Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-02-28
UT OUT LONG LINES
MARKET STRENGTHENED UP AT
THE CLOSE.
Bank Statement Better Than Was tx
pected and Favorable Reports
From Here Helped.


Special Dispatch TO The Evening Star.
NEW YORK, February 2s.-American
railway shares in the London market were
somewhat irregular. but prices generally
were about on parity with our closing
figures Of last night.
In the local stock market the opening was
quiet and without special feature. At the
start there was some inclination to extend
the rally noticeable at the closing yester-
day, but after the first half hours trading
the bears became aggressive, and the mar
ket generally developed weakness. The
news on the chances Of the passage of the
Aldrtch bill was somewhat mixed. The
best Information. however. pointed to the
defeat of the measure at this session.
The weakness in New York Central at the
start, selling off IN per cent-the less active
support in the Gould issues, and some CIV
ing way in the United States Steel shares
had disheartening effect upon those who
expected to see a continuance Of the cover
ing movement noticeable yesterday at the
close.
Wabash issues were not as strong as In
the weak market Of yesterday. notwith-
standing numerous reports Of q better I'M
Outstanding between the Gould Pennsyl-
vania interests.
The traction shares acted pretty well.
Metropolitan still showing support from
the shorts. but Manhattan lost over .
point. Brooklyn Rapid Transit received
some support from the interests Identified
with that property and rallied easily when
ever the general market showed a ten
dency to Improve. Pennsylvania, though
not active was relatively firm throughout
the early trading. The Copper shares, too.
displayed some tendency to resist pressure
and were not much changed in prices from
At the end of the first hour the market
again rallied slightly. but room sentiment
was still bearish. In anticipation Of bad
banr to % sSsls. tss nd nrsf
bonds to $754, 600 The market became very
inactive after the first hour Of speculation,
with irregular price movements.
The appearance Of the bank statement,
which was much less unfavorable than hac
been looked for. and news from Washing.
ton that an attempt would be made to get
consideration Of the Aldrich bin In the
Senate this afternoon led to a sharp rally
in the whole list. In which the recoveries
wiped out the early losses and left prices at
q, slightly higher range than at the close
last night. The late buying In the copper
looked particularly good and was rather
aggressive. Government bonds were UNI!
changed and railroad bonds steady. Sales
Of stocks amounted to $50, 800 shares, and
for bonds, 81. LII. 900.
The bank statement follows: Reserves on
all deposits, decrease. $3.O69. 775: reserves
on other than United States deposits. de-
crease, $3,OS9. 100; loans. decrease. $50 400:
specie. decrease, A.O71. 600; legal tenders.
decrease. $771.4O0: deposits. decrease, N,Olz,-
800; circulation, Increased. $S1 800. +
The loss in lawful money Is nearly $4,000
600 less than was foreshadewed yesterday,
being $,795, 000. but the most interesting
item Is the slight decrease in loans, which
was entirely unexpected. and indicates that
borrowers have resorted for accommoda-
tons to the foreign markets, and that out
of-town banks have probably loaned here
quietly considerable sums of money.
The decrease in deposits Is larger than
1t should be by over 100000. The net re-
suit brings the surplus reserve down to
1891 800.
From the action of the market at the
close a very large short interest was In
Dictated, and should there be any favorable
developments at Washington regarding the
currency bill prices will more than likely
rally sharply on the covering of outstanding
short contracts, as recent sales have been
put out chiefly by professional traders.