The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1901-03-23
Financial.
THE STOCK MARKET.


New York, March 22.-There was a
great variety of movements In the stock
market to-day under the shifting opera
lions of speculative pools. The market
opened quite strong, Influenced by the
more cheerful tone In the foreign mar
ket. The Fries seemed to have appeal
ed to the favor of the foreigners in re-
Spouse to the nota bic upward movement
here late yesterday and they enjoyed a
good share of the opening strength.
| But proflt-taking sales We're particular
/ ly directed against them afterwards and
their reaction had a large influence In
bringing about the subsequent depres
sion in the general market. The local
municipal stocks We're undsr decided
pressure, and heavy liquidations caused
| severe inroads upon their prices. At
tempts were made to hold the market
/ by advancing individual stocks here and
| there, but they only served as cover
\ for continued realizing.
| The heavy tone in Burlington since
the first of the week has had marked
influence on the general market, so that
| it was picked out as an effective rally
ing point and was bid up within quar-
ter of last Mondays high level But it
fell back 21s points and closed with a
net gain Of only a fraction Among the
leading railroad stocks the only really
substantial strength was shown by the
trunk lines and by the Wabash stocks.
Pennsylvania led the former group with
an extreme advance of 2 points. Re-
ports of traffic so large as to tax fa-
cilties and of higher rates to come on
grain were the grounds of the advance.
Pennsylvania was the only member of
the group that held we'll The buying
of the Wabash stocks was on very
heavy scale and all offerings were con-
fidently absorbed. The preferred was
carried up an extreme 3B, closing at
the top, and the common gained IL.
Nothing definite is known as to the
source of the buying, but the belief CON
tinues that the property Is destined to
absorption by another system.
There was some show Of strength
among the minor railroad properties
which have been recently prominent,
but none of them was well held. The
Denver and Rio Grande stocks moved
up Az for the common and 81 for the
preferred on the belief that the road
would pass into the control Of the Mis-
souri, Pacific. North American rose
points without any news. Western
Union moved up over points. Ameri-
can Car advanced "a and the preferred
25s on rumors of consolidation. Inter
national Paper rose 3 and the preferred
"a on a reported working agreement
with a competitor Sugar moved very
irregularly both up and down on large
dealings.
The preliminary estimates of the cash
movement indicate that the receipts
and shipments from and to the interior
a bout balance. The sub treasury has
absorbed in the week past 81, 273,O0O. 1t
is possible, however that special move
ments may affect the showing, as they
have for several weeks past. 1t has
been reported for one thing that several
million dollars was shipped from Chi
cago on account of subscriptions to the
syndicate of the tin can combination
The call for the $25, 200, 900 installment
on subscriptions to the United States
Steel corporation to be paid on Monday