The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1900-03-24
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~ tuauCIat.
THE STOCK MARKET
Prices Fall Under Heavy Selling for
Profits.

Prices Fall Under Heavy Selling for
Profits.
New York March 23.-Prices Of stocks
to-day 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
largely to manipulation to sustain the
list in the interest of those who We're
selling to take their profits. This was
notably the case in Baltimore and Ohio,
which was pushed up at one time near
ly 8 pointe 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. Selling
orders came not only from the board
room traders, but from outside sources.
London bought slightly of come stocks,
but the balance of transactions on that
account was on the side of sales. This
had a decided influence on speculative
opinion. as great hopes were aroused
by Londons active buying yesterday
that sustained support would be accord
ed to the market from that source.
There was nothing in the news of the
day to afford a clear explanation of the
weakness in the market beyond the nat
ural desire to take profits on yester-
days very considerable rise. The local
traction stocks were sold on renewed
apprehension that heavy tax would be
levied under the new franchise tax law.
A sudden squirt to 164A by Metropolitan
after having sold at 100 few minutes
before caused rallies in this group and
had a steadying effect on the whole
market, which was tending downWards
up to that time. The weakness in Su-
gar was due to the explicit announce
ment that recent negotiations for
compromise of the trade war had been
abandoned The iron and steel stocks
continued dull and rather heavy on ac-
count of the machinists' strike. There
was some apprehension early in the day
that the demand for loans to carry over
until Monday would cause pinch in
the call money market But this fear
proved groundless. Money continued in
good supply up to the close. The sub
treasury has commenced to disburse the
premium on government bonds deposit
ed for conversion into the new twos,
and as consequence the Losses by the
banks for the week on sub-treasury OPP
erations are reduced to $1,1S7, 900 and
this is almost offset by receipts of gold
from Canada and other points The
shipments by express to the interior are
almost .exactly offset by the receipts
The profit taking in government bonds
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. |
The bond market was less active than |
yesterday and yielded at some points in |
sympathy with stocks. The total sales |
par value were So, 1856, 000
United States twos advanced " and |
the refunding twos when issued declin- |
ed " in the bid price