The times. [volume] (Washington [D.C.]) 1897-1901, 1901-03-21
THE MARKET RBACTIONARY
Important Declines in Many Stocks
After Strong Opening.
darlington on SIX Points From Its
High and the Conlers WeniS-PTo-
noruccd strength in BrOok'! Al
TrnctIon-GaEe May Buy Bonds.

TrnctIon-GnGe May Buy Bonds
NEW YORK. March 2o.-While the
movement Of prices in the stock market
today was some what narrower than ha4
been noticed earlier in the week, yet pro
nounced activity prevailed Throughout IN
entire session. At times there appeared
10 he some confusion and the fluctuations
were inclined to be wild. After the open
ing the market developed somewhat re
dictionary tendency. which increased in
importance as the session progressed
The declines in some instances We're
large.
A variety Of reports bearing on the Sc
curities market we're in circulation during
the day. hut generally speaking, they
were indefinite Perhaps the most reas-
surfing news was the statement that sec
refarv Gage would appear in the market
ms a buycr of bonds if the money market
gave any indications of stringency. Inc
continued excess of Government coilec-
lions over the disbursements is at inns
time responsible for discussion regarding
new Government purchases OF its bohus.
II has been estimated that at the present
ratio Of excess of collections over pay
rnerts the gains to the Treasury for the
fiscal wear will approximate SS0Woo@
In view Of the pending large financial
transactions, the fact that the Govern
ment can be relied upon for relief should
any be necessary. served to emphasize
the cheerful sentiment and hopeful out
look Very little attention was paid to
the report originating apparently in Lon
don that the British and Russians had
FLASHED in China, and it was regarded as
having no foundation in fact. London
in
market and on balance was seller. AT
the opening for this account the pur-
chases amounted to about 10000 shares,
after which the foreigners turned sellers,
disposing of about $1,000 shares up to the
close.
The market opened with gains extend
Ing from Il to ] per cent. Strength was
notable among the coalers, notwithstand-
ing a continuance of strike talk. Later
the group was weak. Commission houses
traded on both sides of the market, and
a leading speculative interest was cred
tied with sales Of 100000 shares, consist
ing largely of railway issues.
The steel stocks were strong, Influenced
by the decided strength of the United
States steel stocks on the curb. Sharp
advances We're scored in both the COM
mon and preferred, and of both about
10000 shares changed hands during the
morning.
The absence OF Mr.. Morgan from the
city, together with the statements of men
interested in the United States Steel ne
gotiations, caused the street to believe
that a formal announcement would be
made late this evening or tomorrow, 10
the effect that at least 90 per cent of the
holders OF the old stocks have accepted
the consolidation proposition.
Pronounced strength was shown by
Brooklyn Rapid Transit. The rise was
attributed TO a change in the presidency
spoken of as probable. In the afternoon
session there was liquidation in Manhat-
tan, and 1t was accompanied by some
eggressiveness from bearishly inclined
traders.
Among the railway stocks st. Paul was
q Strong feature on what appeared to be
good Investment buying. Missouri Pacific
crossed par on active manipulation and
discussion of a lump dividend IN the near
future. The Mexican Central issues were
among the STRONGEST Of the specialties,
without any definite news TO account
therefor. IN the Industrial quarter of the
market, after an early display Of weak
bess. American Tobacco rose sharply on
moderate purcfases.
Burlington led the afternoon decline
losing total of points from Tuesday S
high price.