Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-03-31
FINANCE AND TRADE
Stocks Showed Decided I'm
provement Today.
BEARS LOST NERVE
CALL MONEY REACHED 10 PER
CENT.
But This Did Not Seem to Affect the
Market to Any
Extent.
Special Dispatch to The Evening Star.

NEW YORK, March31. -Amer1can railway
shares in the London market ruled from 70
to 1 per cent above our closing prices OF
last evening. Consols were also improved.
In the local stock market the entire ilst
showed fractional Improvement at the open
ing; In CANADIAN Pacific the advance was
IA per cent.
The market at the start was fairly active
and the little furry in call money rates to
per cent late yesterday, supposed to nave
been occasioned by arrangements looking
for April disbursements, and the continued
subtreasury drain on the banks, was lost
sight of in the early dealings. The iirSt
loan was made at per cent this morning
Southern Pacific and the United States
Steel preferred stocks were the exceptions
to the general improvement the former
ruling n to u per cent under yesterday
final price, and the latter was fractlonaHy
lower on efforts of the bear leaders to ere
ate a scare in the steel shares because Oh
the labor situation among the steel struc-
tural workers.
New York Central, Pennsylvania and St
Paul all ruled higher, and there appeared
to be fair demand for each of them IN
the loan crowd
The Gould issues were steady, with very
little price change, and the coalerS were
also fairly well held in the face of the pub
Iished reduction of 30 cents per ton at tide
water on anthracite coal after April 1.
Sugar was adversely affected at the start
by reduction of 10 points on refined SUI
CARS by the Arbuckle Bros, which the
trust will no doubt meet later on.
The copper shares were a shade better,
but not actively dealt in at the opening.
After the first few minutes of trading the
bears again attacked prices generally, and
a reaction Of from u to q per cent soon fol
lowed, but on this decline there was notice
ably better support in the stocks that have
borne the brunt of the bear selling and
liquidation of long stock for the past ten
days.
The bullish interview with J. P. Nor
gan in one of the New York papers this
morning seems to have had more reas-
surfing effect upon sentiment. He takes
issue with the pessimistic views of the
situation in this country, and more espe-
cially regarding the undigested securities,
the basis for the foreign criticism and also
for the bearish attitude of the street here
for the past few weeks.
After the first hour, however, there was
another decided rally in the market, and
lively.
The better tone in London for American
railway shares and their buying orders In
this morning at the opening were also help
full factors in cooling the ardor of the
bears in their endeavors to smash things.
The subtreasury gained s1.273,OOO from
the banks yesterday, and since Friday 1t
has gained 81, 445,O coo.
At the noon hour sales amounted to 321,-
600 shares of stock and $927,OO0 in bonds
AT that hour the bears were hammerin the
of the new S1O.OO0.O0O terminal bond issue,
that sum being required to provide new
terminals in several cities. The company
will ask stockholders and debenture bond
holders at special meeting on May 5, to
authorize this bond issue. They are to run
for fifty years and bear interest at the rate
of per cent a year.
In the attack on these stocks and bonds a
decline of from l to 2h per cent followed
but there was covering elsewhere in the
list, especially noticeable in New York
Central, st. Paul and Union Pacific which
lessened the effect of the selling in the
Wabash stocks and bonds.
London bought about $4,000 shares of
stock the largest amount being in Union
Pacific. Money on call was again bid up to
8 per cent. but the City National Bank was
a lender to the extent of s2O0O.0OO at per
cent, and the prevailing rate Immediately
declined to GU and per cent.
Some Of the most active traders took the
long side of New York Central and St. Paul,
and rallied those two stocks sharply when
ever there was any indication of short COW
ering.
In the early afternoon call money rates
were bid up to 9h per cent, but the market
did not appear to be adversely affected.
New York Central, Union Pacific, st. Paul
and Pennsylvania were holding their ad
vances well, and there was a broadening
out of the improvement noticeable else
where in the market Shelters common
Metropolitan Traction and the Rock Island
issues being conspicuously strong.
Around the delivery hour, 2:15 pm, the
market showed the best strength Of the
day. and the shorts appeared somewhat
nervous over the good rallies in Union Pa
cifc, St Paul, New York Central and Cana
dian Pacific Money was bid up to 10 per
cent, but there did not appear to be any
special demand for 1t in the late afternoon,
and it had very little effect upon the mar
ket. There were good recoveries in the
Gould stocks. too, in the afternoon trading,
with Missouri Pacific leading.
In the late trading the market continued
to show signs of improvement, and the
bears were not as active as heretofore In
selling every thing on the list.