Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-03-26
Reaction Followed Vigorous
Rally After Opening.
DUE HEAVY PR0FlT-SELLING
Recuperative Powers of the Market
Clearly Shown.
SOME CONSIDERABLE DECLINES
Irregular Tendencies Charged to
Movements in Steel and
u. P. Shares.
DUE HEAVY PROFIT-SELLlNC
SOME CONSIDERABLE DECLINES
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK. March 26.-Today's
stock market showed more distinctly the
culninate effects of recent heavy profit
taking sales than has been the case for
more than a week past At the same
time the dealings again exhibited quick
recuperative powers. and the declines In
prices in few cases extended to really
considerable proportions. There was
virtually nothing in the news OF the
morning or the developments with the
course of the business session to which
the reactionary tendencies Of the mar
ket could be referred
AS was the case yesterday. and even
earlier in the week, the bulk OF the sell
ing appeared to be based altogether upon
considerations of the extent OF the rise
in prices during the present month. and
particularly during this week.
No change was made in the discount
rate of the Bank of England. which was
left at per cent. and the weekly show
ing of that institution was a satisfactory
exhibit. The London stock market, IN
Guiding the American department, was.
however. heavy, and operations here cor
foreign account showed a preponderance
OF selling orders.
Market Opened Weak.
The local stock market opened weak.
then rallied vigorously, and subsequently
exhibited equally irregular tendencies
Professional traders were disposed to lay
the blame for the reaction upon the dis
appointing movements in the United
States Steel issues and Union Pacihc.
which only goes to show to what extent
the course OF the securities in question
has been influential In the general ad-
vance in the market during the past four
weeks.
Such weakness as the United States
chn
ferred 10 the most recent reports with
regard 10 trade conditions. which put
the latter in a rather less favorable light
than those previously received.
During the greater part Of the day the
trading was conducted upon an enlarged
scale of activity. and very fair dlstri-
bution of interest was apparent. Trans
actions in the curb market were also In
much larger volume of late with rather
noteworthy activity in Standard OIL.
Reading Exceptionally Firm.
Reading and Union Pacific occupied
their customary position in the railway
share list in point of activity. Reading
was EXCEPTIONAL firm, while Union Pa
cific moved irregularly on account OF un-
certainty at the announcements wmch
were expected after todays meeting OF
the directors. The somewhat pronounced
weakness in Northern Pacific and Great
Northern preferred were naturally at
tributed to the rather pessimistic COM
ments upon railway affairs made yester-
day by the most conspicuous parsonage
in those systems.
Continued Improvement was reported
In copper trade conditions with little eff
feet upon Amalgamated Copper stock.
although in the. London market copper
securities were exceptionally strong.
Money market circumstances were not
further Influenced by the return of the
government balances by the banks. which
are still gaining materially on the in-and-
out movements in currency.