The times. [volume] (Washington [D.C.]) 1897-1901, 1900-03-24
A REACPIONbRY MARKET
Gradual Decline in Prices Due 10
London Selling.
The Conflicting Reports From south
AFrEca Make English Spectators
Cautions Hardening of Money
Rates an Adverse Factor-Raii-
way Issues and Traction shares.

NEW YORK. March 23.-The main dir
ference between yesterday and today S
stock market was that. while in the former
the purchases FOR foreign account aggre-
gated some q. 900 shares. the foreign trans
actions today resulted on balance in the
selling Of some Is coo or 10000 shares. In
addition. of course. there was yesterday
a heavy reduction in the outstanding
short interest in the market. There was
no definite explanation Of the changed
tendency Of speculation In London. Fun
damentsl financial conditions there were
unaltered and while the news from South
Africa was conflicting particularly as re-
garded the situation at Mafeking that did
not appear TO play much part in the deal
ings
At all events. todays market was de-
prived Of the powerful influence furnished
by the foreign purchases yesterday, and in
the main IL followed the course Of the
London market, being reactionary both in
tone and activity To some extent the
misEivings as to the effect upon the money
market of such buoyant bull speculation
as developed yesterday had something TO
do with the markets tendency, while there
was evden; the usual preliminary figuring
upon tomorrow bank statement. Today
figures OF the operations between the
banks and the sub treasury show that the
losses made by the former early IN the
week have been substantially cut down.
chiefly because Of the receipt from Wash
ington Of Treasury checks issued in set
Element Of the premium on refunded bonds.
These are now arriving in quantity and,
doubtless next weeks money market and
bank statement will both show the effects
Of these additions TO the reserves OF the
local banks
The money market today ruled at about
yesterdays level, and there were no de-
velopments calculated 20 cause unessiuess.
The general situation was otherwise devoid
Of important features. Notwithstanding
the absence Of London's support and the
partial reversal OF form in the dealings
from that quarter. the railway list con-
tiDued fairly steady. The frmest features
there were Missouri Pacific. Pennsylvania.
Southern Railway preferred, Norfolk and
Western, and Baltimore. and Ohio issues.
There was. however. heavy profit-tsking
in this quarter Of the market and irregu-
lar and rather limited price changes re-
suited from the days dealings The local
traction issues were all weak. although
nothing further was adduced in eNplana-
tion OF their tendency than the expected
early announcement OF the assessment
under the new franchise tax law.
Sugar Refining IN a sharp decline was
the feature Of the industrial quarter. the
selling In that instance apparently ie-
necting differences drawn from the COM
pany's annual balance sheet furnished 10
the Massachusetts, authorities. as required
by the law Of that State, although, proba-
bly,, few OF the sellers OF the stock on that
account alone could have given clear rca-
sons for their action. rather disap-
pointing feature Of the days dealings was
the reversion OF interest from the stand
ard railway issues in the speculative grade
OF stocks. and with the course Of the day
the latter quite monopOlzed attention
with the effect that their course induced
further unsettlement in the railway list.