The age-herald., 1901-01-14
ANOTHER RECORD
 DAY IN EXCHANGE Speculative Sentiment Was Ner- vouS and High Strung SOME WIDE FLUCTUATIONS Whole Market Broke Rather Sharply Towards End of Day and the Close
 Was Decidedly Weak, With
 Many Net Losses.
SOME WIDE FLUCTUATIONS

New York, January 12.-Today will go down in Wall street as one of the record days which have become so frequent of late
 Speculation took on the nervous, high strung characteristics which have so ire quently recently caused such wide and ex- cited fluctuations in some stocks or group of stocks which were affected by some inn portant development or rumor of some development.
 Today it was the local traction group, led by Manhattan. The cratic fluctuations of this stock made 1t evident thaH the vio- 1ence of the movement was in large part due to the existence of a large short in- terest, which manifested acute distress on the advance which carried the stock up nine an done-half points with subsequent relapse of five points.
 The sudden advance in the local fractions was taken advantage of throughout the list and Manhattan itself gave way, the whole market broke rather sharply with the re- suit that the close was decidedly weak and with net losses predominating over gains.
 The early market was strong and main- tained under the continuing influence of the advance of the Delaware and Hudson division, and the large and concentrated buying in that stock and others of the anthracite group.
 The business In stocks the past week has eclipsed all previous records. Following the unprecedented trade of Friday and Saturday of this week, which reached the highest records for a full days trading and a Saturday half day, the aggregate sales on Monday were lifted well above the two million shares level for the first time In the history of the New York Stock Ex- change.
 Unlike the great bull market of two i, xt,1fo t6a atrrtx, Ando m dustrial stocks made the bulk of the trad ing, the present market is distinctly one of railroad stocks and the industrial play an insignificant part. The immediate inn polling cause of the rise in the growth of the Community of interests" policy among t1le railroads The purchase of the Penn sylvania Coal Company for the Erie, the purchase of the Central Railroad of New Jersey for the Reading the appearance of the Erie directorate dn the community of the controlling interests that have been ri- vals in the railroad field in the Northwest, the requirement of St. Paul stock by J. J. Hill for the great Northern are the facts from which are inferred a general adop- tion of this policy among railroad inter- ests. Countless rumors have circulated of other plans in process of execution, N''t these are the only well authenticated velopments. The importance of this opment as the last or latest step in the re- mobilization in the railroad companies of the country by issuing maintenance of freight rates can only be understood by comparison of conditions In the railroad world with those of a few years ago.
 On this firm basis the spectators have reared fabruc of rumors and deductions. Should speculation overrun actual condi- tions the fact would be in line with all history. The lesson from all human prece- dent would be repeated. But the fact of speculative imitation followed by reaction does not alter the impressive feeling.
 The demand has been large, but by no means commensurate with stocks as their level of value has been more accurately known by reason of the fixed interest re- turn. U. S. refunding 2's advanced k per cent. over the call price of week ago.
 New York Stock Market.
 By Private Wire 10 Murphy & Col