Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-03-25
FINANCE AND TRADE
Stocks Opened Strong, but
Reacted Later.
CLOSE WAS WEAK
ISSUES.
Southern Pacific, New York Central
and Pennsylvania Among
Those Attacked.
CLOSE WAS WEAK

special Dispatch to The Evening Star.
NEW YORK. March 2S.-The London
stock market again showed reactions in
American railway shares extending to IL
per cent In Southern Pacific. Consols for
both accounts again declined 3-16 per cent
but later on improved
In the local stock market. although the
opening was rather spirftless and prices in
some instances were fractionally lower.
there seemed to be disposition on the
| part Of the pools to lend a little support to
their different specialties.
The market after the first few minutes
OF trading showed somewhat better tone
than was the case in the late dealings yes
terday.
The copper shares were about the weak
est feature Of the early speculation. Ana
conda losing per cent and Amalgamat ed
lost about Y per cent.
st. Paul sold ex-dividend at the start and
the opening figures showed a decline Of "
per cent from last evenings closing figures.
from which point there was slight further
decline. the stock being quite active. but a
great deal Of 1t looked like washed
sales. and it is probable there was some
good covering OF short stock mixed with
the swapping process. Union Pacific open
ed fractionally better and was given fair
support in the trading that followed.
Manhattan and the other traction shares
still acted in an unsettled way owing to
the persistent demands OF the employees OF
Something definite will probably be known
within forty-eight hours regarding the out
come of the several conferences that have
been held regarding these demands.
Rock Island issues, after opening slightly
lower, recovered their losses. but the pool
did not appear to be very actively bullish
in them.
Southern Pacific did not show the reac-
To- hot r
other side. The stock was very slow open
ing and then the figures were about TN
changed from yesterdays closing price
New York Central acted WELL After open
ing on Is the stock quickly gained x per
cent on buying. said to be for strong inter
estS IN the street. q good deal of reliance
oelng placed on current reports that the
Standard INSTRUMENTATION inter-
ests nave recently accumulated a good deal
OF this stock, and that the Vanderbilts are
not likely In the future to be bothered with
the cares of dts management
In the first hours trading there was
good deal of irregularity in the speculation
Copper shares continued to show weakness.
The trading in st. Paul was cratic in the
extreme. The bearishly inclined were ham
merfng the local traction shares with some
slight success in Metropolitan and Manhat-
tan, but the general market remained at
about opening figures, with the exception
of New York Central, which. although los
ing part of its early rally, still retained
" per cent of the gain.
The subtreasury gain from the banks yes
terday amounted to $4,000 and since FRI
day last the gain amounts to $685. 600
There were 2A, 300 shares of stock traded
in up to noon, and 81 ,024 600 in bonds. Lon
don traded both ways in our market, and
commission houses were moderate buyers
at the opening. The market at noon dis
played some inactivity, but prices on the
whole were slightly above opening figures
In Metropolitan the stock was bid up over
a point between quotations. showing a
large short interest, and the improvement
extended to LIZ per cent from the early low.
The other traction shares improved frac-
ttonally, but were not so actively dealt in
The early selling of st. Paul was said to
have been for the western bear crowd. Not
much Roadway was made in their attack
and the stock recovered nearly all of its
early loss at the end of the second hour of
trading.
In the early afternoon the trading sentt-
ment continued mixed; there were selling
Pacific which carried the latter stock down
fractfonally, and some manfpulative buying
In sugar stock which carried the price of
that quality up to 128, gain of over IL
per cent from the early low price, and up
ward movements in Metropolitan and New
York Central, the latter being favorably
affected by more reassuring news on the
New Haven roads difficulties with it's en-
ployes, the best information tending to
show that there would be no strike on that
system.
III the late tTdulHS dHOtHeT OeteTIulHeu
selling movement developed. the greatest
pressure being directed against Pennsyl-
vania, St. Paul. Union Pacific, Southern
Pacific and the local traction shares. In
this drive against prices the general list
weakened perceptibly. in a great many
cases the lowest prices of the day being
scored. There was no news to account for
the selling, but as consequence, the bank
statement Saturday is likely to show an
other good decrease in the loan account,
and the market itself technically much
healthier on account Of the increased short
interest. Money loaned at 51z and per
cent.