Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-03-30
Bears Waged Active Cam
paign Again Today.
PARTIALLYSUCCESSFUL
UNDERGONE TO MARKET WAS
FAIRLY STRONG.
Leading Active Stocks Were Rather II
regular-Some Good Buying for
Foreign Account.
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK, March 30.-London prices
came generally higher this morning In the
early trading. Advances ran as high as rs
for St. Paul. In the later dealings the
market showed gains of from u to " per
cent over Saturday. Consols were I'M
changed.
In the local stock market opening prices
were rather irregular. but on the whole
fractional declines were observable, espe-
cially in the internationally listed stocks
There was a noticeable lack OF enthusiasm
at the start and 1t appeared as though the
good bank statement of Saturday had
fallen fat st. Paul. although showing
good strength in the London market, opened
of q per cent and quickly lost " per cent
more. where some support was encountered
and most of the loss recovered.
Southern Pacific and Union Pacific both
acted heavy at the start, declining sharply
after the first few minutes of speculation,
but the former rallied sharply from So. its
lowest level. to 90 before the end OF thirty
minutes trading. Union Pacific rallied
rather heavily in this improvement New
York Central and Pennsylvania, both lost
about / per cent at the start, but were
afterward rallied to above opening prices by
a good demand from the short interest.
The steel shares were weak at the start.
but met with supporting orders. and re-
gained more than they lost in the initial
trading. Sugar. Copper and Manhattan
showed some improvement at the start. but
reacted with the rest Of the list little
| later on. After the first half hours trading
there was quite little buying to cover
short contracts. and the general list sold
back to and in some cases above opening
prices. The subtreasury gained $4,000
from the banks on Saturday, and since last
Friday the gain amounted to s1,172 OO0
Early bond trading was featureless.
Canadian Pacific was helped little by
buying from Montreal. The early pressure
on the street shares came from the bear
| interests. who were trying to make capital
out of the trouble among the structural
steel workers.
Up to the noon hour 2Ss. 200 shares of
stock and 81. 600 in bonds were dealt
in The market at this time continued to
rally on short covering and some buying
by foreign houses. who took from 10000
| to $1,000 shares of various internationally
| listed stocks.
The arbitrage houses had the advantage
| OF q small difference IN the parity between
prices here and the ruling prices in London
These purchases would have probably been
heavier, but for the fact that the specula-
ton in London is rather dull just now; they
appearing anxious on the other side to
| await the initiative movements here in the
daily market trading
The early out-of-town orders. accumulated
y,
but this was naturally to, be expected
owing to the weakness of the market on
| Friday and on Saturday of last week. Room
| traders generally were inclined to take the
| long side Of the speculation after the first
decline today. expecting some recovery In
prices from the low levels that have pre-
vailed the past week.
At the noon hour most Of the active
shares had scored good recoveries of from
| u to 1 per cent above the opening prices.
| and the demand for Pennsylvania. South
ern Pacific, Union Pacific, Baltimore and
Ohio and the local traction shares appear
ed to be increasing.
In the early afternoon the market became
dull and prices as rule were inclined to
react.
Some pressure was again noticeable in
New York Central, and also in Union Pa
cific and Southern Pacific. These stocks all
declined about q per cent from the best
rally, ana the general list showed reac-
| tionary tendency in consequence, as only
| nominal support was observable. Money
| continued around per cent.
Just before delivery hour there was an
| other determined effort 20 break the mar
ket.
New York Central, Pennsylvania, st.
Paul and Union Pacific were all attacked
with great vigor. The first named stock
| was forced down to 1907, the lowest price
1t has touched in the late selling move
| ment: Pennsylvania held fairly well around
137; st. Paul lost over g. point, and Union
Pacific sold under 80. The rest Of the
market declined about " to u per cent In
| sympathy with the weakness in the high
priced stocks mentioned.
1t Is stated by close observers that the
purchases for the foreign account totfy
| have been more important than the dealings
| Of the arbitrage houses would publicly In
dictate. Besides London's purchases, there
| was some large blocks Of bonds and scat
| tered stocks bought for Holland account.
| The total foreign purchases have probably
footed up cash value OF about $3,0OO,O00.
While this did not seem to offset our mar
ket to any extent today on account OF
bearish sentiment now prevalent, good
judges of the situation feel much encour-
aged over these foreign purchases.
| In the late trading the market again en-
joyed a fair recovery on purchases for
| short account and some investment buying.
Nam Xnrlr Stock Marlef