Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-03-16
Sharp Break in Stocks During
Afternoon.
TIGHTNESS IN MONEY
PROSPECTIVE LABOR TROUBLES
ALSO DETERRENT INFLUENCE.
Declines Reached as High as Five
Points in Case of New Haven
Railroad.
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star
NEW YORK, March 16.-London prices
for American railway shares showed some
slight reactions compared with our Satur-
days closing figures. Consols were l-iG
per cenr higher for both accounts.
In the local market stocks opened some
what irregular. There were initial losses
of per cent in Canadian Pacific. said, To
be due to a new issue OF stock TO The
amount of $l6000oo0. But this new Issue
viii be disposed Of In London, It is thought.
without difficulty. the stock Is well
thought of there and has many strong
friends who expect great future FOR the
railroad.
Southern Pacific declined - and Atchisou
Is per cent at the start. Rock Island open
ed off " per cent, Copper ruled per cent
lower and Consolidated Gas lost per cent
on sales OF long stock brought about By
the municipal electric light plant agitation.
Reading, Union Pacific. Wabash pre-
ferred Tennessee Coal and Iron and Chi
cago and Northwestern ali showed frac-
tional improvements. with the exception OF
the latter stock, which gained IL per cent.
After the first ten minutes Of trading the
market showed firmer tone. but trading
was rather light, and the traders were in
clined to be bearish on account Of labor
troubles on the New Haven road. and
rumors of threatened strike on the Chicago
and Alton road, which had the tendency to
somewhat restrict trading.
After the first hour OF speculation the
market again showed signs OF strength.
and there were small rallies In Sugar.
Reading, st. Paul, Missouri Pacific and the
copper shares Some favorable factors In
the speculation were a gain of Sy5l,oOO by
the banks from the subtreasury since FRI
day last and the arrival Of nearly SO0.oS
In francs by the French liner La Lorraine
yesterday from Havre.
Around the noon hour the market showed
sagging tendency, with special efforts
on the part Of the bears to break the price
of Southern Pacific. Union Pacific and New
York Central. Very fair support. however.
was shown In these stocks. and there was
very little long stock coming out anywhere
around the room. London sold some of the
Erie issues, but the stock was only slightly
affected by these sales. and all the news
on this property and the Reading shares
tended toward higher prices for both
stocks.
Copper lost little ground on continue.
ton of the Boston selling to take profits,
the idea being that the stock had about
discounted any steps looking to an Increase
In the dividend to per cent. New York
Central and Consolidated Gas also con-
tinued to act heavily, but the market was
too narrow to look for any extended move
ments either way in the specula taon.
In the early afternoon the selling move
ment became somewhat greater on talk OF
the labor troubles spreading In the east
and west, and the market did not hold as
Well noticed in the earlier trading. The
bears were quite active in New York Cen
trail, Consolidated Gas, Union Pacific and
Southern Pacific, and these issues all lost
ground rather easily. New York Central
stock sold below the level reached when il
was attacked a week or two ago. This
directly traceable to the strike on the New
York, New Haven and Hartford road. The
general list lost from Y to III IN this SELL
ing movement and assured unsettled
look throughout. New Haven stock lost
over 5 points from Saturdays closing
figures.
The highest prices OF the day were
reached in the early forenoon since that
time there has been continued short selI-
ing, said to comes from the Keene crowd
and directed especially against; Union Pa
cific In which stock there appeared to be
good support from the inside on every frac-
tional decline. The price nevertheless
showed over . per cent decline from OPEN
ing figures and gave no indication OF hay-
ing reached bottom then.
New York General and Connecticut Gas
both continued weak and apparently with
very little support from interests identi-
fed with those properties.
st. Paul lost about X on the day. Sugar
about l per cent, Baltimore and Ohio Ia.
Rock Island common about IL. the pre-
ferred IA, and the general list from TO is.
The Waldorf-AStoria or western crowd. as
II Is called, were also free sellers of the
general market.
The principal factors for the selling being
the per cent money rates and the unset
Ting conditions brought about by the pres
ent and prospective labor disturbances. In
the late trading the market enjoyed slight
rally, but this, Ii was thought was simply
due to a little short covering.