The age-herald., 1901-03-26
PROF|T-TAKING
 FORGED DECLINE Close of Stock Market Marked Contrast to Opening MUCH BUYING AT THE START When the Accumulation of Orders Had Been Worked Off Profit Taking Soon Got the Best of Prices,
 Causing a Drop.
MUCH BUYING AT THE START

New York, March 25.-The closing of today's market was in marked contrast with the opening The first prices show ed the effect of the large buying demand which had been attracted from outside speculators over Saturday by the favora- ble bank statement, and the resulting up ward spurt of prices in the Saturday market. Professional operators bought very freely during the first hour. When the accumulation of buying orders in commission houses had been worked off, this profit taking began to get the best of prices and forced a general decline. The effort of the leaders for speculation during the rest of the day was to make an imposing show of sharp advances in the stocks of minor railroads, concerning which plausible reports of consultations with larger systems are being attempted There were so many of the gains and they were so impressive in extent as to serve very well the purpose of the bull traders. But the bear operators gained courage as they detected the extent of the profit taking sales and they made general attack on the market, forcing some de- clines in the grangers, Pacifics and South westerns, making the close very active and decidedly weak.
 There were gains of from one to two points in a number of standard railroad stocks and specialties in the first hour, Texas and Pacific and Ontario and West ern being heavily bought for London ac- count. Early weakness developed in the local traction stocks and in sugar, but 1t did not immediately affect the whole market. After the large outside demand had been partly satisfied some shares advances were caused among the junior Vanderbilt stocks, running in some cases up to over five points
 The Wheeling and Lake Erie stocks were quite prominent, as were Pittsburg. Chicago, Cleveland and Cincinnati and St. Louis. the Express Company stocks, General Electric, Amalgamated Copper. Consolidated Gas and number of minor specalties. The Southern Railway stocks. St. Paul and the Pacifcs made a show of strength at one time, and late in the day the Western stocks were moved up even after the general market had be- come distinctly weak. In the late drop Denver and Rio Grande lost 31a Burlng- ton. 8; Wabash preferred, 3A; Great Northern preferred, 21f; St. Paul, over ? points, and large number of the princi- pal StockS rom to 7 points. The stockS which had been made points of resistance retained part of their gains at the close, although they were materially below the best prices. Uneasiness is caused by the apparent difficulties ahead of the foreign money markets, incident to the coming German and British loans The upward course of exchange arouses the apprehen- sion that gold may go abroad. The con tinued drain of the government revenue surplus is also regarded with increasing seriousness, and the speculative contin- gent does not maintain to the full its expressed confidence that redemption of government bonds will certainly be re- sorted to to save the stock market from a money pinch. Todays payment of $25,- 100000 on account of the steel syndica te subscription unsettled the loan market to some extent, but there was no notable rise in money rates.
 The bond market continued inactive and reacionary in spots. Wabash debentures broke 39 from the highest Total sales, par value, $5.460,000. U. s. refunding 2s, coupon, advanced k per cent. on the last call.
 New York Stock Market.