The age-herald., 1901-03-20
IMPROVEMENT IN
 STOCK MARKET Professional Traders Soon At- tracted Effective Following. BEARS GOT IN AT THE CLOSE This, With Rumored Selling By the Bear Contingent, Caused Prices To
 Drop Sharply-cIose Was
 Steady With Decline.

New York, March 19.-Today's specula- tion in stocks continued to show great improvements. The pools made up or professional traders had little ditncuity in attracting an effective following In any stock in which they chose to operate py actively bidding up prices as an lhclte- ment The speculative pools were also very actively engaged in taking prohts all day, skillfully choosing the moment while they were showing new points or strength to sell stocks in which the ad- vance had already been achieved either earlier in the day or on some previous day This process caused much irregular ity in the movement of prices all day. In the last hour. after prices had very gen erally touched the top level at about o'clock, the professional traders turned to the bear side of the market owing to the heavy realizing selling that showed all through the list and offered prices down boldly, taking the market away from the bulls.
 The result was a tumbling Of prices that looked for time like demoraliza- ton on the part of the bulls. The reac- tion from best prices in the most proml- nent of the strong stocks ran up from l to 215 points and quite number Of stocKs which had not been marked up during the day fell below last nights level. There was a momentary rally on cover ing by the room shorts but the profit taking was renewed and many stocks closed at the low points of the reaction.
 The steel stocks were a conspicuous ex- ception. They held firm at each success sive advance all day and in the closing furry mounted buoyantly in face of the active selling elsewhere. The time fixed for the deposit of these stocks in assent to the terms of the steel merger expires tomorrow and today's buoyancy in the stocks gives rise to the supposition that the plan will promptly be declared opera tive under this supposition, was without official confirmation. There was an ex- cited speculation in the United States steel stocks on the curb. The common sold up 234 over last night and the pro ferred 3A, but reacted. On the exchange the preferred steel stocks were remarS- ably huoyant, all of them rising from A. to 5%, the last named Tinplate preferred In the railroad list Burlington continued the centre of attraction in spite of em- phatic denials from President J. J. Hill of the purchase or a plan to purchase control
 Talked-of increased dividends, retire. ment of various stocks and tho relative cheapness of some stocks on the basis of their dividend return continued to be the influential factors in the speculation. Some stocks were weak throughout on profit takings, notably the New York public utilities, especially Manhattan, which lost A, Chicago and Eastern Illi- nois, 5. A number of other weak spots might be enumerated, both among the railroads and industrials Money contin- ued apparently abundant and lenders were not exacting any collateral, not withstanding the first installment Is pay able tomorrow.
 The operation of the steel merger plan involves the supply of $25,o00, 900 of cash by the syndicate. The sub-treasury con tinues to take largely from the money market, notwithstanding the large dis bursements for pensions Sterling ex- change was also notably strong today, rising to nearly A.8S in spite of large buying of stocks for London account.
 The railroad bond market was some what less active and profit taking in special issues made it very irregular. To- tai sales, par value, $5,770,000.
 United States refundnig 2s and new 4s advanced b per cent on the last call.
 New York Stock Market.
 Rv Private Wire to Murphy & Co,