Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-04-03
FINANCE AND TRADE
Bears Had the Best Argu-
| ment Today.
PRICES WERE LOWER
SHORT COVERING AT CLOSE
CAUSED REACTION.
The Money Situation and the Pacific
Suits Were Deterrent
Influences.
PRICES WERE LOWER

Special Dispatch to The Evening Star.
NEW YORK. April 3.-American railway
shares In the London market again showed
some weakness. the declines averaging Ia,
with Southern Pacific down IL per cent
| from our closing prices of yesterday. Con-
| soils were IA better.
In the local stock market the opening
was still irregular. but prices on the whole
| were shade under yesterdays final fg-
ures. The disposition on the part OF the
traders appeared to be a waiting one. the
Southern Paci1c-U Union Pacific suit and the
| calling in Of loans yesterday afternoon by
the banks being deterrent factors.
Pressure was renewed in Colorado Fuel
| and Iron at the start and the stock quick
| ly lost ~ per cent, from which point there
was slight recovery on covering pur-
chases.
Sugar was rather heavy, on the Idea that
the Arbuckles fight was on again in that
commodity and trade conditions were
shrouded in mystery.
There was some western selling of ILL
nois Central and some liquidation in Louis
vile and Nashville from the same source.
pennsylvania and New York Central were
again under pressure with fractional losses
following. and Union Pacific and Southern
Pacific were very irregular in their move
ments.
Tennessee Coal and Iron also suffered
some reaction from realizing sales, and the
Gould issues were allowed to sag without
much apparent support from the inside In
terests.
Rock Island securities held fairly we'll
and the. same can be said OF the United
States Steel shares. the Fries and Read
ings. there being very good supporting or
ders in the latter issues from Philadelphia
hOuSes.
In the local traction shares the move
ments were very irregular, Brooklyn Rapid
Transit having decided strength, while
Metropolitan was allowed to sell of w per
cent on small transa ctions. Manhattan
held well around 13S Copper shares were
inclined to weakness on account Of the un-
certainty regarding the immediate market
for the metal.
discouraging feature Of the specula-
ton was another gain by the subtreasury
yesterday of $751;. 600 from the banks. maxi
ing the total gain since Friday last 81, $751;
COO
st. Paul and Baltimore and Ohio were
both inclined to weakness In the early trad
ing. and, in fact, the whole list. with one
or two exceptions declined easily on very
to be anxious to check the decline. Possibly
the larger interests were willing to see
stop orders reached and this weak feature
Of the speculation eliminated preparatory
to a good upward spring movement.
After the first hour of trading great
weakness developed in Southern Pacific,
and the general market was weakened IN
consequence No news could be obtained
for the weakness In the general market ex-
cepting that there was apprehension over
the monetary situation and more fears re-
garding the Southern Paciic-Union Pacific
situation. Call money rate was ~ per
cent.
Around delivery hour there was another
little rally on demand from the stocks and
the room rally was added to, the best
strength. being In, Brooklyn Rapid Tran
sit, although the entire list advanced with
some show of strength.
In the late trading the demand from the
bears, who sold freely this morning, was
greatly in evidence, and this caused very
good rallies throughout the entire list.