The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1900-03-24
TRIED IO STAND Up
But Profit Taking Was Too
Much for the Market.
CLOSE GENERALLY LOWER
Bonds Less Active, and Yield
in Sympathy
CLOSE GENERALLY LOWER

New York, March 2s.-Prioes of stocks
made continual but unavaiing 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 show
Of aggressive strength. But this seemed
10 be due largely to manipulation to sus-
tain the list in the interest OF those who
were selling TO take their profits This
was notably the case in Baltimore & Ohio
preferred, which was pushed up nearly
3 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 heav-
fly bought in the last few days were
most largely sold today. Selling orders
came not only from the board room
traders, but from outside sources and
London reversed its position Of yesterday.
1t bought slightly Of some stocks, but
the balance of transactions on that &C
count was on the side of sales. This had
a decided sentimental influence on specu-
lative opinion, as great hopes were
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 a clear explanation of the
weakness beyond the natural desire 10
take profits. The local fractions showed
some positive weakness and We're some
thing 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
tax levy. a sudden squirt TO 164@4 by
Metropolitan after having sold at leo a
few minutes before caused rallies in this
group, steadying the whole market The
weakness in Sugar was due 20 the ex
plicit announcement that recent negotia-
lions for a compromise Of the trade war
had been abandoned. The iron and steel
stocks continued dull and rather heavy
on account OF the machinists strike.
There was some apprehension early in
the day that the rate for loans to carry
over until Monday would cause a pinch
in the call money market, but this fear
proved groundless. Money continued in
good supply UP to the close. The cash
changes for the week on various ac-
counts. as estimated. so nearly balance
that the fate Of the surplus reserves will
depend upon the changes in the loan &C
count. The sub-treasury has commenced
to disburse the prebium 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 ST.
$4,000, and this is almost offset by re-
ceipts of gold from Canada and other
points. The shipments to the interior are
almost exactly offset by the receipts. The
profit-taking in governments has tended
to the reduction of loans Of the banks,
but the renewed activity 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.
Closing prices Of stocks were as fol-
lows: