The times. [volume] (Richmond, Va.) 1890-1903, 1900-03-24
THE I P'R / | Is FELL
UNDER PRESSURE
Very Heavy Sales Were Made to
Realize Profits.
RESISTANCE WAS UNAVAlLlNG.
Tho Whole List Was at Ono, Time
Higher Than the Day Before, But
tho Closing Was Lowcr-AIoncy
Continued i'll Good Supply.

Slocks made communal Dut uHiSaI,tuS
forts to stand up under the weight OF
heavy sales to realize profits. but IN inc
majority of instances the last prices a ,l.e
below those of last night. The whole Ist
was at one time higher than last niGht,
and several stocks or groups OF stocks Och
made n show of aggressive strength; rms
seemed to be due largely TO manipulation.
to sustain the list In the interest or
those who were selling to secure Pronts.
This was notably the case IN Ba!unorS
and Ohio preferred. which was fusheu
up at one time nearly ) points above iast
night While the preferred was thus RS
ing heavy selling continued in the com,
mon stock.
All OF those stocks which have been
most heavily bought in the last few DAYS
were most largely sold to-day Seiins
orders came not only from the board-roomi
traders. but from outside sources. anu
London reversed Its position OF yester-=
day. It bought slightly of some stocks,
but the balance of transactions ons Inat
account We're on the side of sales.1hls
had a decided sentimental influence on
speculative opinion, as great hopes were
aroused by London's active buying yes
terday. That sustained support would De
accorded to the market from that source
There was nothing in the news To-Day 10
afford clear explanation of the weak,
ness in the market beyond the natural
desire to take profits on yesterday S very
considerable rise.
activity, some positive weakness. ana
We're something Of a drag on the market,
as was Sugar. The local fractions were
sold on renewed apprehension that a
heavy tax would be levied under the new
franchise law. A sudden squirt to .1G4as44
by Metropolitan, after having sold at
in this group and had a steadying effect
on the whole market, which was tending
downwards up to that time. The weak
ness In Sugar was due TO the announce
promise of the trade war had been aban-
doned. The iron and steel stocks con-
tinued dull and rather heavy on account
OF the machinistS' strike.
Money continued in good supply up to
the close. The cash changes for the
week on various accounts. as estimated,
surplus reserves will depend upon the
changes in the loan account The Sub
Treasury has commenced to disburse the
premium on Government bonds deposited
for conversion into the new rs, and as
consequence the losses by the banks for
the week on Sub-TreaSury operations are
reduced to 81, 1s7, 600, and this is almost
Offset by receipts OF gold from Canada
and other points. The shipments to the
interior are almost exactly offset by the
receipts. The profit-taking in Goern-
loans of the banks. but the renewed ac-
tivlty on the stock market has created
a demand for new loans. The action of
the money market indicates that the
banks are well within their limit of legal
reserves.
The bond market was less active than
yesterday, and yielded at some points in
sympathy with stocks. Total sales. par
value, S2.5S5. 900. UnitedStates IS adj
vanced u and the refunding IS declined
"a in the bid price.
The total sales of stocks to-day were
6S7.700 shares including Atchison. 1850;
do. preferred. II 43O; Baltimore and Ohio,
1850: Chesapeake and Ohio. 26,5SO: Rock
Island, G.461: Louisville and Nashville.
$3.50: Manhattan, 1910; Metropolitan
Street Railway. 1000; Missouri Pacific,
ao.9a5: Norfolk and Western, 1880:
Northern Pacific. 20. $50: Ontario and
Western. 5000; Pennsylvania, 80, GAO; st.
Louis and Southwestern, $500: do. pre-
Southern Pacific. 19.1s5: Southern Rail
way, % 1875: do. preferred, ex. div. $3.50;
Texas Pacific. 300; Union Pacific. o.
1G0; Wheeling and Lake Erie second pre-
ferred. 1880; Thi Isl; 1o.soo3;
can Tobacco, 1850; Brooklyn Rapid
Transit, 4o,S6O; Colorado Fuel and Iron
602O; General Electric. G,l39: Peoples
Gas, 100; Sugar, 1921.
MONEY AND EXCHANGE-Mone on
call firm at 3dl5 per cent; last loan at 4
per cent; prime mercantile paper, 5@51a
per cert. Sterling exchange irregular,
with actual business in bankers bills at
81. S5ss for demand and at S4.S2@I4. S21s for
sixty days: posted rates, 81. S2Gl4. SOS;
commercial bills. S4.S1A@4. Sig. Silver
ssrseate do,,s GoaG1 silver bars 5s
irregular; State bonds irregular; rail-
roads Irregular.
BANK CLEARINGS.-The total bank
clearinGs at tie principal cities Of the
United States for the week ending to-day
were Sl,599. 25S21S. a decrease of 149 per
cent; outside of New York, $574, 9SS, 500,
a decrease OF 3.3 per cent.
STOCK QUOTATIONS.