The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1901-03-08
Etrtaneta1.
THE STOCK MARKET.
Vigorous Resistance to an Early Rear

Vigorous Resistance to an Early Ben,
Drive.
New York. March THE market
made quite vigorous resistance this
morning to an early bear drive. Means
Of the sustaining influence of individual
stocks, early losses We're largely wiped
out and the level of prices generally
carried over last night. But during the
latter part of the day the market sue
cumbed to depression and speculative
liquidation came into force. The result
is a predominance of net losses on the
day. A few stocks maintained marked
net gains, but they were rather palpa-
bly, under manipulation for their sus-
tanning influence on the rest of the
market while profit taking was going
IN. The narrowing supply of avai1a-
BILE credits and the calling of loans by
some of the banks was the most i'm
portant influence in the reaction. But
the movement of prices had grown
| quite obviously under the influence of
manipulative pools and the selling to
take profits by this class of operators
in a market where the public Is not
taking large part had the effect of
turning prices downward. There has
grown up some feeling that the recent
ease of the money market Is in some
sort due to artificial causes prompted
by the desire of large capitalists to in
sure smooth sailing for some of the i'm
portant financial operations recently set
afloat. Such artificial ease must neces-
sarily be limited In duration, the nat
ural course Of events having their in
evitable results in due time. Beside the
absorption Of over So, 500, 900 by the sub
treasury from the money market and
seasonable turn in the tide of the in
terror money movement to New York.
the money market has felt the effect
this week of the payment by the Union
Pacific Of half the purchase price of it's
controlling interest in Southern Pacific.
The Pennsylvania railroad Ia also re-
ported to have paid over several mil
lion dollars on account of the Long
Island railroad purchase. Money rates
have consequently worked closer and
some Of the holders Of stocks on margin
have been prompted to liquidate. This
selling was particularly marked to-day
In Pennsylvania Union Pacific and
Burlington, which were made the SUBJ
ject Of Joint operations for rise the
last few days. An effort was made to
continue pool operations for the adj
vance by revival of reports of the st.
Paul absorption by Great Northern
and Northern Pacific interests This
had the effect of lifting st. Paul 1 "a.
An advance in Chesapeake and Ohio of
/ 7-S on talk of last earnings and in
creaee1 dividend was 2 STRENGTHENING
factor and there was quite an active
speculation for rise in Peoples Gas
and Sugar. With the exception of
Chesapeake and Ohio, which saved a
net gain of 1 3-S, these stocks lost prac- !
tically all their gains and the selling |
carried the principal active |
stocks from | to points under |
yesterday. Amongst the less important |
stocks which were pushed up at times |
during the afternoon We're Brooklyn |
Union and Consolidated Gas, with ad- |
vances of and liz, Pullman 1-2, |
General Electric 2 and a number of |
others from 1 to g.. There was a turn |
against the shorts in some of the steel |
stocks not included in the United |
States Steel corporation which resulted |