The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1901-03-21
Etmancial.
TIL STOt TX M.1BK ET
Overwhelmed with Selling orders.


New York, March 2O.-The market
was overwhelmed with selling orders
| during the course Of to-day's trading
and the phenomenon occurred of ar
eager unloading of stocks by alarmed
holders without any bad news bearing
on the value of their property to alarm
them, Such movements always occur
after a prolonged bull movement The
bull leaders attempted for a time to-
day to contest the decline and to di-
vert the speculation into new channels
But the market was obviously tired
and responded languidIy to the manipu-
! lation for the advance, Yesterday 6
heavy protit-taking brought further
selling orders through commission
! houses and the bears, detecting the
strained conditions in the market, put
out large short lines. When the bulls
| finally ceased their efforts to check the
decline, prices crumbled rapidly and
stop loss orders were dislodged on a
large scale. With only a few excep-
| tons prices fell we'll below last night.
| Profit taking by the bears caused a con-
| siderable rally in the last hour so that
! last prices were not the lowest, al
| though the realizing was renewed on
the advance, making the closing tone
| irregular. The taking of speculative
profits in Burlington was on an enor-
nous scale. There was determined
support in the stock at the opening, but
the utmost that could be secured for
IL was half point advance. The open
ing price was the highest and it was
steadily under pressure for the rest of
the day, except for the covering move
ment by the shorts, The contest for
change Of control of this road seems to
have been Intellectual, the competitive
buying of insiders, which carried the
price to yesterdays high level, having
defeated the attempt. Yet the recorded
transactions in the stock within few
days have been much more than suffi-
cent to change the control. The high
ly speculative character of the deal
ings Is thus clearly indicated. An eff
fort was made to substitute st. Paul
and Northern Pacific as market leaders
and Missouri Pacific was marked up
very buoyantly to 101, crossing par for
the first time. in many years. There
Brooklyn Transit on rumors of official
changes and on buying attributed to
large interests in other public utilities.
There was buying of the same charac-
ter IN Manhattan. The steel stocks all
continued strong, the dealings being
mostly in the trust certificates for de-
posted stock as the time for deposit
expired to-day. AS the success of the
plan was obviously assured, there was
a final rush to deposit stocks so that
the clerical difficulties of the transfer
make it probable that delayed deposits
will be leniantly treated. The pre-
ferred stocks showed greatest strength
gains extending to 4 Ia. Members of
the group reacted with the rest of the
market but resisted better. There were
signs of an effort to shift the Specula
ton from railroads into industrials, as
it is expected that the powerful inter-
ests behind the steel deal will support
the new stocks. The profits of the syn
dictate are apparently to accrue In the
shape of allotments of the new stocks,
for which a strong market will inure
to the benefit of the syndicate. There
was no actual bad news to account for