The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1901-03-13
Tt1tamrtal.
THE STO OK MARKET.
Busin ess Largely Made Up ofOperations
of Spectators.

BUbtHcsb
OF Spectators.
New York March 12.-Business in the
stock market to-day was largely made
up of the operations of professional
traders in individual stocks. Many of
these operations were based on causes
peculiar to the stocks affected and the
traders protested to be following the
leadership of insiders in the stock In
their buying. However this may be, 1t
was evident that purely speculative OPP
erations played large part in the days
dealings, as realizing sales came into
evidence In every case where consid-
cradle advance was made, resulting In
sharp reactions There was more or
less realizing going on all day, the sus-
tanning influence of the strength in
special stocks being awaited of to take
profits in the general list The result
of this is seen In the net losses prevail
ing here and there, some of them In
important stocks The principal feature
in the news of the day was the excel
lent traffic returns of the railroads Els
pecially the southwestern railroads, the
bitumnious coal carriers and some OF
the southern railroad showed large
increase in their gross earnings over
those of the corresponding week of last
year. The session Of the miners con-
vention was perhaps the cause of the
dullness and slight heaviness in the an
thracite coal group, although confidence
was expressed that no strike was to be
feared. The continued low rate for
call loans neutrallzed the effect of the
depletion Of the cash reserves of the
banks by reason of the dain to the sub
treasury and the growing demands
from the interior. The government re-
port on the February exports of agricul-
tural products might be regarded as
unfavorable, especially as the foreign
trade in manufacturers for the month
is expected to augment the falling off
in the exports compared with the same
month of last year, The heavy decline
in cotton exports helps to explain the
recent firnness of sterling exchange "A
number of the important movements of
the day were in the stocks of minor
railroad companies and rumor was
busy with stories of projected CONSOLE
dations to account for the advances
The Hartman syndicate figured in
lIltSG lutllOlS oS Tie dctlNC d5tlI Ill
many of the allegede consultations
This was true of the Toledo ST. Louis
and Western stocks, the common rising
43s, the Wisconsin Central stocks and
the Iowa Central stocks the common
of which rose 81 and the preferred 5%
ST Louis and San Francisco LIST prefer
red advanced 2, the second preferred
az and the common AS on stories of
refunding projects or of absorption in
to consolidation of the Gould South
western roads The upward movement
in Pennsylvania was apparently
prompted by the annual meeting and
the reports made to stockholders. The
stocks Of express companies which
have been dormant, advanced sharply
over the last quotation, American Ex-
press rising 8, and losing it,, United
States Express Az and Adams Express
~. The strength in Tobacco was due
to belief in benefits to accrue from re-
duced taxes. Amalgamated Copper
weakened on reports of renewal of hos
tile projects in Montana. The Smelling
stocks fell on the notice of appeal of
the suit against the absorption of the
Guggenheim interests. The enumera-
ton of such special influences might