Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-03-07
FINANCE AND TRADE
Bears Had Full Control Of
Stocks Today.
PRICES DROP SHARPLY
NEARLY ALL ACTIVE ISSUES
BADLY HAMMERED.
Bank Account Was Decidedly Unfavor-
able and Other Market News
Was Bearish.
PRICES DROP SHARPLY


Special Dispatch to The Evening Star.
NEW YORK, March I'm the London
market American railway shares showed
some slight reactions in prices, compared
with our closing figures of yesterday.
In the local stock market opening prices
were generally fractionally lower under the
influence OF the declines in the London
market, the reeessions here at the start
averaged from Il to rs per cent, the latter
in Canadian Pacific. which was the weak
est stock in the London market, and said to
be due to Canadian selling, owing to anticf-
patton of labor disturbances on Canadian
roads In Union Pacific the loss was q
per cent, and the stock was again under
pressure from the bear leaders, but interests
identified with the property were said to
have good supporting orders under the mar
ket, and the bear attacks were stubbornly
resisted in the initial dealings.
st. Paul was also receiving some support
from good houses in the street who think
the stock entitled to some rally after the
10-point break 1t has had in the past two
weeks.
Copper shares opened active at an ad-
vance of y per cent but subsequently lost
this gain when the rest OF the market de-
clined fractionally.
Missouri Pacific was well supported In
the early trading. and on purchases for
both accounts gained about "a per cent In
the first half hours trading. Sugar Me-
tropolitan and Peoples Gas stocks were a
shade better at the start, but there was not
much trading in either of them.
After the first half hour the market quiet
ed down considerably and the inclination
was to await the appearance of the bank
statement before taking any decided stand
In either direction. So
The market acted very well until the
publication of the bank statement, which
was very much more unfavorable than was
looked for, the banks losing over ten mil
lion dollars In lawful money, and the loans
only showing ten and half decrease. The
bears attacked the market sayagely on this
statement, and there were also a good
many liQuidating sales of long stock, caus-
ing prices to give way sharply all around
the room. In this selling movement sup
port appeared to be very limited, especially
in Union Pacific, st. Paul, Sugar. Atchison
and a good many other active issues, and
declines followed of from to per cent,
the latter in Union Pacific.
The market closed at about the lowest
prices Of the day. with the selling move
ment for both accounts In full swing. which
argues unfavorably for next weeks mar
ket unless the big interests In the street
come to the rescue in the way Of strong
support, or treasury officials are led to take
some action to avert something worse.
The weekly bank statement follows: Re-
serve or all deposits. decreased s5.2S4. 1926;
reserve or all deposits, other than United
States, decreased So 272, 750; loans, decreased
$40 563 600: specie. decreased 1904, 500: legal
tenders. decreased s2.184. 800: deposits. de-
creased sl9. 566.1O0: circulation, decreased
1853 GOO
1t will be seen by the above statement
that the banks have lost 10,176,6O0 in law
full money. Loans have decreased $40. 563.-
0OO but deposits appear to be about 81 ,173.-
600 out of the way IN relation to these two
items. The net result leaves the surplus
reserve at 1896, S75. While the decrease In
cost is very much heavier than was ex-
pected, 1t is practically offset by the de-
crease in loans. Total sales of stocks,
37S, 500 shares; of bonds, s1,344 900.