Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-02-20
Market Shows Symptoms
Of Returning Strength.
GAINS IN MANY ISSUES
AMERICAN SECURITIES GO TO
LOWER LEVEL IN LONDON.
Recoveries in the Industrial Group
Copper Opens Up-Steel Firm
Sugar Advances.
Special Dispatch t6 The Evening Star.

special Dispatch t6 The Evening Star.
NEW. YORK. February 2o.-The iocaf
stock market at the opening displayed
tendency to recover some Of the losses suf-
fered yesterday. This was especially
ticeable in the Metropolitan securities.
which after opening up q per cent. made
further gain of " per cent, the stories
afoat yesterday in regard to some irregu-
larities in the finances of the company be-
ing emphatically denied by officials Of the
| road. The other local traction shares also
enjoyed good rallies, but were not
lively dealt in as Metropolitan.
feature of strength among the special
ties was the advance in st. Louis and San
Francisco issues. the first preferred stock
gaining over four points from yesterdays
low price, and the second preferred scored
an advance of nearly per cent. While the
transactions We're not large, the stock APP
peared to closely hold and easily manipu-
lated. The strength in these issues was ac-
cOmpanied by rumOrS of a Morgan alliance.
In the London market Americans were
lower than our closing prices Of yesterday,
especially for st. Paul, which showed a de-
cline of Is per cent, but this stock, together
with the rest Of the internationally listed
shares, displayed good strength here, the
opening figures on st. Paul showing an adj
vance OF y per cent over last nights price.
and in Union Pacific, Southern Pacific.
Atchison. Baltimore and Ohio. Canadian
Pacific and Louisville and Nashville there
were good fractional gains.
In the industrial group Copper shares
opened up about / per cent, American Sugar
Refining advanced about n per cent. Smell
ters gained per cent and the United States
Steel were ffrmer and more active on the
advance in the price of steel rails
Traders were not much in favor Of the
rally. and were inclined to extend their
short lines on the rallies, arguing that not
much of movement would be likely to
occur in view of the coming holidays and
n a han nj Sfofn
on Saturday. The larger interests, however,
appeared to lend some support to the recov-
cry in the market. and 1t was noticeable
that stocks were not as plentiful in the loan
crowd as was the case yesterday and the
previous days Of this week. This WAS es-
pecially true in regard to New York Cen
trail and on covering Of short contracts that
stock again today recovered nearly 1 per
cent
After the first half hour Of trading at
tempts were made to weaken the market
by the bears. but the continued strength in
the st. Louis and San Francisco issues
Doth classes Of stock again advancing over
per cent? and the better undertone in the
general list held the market at about or q
little above opening figures. Commission
house business was rather light, wire COM
munication not yet being thoroughly re-
stored, and London's transactions were not
much Of a factor in the speculation. There
was little better demand in the bond de.
partment, with the largest transactions in
Atchison adjustment As.
The price OF refined sugars was again
advanced points, making the price an
This advance. however. had very little er.
feet on the price OF the stock.
Sales of stocks up to noon were 1852 600
shares. falling OF in activity from yester-
days record for the same period Of time.
In the early afternoon trading the traction
shares continued to be a strong feature
Of the market. Metropolitan especially. the
stock selling up to 139A, against 1876 yes
terday. Brooklyn Rapid Transit sold above
~, and Manhattan also scored a good re-
covery
The general market continued to show
slight gains ON covering Of shorts.
Regarding the movement Of money for
the week ending at the close Of business
yesterday, the banks. while gaining three
quarters OF a million from the interior, on
balance. have lost about two and one-half
millions to the subtreasury. There is also
expectations that the statement Saturday
may show a further increase in the loan
item.
After the delivery hour (2:15) some irreg.
ularity developed in the speculation some
of the active high-priced railways shading
OF. fractionally. while the lower-prtced
stocks gained slightly. The market how
ever. on the whole has held up very well
considering the weakness 1t developed at
times yesterday. and there may be more
covering Of shorts on Monday IL no uufav.
orabie news develops during the holidays.