The times., 1901-03-21
THE MARKET RBACHIONARY
Important Declines in Many Stocks
After a Strong Opening.

huntington on Six Points From Its
ggEuh aud the ConIers WenIS-PTo-
nouuccd Strength in BrO"kIyn
TrnctIou-GaEe May Buy Bonds.
NEW YORK. March 20-Whne tho
movement Of prices I'm the stock market
today was somewhat narrower than hal
been noticed earlier in the week, yet pro
nounced activity prevailed throughout tn
,n,fr. session At times there appeared
10 Ice some confusion and the fluctuations
were inclined to be wild. After the open
ins the market developed somewhat re
dictionary tendency. which Increased IN
importance as IA" session progressed.
The declines in some instances were
large.
A variety OF reports bearing on the Sc
curities market were 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
as buvcr OF bonds if the money market
gave any indications of stringency. Inc
continued excess of Government collec-
tione over the disbursements is at thls
finn, responsible for discussion regarding
new Government purchases of its hohds.
IT has been estimated that at the present
ratio Of excess Of collections over pay
nente the gains to the Treasury for the
fiscal year will approximate $So,w9o@.
lu view Of the pending large financial
transactions. the fact that the Govern
mcnt 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
clashed i'm China, and it was regarded as
having 10 foundation in fact London
was again considerable trader in this
market. and on balance was seller At
the opening fer this account the pur-
chases amounted to about 10000 shares,
after which the foreigners turned sellers,
disposing Of about 50090 shares up to the
close.
The market opened with gains extend
ing from ls 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 lOJ.UVo shares, consist
ing largely Of railway issues.
The steel stocks were strong influenced
by the decided strength of the Jnited
States steel stocks on the curb Sharp
advances were scored in both the com
mon and preferred and Of both about
SHeJ0 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
Eotiations, caused the street to believe
that 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 II was accompanied by some
agEressiveneEs from bearishly inclined
traders.
Among the railway stocks st. Paul was
strong feature on what appeared TO be
good Investment buying Missouri Pacific
crossed par on active manipulation and
9iscuskioS 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. n the industrial quarter Of the
market, after an early display OF weak
hess. American Tobacco rose sharply on
moderate purchases.
Burlington led the afternoon decline
losing a total Of points from Tuesdays
high price.