The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1900-03-30
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An Oppressive Atmosphere and n FALL
Ing Off In Prices.


Ing Off In Prices.
New York, March 29.-The stock ex-
change atmosphere was rather oppres-
sive during to-daye session and the
selling to take profits was absorbed
with less facility than on previous days
during this week. No better eXplana-
ton of the reactionary tendency of the
stock market can be found than the
falling off In demand for stocks. There
was some manipulation for the decline,
which was effective amongst the indus
trials and specialties and which brought
but a volume of offerings that looked
like the uncovering of stop loss orders.
But in the railroad list there was no
indication of forced selling. The profit
taking proceeded apparently in an or
derby manner, and any considerable re-
cession in prices led to a decline in
the volume of offerings and a dull mar
Iket. Stocks which have gone up the
most during the week were naturally
most affected by profit taking, notably
the transcontnental railroads and the
southern trunk lines
There was some indication Of positive
weakness in some of the grangerS and
the coalers, the tendency in the latter
group being due to the rather disap-
pointing February statement of net
earnings for the Reading company.
There was not lacking also points of
strength in the railroad list. The most
notable upward movement of the day
was in stocks of railroads in central
traffic territory and what might be
called subsidiary Vanderbilt lines.
Cleveland, c.. c. and st. Louis led the
movement and it was shared in by
Chesapeake and Ohio, Pittsburg, G. c.
and st. Louis, Canada Southern and
the New York, Chicago and st. Louis
stocks. The protested ground of this
advance was conference of railroad
officials in this city looking to the en-
forcement of agreements to maintain
rates. The Atchison stocks, Louisville
and Nashville and some other less con-
spicuous stocks continued trong. Aside
from the desire to take profits, the halt
in the buying demand was due to APP
prehension over the effect of the gloomy
official outgivings regarding the pros
pect for future dividends on the stock
of the Sugar company. A sharp break
in that stock at the opening seemed
to have very little effect on the mar
ket but when its weakness was seen to
persist sympathetic heavness developed
elsewhere in the industrial list and
amongst local traction stocks. There
was no indication of stiffness in the
market, but probably the relaxed
demand for speculative purposes had
to do with this The end of
the month and Of the quarter involved
some preparation to meet dividend and
interest obligations due on April /, and
this factor begot some spirit of caution
about using too freely the facilities of
the money market in speculation. The
sub-treasury for the first time this week
gained a small amount from the banks
and the government institutions debit
balance at the clearing house fell to
S340 $685. as against daily average of
nearly million heretofore this week.
This symptom attracted attention not
that the gain by the banks
amounts to considerably over million
dollars. London continued to trade ac-
lively in this market but with much
less influence on sentiment than here
tofore, owing to the knowledge that
the purchases for that account are car
ried to large extent by money bor-
rowed in New York.
The bond market continued active
and for the most part strong. though
there were points of weakness in the
list Total sales, par value, $3S15 900.
United States bonds were unchanged |
II bid quotations.
nm rOEN STOCK MiEH hr
Opening. Highest, lowest Quotations
0n the New York Stock Exchange, reported |
by Prince & Whitley, Brokers, Is Center