Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-03-13
Weak Opening in Americans
in London.
WALL STREET BULLISH
ERIE WAS ONE OF THE STRONG
FEATURES.
Copper and Sugar Both Developed
DISQUALIFICATION in Pacifics
Had Little Eject.

Special Dispatch to The Evening Star
NEW YORK. March 13.-American shares
In London showed declines of from y to q
per cent-compared with our closing figures.
with the exception OF Southern Pacific.
which showed an advance OF Il per cent.
In the local stock market while opening
prices were fraetionally. lower they were
not down to the London level. Pennsyl-
vania and Reading both showed slight
gains.
Manhattan sold ex-dividend "a per cent
and received fair support from the start.
Notice Of the suit brought In United
States circuit court of Kentucky against
Southern Pacific and Union Pacific by r.
J. Taylor & Co. of this city to restrain the
latter company from voting its holdings Of
Southern Pacific and to enJoin the latter
company from d!sposing OF its lease Of
Central Pacific Is the elimination OF the
keene-Harriman fight over the question of
dividend payments on Southern Pacific
stock. This action had been looked for and
the fling OF the suit did not adversely af-
feet the prices OF either Of the securities
mentioned, but there was very conservative
trading In both stocks
Both issues received some inside support
In the early dealings and rallied easily with
the improvement noticeable in the general
list soon after the opening.
Copper lost about 1 per cent In the early
dealings on what looked like an effort on
the part OF the bull pool to shake out some
or the numerous following, as the stock
subsequently recovered nearly all its loss
Sugar opened at 122lS. but was very quick
~ bid up nearly two points on manipuia-
ton. It did not hold all of this advance.
but prices did not again reach the lower
level in the early trading
News OF threatened strike among some
OF the soft coal miners In Ohio did not
nave much influence on the bltuminous
coal shares.
Bond dealings were somewhat scattered,
but prices were fairly steady
After the first fifteen minutes of trading
the market showed an improving tendency
and the list generally scored advances OF
from II to Y per cent, st. Paul. Mis-
souri, Pacific, Baltimore and Ohio, Reading
Louisville and Nashville, and most of the
active issues showing good strength.
In the second hour of trading the market
displayed greater activity. and on some
fresh covering of shorts the whole list ad-
vanced sharply. Reading was a strong fea-
ture. the stock going over per cent from
opening figures. Erie too was well bought
and enjoyed full point advance. Louis
Vile and Nashville gained per cent.
London was a seller of Erie in the early
trading but foreigners were buliish on the
steel issues, and helped the price OF those
shares materially by their purchases.
The market Quoted down considerably
around the noon hour, but prices maintain
ed most of the gains scored in the earlier
trading
There was good deal of speculation in
regard to the bank statement tomorrow.
From the known movements of money this
week appearances indicate that the banks
have lost. up to last night, to the subtreas-
ury about four millions.
At the same time the Indications ara
that there Will be another heavy reduction
in loans on account of the free liquidation
of stocks at the end CT last and the first
part of this week. and consequently large
decrease in deposits.
Around o clock the market reacted some
on realizing sales to take profits Pressure
from the bear cliques a this time helped
the decline, which averaged about "a in
few of the active shares. Support how
ever, was encountered and the undertone
was firm. The principal selling was in
Southern Pacific and Union Pacific. Money
loaned at per cent. re- s---s..5 -.s-t $. -
At 2:30 pm. the market rela psed into duh
ness with prices fractionally below the best
of the Iay, - ~ - - $3.50 =