Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-02-13
Stocks Lower, but Active at
the Opening.
ERIE ISSUES HEAVY
GOULD SECURITIES WEAKER
THAN AT YESTERDAYS CLOSE.
Amalgamated Copper Shows Irregular
ICY on Reports Of Heintz Victory
General Electric Strong.

Special Dispatch to The Evening Star
NEW YORK, February BIN the Lon.
ooh market Americans showed heaviness.
declines of y to v per cent taking place
there In the local stock market the OPEN
ing was active and generally lower the
Erie issues being heavy and pressed for
sale. the depressing factor being the action
OF the directors of that company on We'd
nesday in authorizing an immediate issue
OF $lo.eoO.O00 in bonds for improvements
near New York city and to rebuild termi-
nails. etc. with a provision that s40,oa0oOO
additional bonds may be issued from time
II time Is necessity may demand
The bonds are to be per cent gold con-
vertibies. and are to run fifty years The
greatest disappointment seemed to be over
the fact that the new financing plan had not
been accompanied by any of the favorable
developments which had been so much
talked Of In the recent past. At the start
the first preferred and the second preferred
lost little over 1 per cent. the common
~ Out after the first few minutes of specu-
lation all classes of the stock gained frac-
tionally. This rally. however, did not last,
and the stocks soon thereafter relapsed into
sagsing tendency, helped by sales of the
room traders. who were very bearish on
the securities.
The Gould stocks were, next to the Fries.
the most active In the trading and alt,ousb
there were small losses in the majority OF
these stocks there appeared to be at all
times better buying than selling in
them st. Paul. Union Pacific and South
ern Pacific were from " to rer cent
lower, the former stock being the weakest
feature in the early London speculation.
Southern Pacific was sold by arbitrage bro
kers for London account On rumors there
which were denied hereof the serious ILL
ness of prominent pool broker In that
stock.
Rock Island also showed heaviness In the
early trading as it was figured out that
there was nothing In the recent stories re-
garding its relation with the Erie system
In the industrial list Amalgamated Copper
showed some irregularity reports Of
Heintz victory in Montana.
General Electric continued to show good
strength, and the price gained over 1 per
cent soon after the opening.
The steel issues were somewhat lower, but
very inactive. The same was also true OF
sugar stock.
New York Central and PENNSYLVANIA
showed the usual heayiness that has char
acterized the tone in these securities for
some time. The trading in them was, how
ever. somewhat restricted.
After the first hour the traders sold the
general list on renewed weakness In the
Erie Issues. which lost over 1 per cent
from the earlier declines. This heavtness
caused the general market to sell or and
there were recessons of from n to q per
cent In the active shares
sales OF stocks up to noon were 2O7, 800
shares, and the market at that time con-
tinued to show weakness London was
quite free seller, and there was some
Incubation OF long stock especially in the
Erie issues. The only news obtainabIe to
account for the heaviness in the market was
a reiteration of the illness Of the broker
before alluded to and in the disappointment
felt over the new Erie bond issue. The
bank statement. looked for tomorrow, Is ex-
pected to be fairly good one. though the
banks are known to have lost some cash to
the subtreasury.
The Southern railway issues held better
than the majority Of the active, railway
stocks, the common only losing about "A per
cent, while the preferred scored a frac-
tional gain. This no doubt was due to the
acquisition of the New Orleans and North
western railroad, road that will. at last,
estabf1sh connection. over its own system,
with every important seaport on the At
lantic and the GUT coasts.
In the early afternoon there was a little
covering movement noticeable and on this
buying the market improved fractioRally
the best gain being in Missouri Pacific
The market, however, was not active nor
Around the delivery hour (2:15 d. m) the
market enjoyed further rally, Missouri
Pacific advancing about l per cent from its
lowest price, and there were recoveries of
from 3-S to 81 in the general market, the
latter in Eries. on covering of some Of the
short sales put out earlier in the day The
undertone of speculation at this time look
ed healthier, and the pressure on the mar
ket seemed TO be withdrawn for the time be-
ing.