The morning news. [volume] (Savannah, Ga.) 1887-1900, 1900-03-24
STOCKS AND RONns.

New York March 23.-Prices of stocks
made continual but unavailing efforts to
stand up under the weight of heavy sales
to realize profits, but in the majority of
instances the last prices are below those
Of last night. The whole list was at one
time higher than last night and several
stocks or groups of stocks made a show
OF aggressive strength. But this seemed
to be due largely to manipulation TO sus-
tain the list in the interest of those who
we're selling to take their profits. This
was notably the case in Baltimore and
Ohio preferred which was rushed up at
one time nearly three points above last
night.
While the preferred was thus rising
heavy selling continued in the common
stock. All of those stocks which have
been most heavily bought in the last few
days were most largely sold to-day. Sell
ing orders came not only from the board
room traders but from outside sources,
and London reversed It's position of yes
terday. 1t bought slightly of some stocks,
but the balance of transactions on that
account were on the side of sales. This
had a decided sentimental influence on
speculative opinion, as great hopes We're
aroused by London's active buying yes
terday, that sustained support would be
accorded TO the market from that source.
There was nothing in the news Of the day
to afford clear explanation OF the weak
ness in the market beyond the natural
desire to take profits on yesterdays very
considerab Bile rise. The local traction
stocks showed some positive weakness
and were something of "a drag on the mar
ket 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 164%
by Metropolitan after having sold at 100
few minutes before, caused rallies in
this group. and had steadying effect on
the whole market which was tending
downwards up to that time. The weak
ness In sugar was due to the explicit am
nouncement that recent negotiations for
a cornpromise OF the trade war had been
abandoned The iron and steel stocks con-
tinued dull and rather heavy on account
Of the machinlsts' strike.
Money continued in good supply up to
the close. The cash changes for the week
on various accounts, as estimated, SO near
" balance that the fate of the surplus
reserves will depend upon the changes in
the loan account. The suo-treasury has
commenced to disburse the premium on
government bonds deposited for conversion
into the new rs and as a consequence the
losses by the banks for the week on sub
treasury operations are reduced to ST.
1877 O0 and this is almost offset by re-
celpts of gold from Canada and other
points The shipments to the interior are
almost exactly offset by the receipts.
tended to the reduction Of loans of the
banks. but the renewed activity on the
stock market has created demand Cor
new loans. The action of the money mar
ket indicates 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
veiue. 81 5s5. 900.
United States rs advanced Y, and the
refunding 2s when issued. declined X In
the bid price
The total sales of stocks to-day We're
6S7 700 shares, including Atchison, $3.50:
do preferred, p, 430; Baltimore and Ohio,
i 1850; Chesapeake ana Ohio. 265S0; Rock
Island 6,461; Louisville and Nashville, o.
$50: Manhattan 19.410 Metropolitan. 49,
0iO; Missouri Pacific. s0935; Norfolk ana
Western, 43.190; Northern Pacific, 20.15O:
Ontario and Western. 1900; Pennsylvania.
2O,e4O; st. Louis and Southwestern, $500: