The times., 1901-03-27

The Rally Very Well DISTRIBUTED
NEW YORK. March 26-This morn
ing's stock market had a more decidedly
reacti0nary tendency i'm practically every
quarter a few stocks showed compare
tive strength but for the most part the
market showed the effects of yesterday S
tremendous liquidation which was fol-
lowed up this morning by aggressive
operations for the short account.
II was not entirely clear upon what
policy the operators for fan were pro-
ceoding. but such aggressive short sell
ing has not been witnessed in the deal
ings for many weeks. There was. indeed,
noted an unusual amount of discussion
as to the money market and sterling eX-
change developments. but as regarded
the former. at least the days rates and
general conditions furnished no grounds
for concern. Sterling exchange. on the
other hand advanced further.
Virtually all Of the returns OF railway
traffic submitted for the third week of
the month made exceedingly gratifying
showings the Southwestern lines. and
notably the Missouri Pacific. making the
best exhibits. This mornings advices re
specting the status Of the labor situation
in the anthracite regions were also en-
couraging, and, in fact, the days news
and developments contained little or
nothing to which the markets tendencies
could he directly referred.
There was some discussion Of the po-
litical conditions in the Orient and they
found some mild reflection in the London
stock market. but they could scarcely be
cited correctly as material influence in
the local trading. While as already
I'LL
easy. today's statement OF the operations
between the banks and the Sub-Treasury
showed to the former loss since last
Friday of nearly S3.00o00a
The market opened with prices irreg-
ularly changed from yesterdays final fig
ures, with declines predomiHating. but
before the close of the first hour new and
heavy liquidation appeared. The result
ing declines were in many instances
pronounced particularly in the issues
which have recently been conspicuous in
respect Of advances scored.
The declines in the local traction issues
were pronounced and they appeared to
reflect uneasiness as to the measure to re-
vive the franchise taxing law. There
Were also sharp recessionS in the so
called junior Vanderbilt issues on the de-
NAL of recent reports regarding the re
adjustment of the capitalization Of those
companies. Sharp recessions We're noted
also in the AtChisOn issues, Delaware and
Hudson. Norfolk and Western, and Union
Pacific.
The dealings disclosed a circumstance
which has long been apparent to observ-
ers Of the trading. namely, that the mar
ket was fun of stop-loss orders. a fact
facilitating operations for decline and
accentuating the losses scored. There
were a few exceptions To the common
tendency Of the railway list. notable eX
amples being Burlington and Quincy,
Denver and Rio Grande, Missouri Pacific,
Texas and Pacific. the Wabash issues,
and Chicago and Alton.
There was, however, virtual absence
OF any definite gossip or news bearing
upon the movements in the railway list
apart from technical details. London was
a fairly large dealer in the local market
and on balance was moderate seller Of
stocks.
The Industrial quarter and the special
ties moved in line with the remainder Of
the market. but developed no features OF
particular interest. There were sharp de
clines in the Tobacco stocks and Sugar
EefiniT z. but otherwise the dealings IN
the luduStrials Were in limited volume.
Among the specialties Consolidated Gas
made an early display of the strength,
which was not maintained in the face of
the weakness Of the general market and
the copper stocks reflected pressure. Ten-
nesSee Coal ana Iron was COmpa ratively
firm on statements that the property Of
the company had suffered little or no
damage through yesterdays cyclone in
Alabama. and also because of the improv-
ing prices for pig iron Western Union
was also comparatively firm
In the last hour OF business there was a
sharp recovery in prices in which North
ern Pacific common was the conspicuous
feature. No particular news or gossip at
tended the reversal in the market tone.
and the raDidity OF the advance suggested
that the change was for the most part
owing to the covering Of short contracts.
The recovery was commonly partici-
pated in. and a great part of the morn
ing early losses were regained. The
trading on the recovery in the market
was much more animated than il had
been earlier in the day.