants OF that con-
Germ and in the large earning capacity OF
the corporation was expected t, stimulate
the stocks referred to. and in a general way
the entire market The opening prices did
disclose a fractionally higher level. not
only in the steel issues, but also in the
active railway shares but this firmer OPEN
Ing soon gave way to renewed liquidation.
The supply Of long stock was greatly In
excess Of the demand for short covering
and purchases for manipulative purposes.
Consequently before the end OF the first
an extent as to reach nearly the lowest
prices Of yesterday.
Southern Pacific acted weak and there
was talk OF the near expiration OF the time
for winding up the affairs Of the pool In
that stock which Is expected to throw some
Of that security on the market.
Baltimore and Ohio acted a little better.
but liquidation was stu noticeable In the
stock said to be for a small pool which has
been operating In 1t.
The copper shares continue to show fair
strength and the talk is still bullish on this
speciality. The Gould stocks, after rather
q strong opening declined with the rest of
the market, and the support did not look
as good as heretofore. Wabash strike ru-
mors checked the speculation in those
stocks and they ruled at a slightly lower
level.
Erie common was about as steady In price
as any Of the active railway shares. and
the first preferred was In good demand. adj
vancing about y per cent after the opening.
Chicago and Northwestern in its initial sale
recorded gain Of over 2 per cent from Its
last sale.
local traction shares. and after opening up
fractionally higher reacted slightly and
then rallied over point.
The street seemed favorably impressed
with the new plans as announced by the
United States steel corporation, and these
Issues were firm at a little higher level.
The plan Is a very elaborate one. and IL ex-
pected to increase the output by 2. 700. 900
tons annually. and increase earnings by
100000. and make saving Of 100000
in manufactures, adding a total OF some
thing like 81, 900 600 profit yearly.
After the first break which lasted well
into the first hour, there was a slight rally
in the general market. but prices as a rule
did not recover all Of the early losses. and
the speculation was only moderately active.
The subtreasury gained from the banks
$47S.OOO yesterday. and since last Friday
the banks have lost 81, Al 600.
There were 217,1OO shares traded In I'D to
the noon hour and at that time the mar
ket was inclined to strengthen some. MIS-
souri, Pacific led the rally with an advance
Of over 1 per cent from low figures. There
were also good rallies in st. Paul. Sugar.
Union Pacific, Manhattan and Brooklyn
Rapid Transit. Foreign houses were buy
ers on balance today.
In the early afternoon trading these was
an inclination on the part Of traders to even
up on some Of their short contracts. Bust
ness was very dull. but prices were little
flrmer. Another advance OF Il cent in the
price Of copper metal helped those stocks
to further fractional gain.
Around delivery hour (2:15 p.m.) the mar
ket showed some signs OF weakening again.
but speculation was dull and the trend Of
prices was hard to guess. Good judges Of
the situation. however, hardly expect much
Of a rally, and should one occur advise
profit taking and extreme caution Just now
on either side OF the market.