The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1900-03-23
EstmanCIAl.
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THE .STOCK MARKET.
Heavy Demand for Ali Grades OF Rail-
road Securities.

road Securities.
New York, March 22-The railroad
stocks had their innings on the stock
exchange to-day, The demand for all
grades of this class of securities reached
imposing proportions and the buying
came from all degrees of investors and
spectators, large and small The in
dividual investor was in evidence as
buyer of fractional lots all through the
list and some of the heavy buying was
attributed to the account of banking in
terests and insiders in the various prop
critics. The professional board room
traders on the floor of the exchange
have turned bulls to a man and the
spectators of larger calibre and specu-
lative pools made their operations man
Individual transactions to the extent Of
one thousand shares were so usual as
to attract little attention, while many
lots of 1000 to $500 were recorded ON
the tape. Norfolk and Western and the
Atchison stocks took the most conspicu-
Gus place in the trading, but there We're
impressive transactions at different
times during the day in Union Pacific,
Baltimore and Ohio, Southern Pacific,
Pennsylvania, Northern Pacific, Chesa-
peake and Ohio, and late in the day,
in Southern Railway. The strength
disclosed in yesterdays market precipi-
tated to-day's rush to- buy and 1t was
made clear that very large element
must have been waiting and watching
for some time for the first sign that
the market was throwing off it's lethar-
gy and getting ready to move. In
studying to-day's market it is worthy
of close attention that the rush to buy
was taken advantage of to take profits
on a very large scale in stocks which
have recently enjoyed a considerable
advance under manipulation by profess
sional operators and pools. Practically
all of the industrial stocks, including
the local fractions and the Iron and
Steel stocks and also Sugar, were sold
to take profits under cover of the spec
ulative Juror. But it was not only in
the mercurial specialties that this pro-
cess was in evidence, but also in the
railroad list itself. Baltimore and Ohio
and the Pacific stocks showed it's eff
fects very distinctly. Union Pacific
was advanced early and was held pref
ty steady at the advance all day, but
1t made no notable further progress
upwards, and the other stocks in this
category showed positive reaction. But
the current Of the buying demand was
SO deep and strong as to carry the
whole market practically in its sweep.
Commission houses reported orders on
a large scale and London was an eager
buyer Of stocks here far beyond the
usual hour when transactions for that
account have ceased. The volume of
buying for this account was estimated
at from $4,000 to 10000 shares and was
a potent influence in the general
strength of the market. London cables
reported that part of the buying of
Americans there was for Berlin ac-
count
A furry in call money in the after
noon to per cent was an admonitory
symptom, prompting to the reflection
that even the relaxed conditions in the
money market might be overstrained
again by a head-long speculation. A
drop in New York exchange at Chicago
to 20 cents discount compared with 25
cents premium earlier in the week
pointed to the same moral, Govern
ment bonds We're also checked in their
downward course to-day and rallied,
indicating that the process of profit
taking there, which has been a factor
in releasing funds to the money mar
ket has come to a pause. And al
though the sub-treasury absorption is
cut almost in half as compared with
last week, it still promises to run up
close to the amount of the surplus yet
remaining with the banks over the re-
CURED % per cent. limit. Probably a
perception of these facts, as we'll as the
violence of the days advance, prompt
ed the general movement to take profits
in the late dealings, which reduced
prices all around from the best and
made the closing easy.
The bond market wa1 active and
strong. Total sales, par value, $4045,
600.
United States refunding twos when
issued, old tours and fives advanced
1-2 and the new tours Ia in the bid
price.
VIEW YORK STOCK MARKET.
Opening, Highest, Lowest Quotations
On the New York Stock Exchange, reported
by Prince & Whitley, Brokers, 10 Center
Street, New Haven.
Open. High. Low. Last.
Am. Steel Wire. 90 56% 551s 55B