Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-03-26
FINANCE AND TRADE
Stocks Opened and Closed
Strong.
BROKE IN INTERIM
ISSUES.
Pennsylvania, New York Central and
Others Changed Several Points
During the Session.
BROKE IN INTERIM
Special pispatch to The Evening star.

Specihl OiBpatcn 10 Inc Evening star.
NEW YORK. March 26.-Early London
quotations for American railway shares
disclosed the usual fractional declines, but
consols were considerably improved. In the
later trading Americans became firmer.
The local stock market opened fractional
ly higher. In Metropolitan the gain was
IL per cent at the start. Manhattan also
opened strong.
The internationally listed stocks as
rule. showed gains equaling the declines in
the foreign market. Wabash preferred and
Baltimore and Ohio common opened with
a gain of * per cent, while Southern Pa
cific showed q advance in the initial trad
ing. Reading was up IS, and there was a
good demand from the shorts for Union Pa
cific The opening transactions in Pennsyl-
vania were quite large and the stock gained
" per cent on covering purchases. St. Paul
met support at the opening and gained "
per cent in the first ten minutes OF trad
ing. Tennessee Coal and Iron rose y per
cent.
After the opening a strong covering
movement set in and the general list i'm
proved smartly for fifteen minutes, after
which the bears renewed their selling tao
tics, and the general list weakened easily.
copper showing the greatest pressure, in
huehCeu 70 some extent Dy the lower
don market in the stocks. After the first
half hour Of trading the market became
very irregular.
Metropolitan lost all of It's opening gain,
Sugar lost II, New York Central per cent,
and there were fractional recessions in
most of the active list. the losses extend
ing to n per cent in the general list. At
this level supporting orders from the shorts
came into the market, and prices generally
improved to nearly opening figures, with
the exception of Pennsylvania. which lost
all Of its early gain, caused by Philadel-
phia covering orders and confined heavy
at about 3-8 per cent under it opening
price. Bond trading was quiet.
The Subtreasurys gain yesterday from
the banks amounted to $1,320O00. and since
Friday the gain foots up $2,15S,O0O. The
publication OF these figures was the cause
for the second selling movement at the end
of the first half hours trading.
The difference between present prices, TAX
ing last nights closing figures-1411s-ani
the net price is the value of the rights.
namely, "a. The conversion Of the con-
vertible 81 per cent bonds Will no doubt be
greatly increased on account Of the deca-
ration Of the rights
Transactions up to noon totaled 319, 700
shares, and for bonds, 81 ,03s,000.
Amalgamated Copper. the stock so heav-
lily sold at the start by the western crowd,
was bid up until the advance reached
nearly 2 per cent, while most of the active
shares gained about " per cent over the
extreme low.
Pennsylvania continued under pressure
from the bear contingent and acted weak,
the price reaching 1895. Money loaned al
81 per cent.
In the early afternoon trading the larger
bear clqueS again hammered the market,
the selling being concentrated on New
York Central and Pennsylvania, with a
view to unsettling the rest Of the market.
The selling started on the report that New
York Central would soon issue ST., 900 600
new stock and although valuable rights
would accrue thereon to stockholders, new
stock issues are not just now considered
bull factors by the ruling pessfmistic bear
crowd. New York Central lost 1 per cent
in this selling movement, reaching 1341s,
against early figures of 1886 Pennsylvania
sold down to 1895, ST. Paul lost 1 per cent
from its higher rally, reaching 1919. and
there were reactions Of from " to n per
cent elsewhere in the active list
After the delivery hour, 2:15 pm, a COW
ering movement set in, which at 2:30 still
continued, the general market rallying
easily. Southern Pacific gained about =
per cent from the early afternoon decline,
Pennsylvania improved a point, New York
Central, y per cent st. Paul, IL per cent;
Union Pacific. per cent; Atchison, y per
cent; Metropolitan, 1 per cent; Manhattan,
q per cent, and the general list gained, on
an average, about 70 per cent.
At the st. Paul meeting in Chicago today,
there being quorum the meeting was
postponed. The market has been pretty
well sold out of stocks In the last four or
five days.