The age-herald., 1901-03-13
THE STOCK MARKET
 IS AGAIN SPOTTY Professional Traders Largely Made Up the Operations SEVERAL SHARP DECLINES More Or Less Realizing Went On Dur ing Day-Principal Feature News Was Extensive Traffic Re-
 turns of Railroads.
SEVERAL. SHARP DECLINES

New York. March 12.-The stock mar ket continued spotty today and largely made up of the operations of professional traders in individual stocks. Many of these operations were based on causes pe- culiar to the stocks affected, and the traders professed to be following the leadership of insiders of the stock in their buying. However this may be, it was evident that purely speculative op- erations played a large part in the days dealings, as realizing sales came into evil dence in every case, where a considerable advance was made resulting in a sharp reaction.
 There was more or less realizing going on all day, the sustaining influence or strength in special stocks being availed of to take profits in the general list. The result of this Is seen in the net losses prevailing here and there, some of them in important stocks.
 The principal feature of the news of the day was the extensive traffic returns of the railroads. Especially in the South western Railroads was this true, the bitu- minous coal carriers and some of the southern roads sharing in the upward tendency. The session of the miners con- vention was perhaps the cause or the oull- ness and slight weakness in the anthra- cite coal group, although confidence was expressed that no strike was to be feared The continued low rate for call loans neutralized the effect of the depletion of the cash reserves of the banks by reason of the drain to the sub-treasury and the growing demands from the interior.
 The government report of the February exports of agricultural products might be regarded as unfavorable, especially as the foreign trade offers for the month Is ex- pected to augment the falling off in the exports compared with the same month of last year. The heavy decline in cot ton exports helps to explain the recent firmness of sterling exchange. A num- Der of the important movements of the day were stocks of minor railroad com- panies and rumor was busy with stories of projected consultations to account for those advances. The Hartman syndi- cate figured in these rumors as the active agent In many of the alleged consolida- tions This was true of the Toledo, St Louis and Western stocks, the common rising 4ss, the Wisconsin Central stocks and the preferred 55s. St. Louis and San Francisco first preferred advanced Z, and the common 42s on persistent stories oi refunding projects or of absorption nto N' roads The upward movement in Penn sylvania was apparently prompted by the annual meeting and the reports made to stockholders. The stocks of express con- panies, which have been dormant, ad- vanced sharply over the last quotation American Express rising and losing 1t United States Express A and Adams Ex- press 14k.
 The strength in Tobacco was due in a belief in benefits to accrue from reduced taxes. Amalgamated Copper weakened or reports of renewal of hostile projects ir Montana.
 The smelling stocks fell on the notice ol appeal of the suit against the absorption of the Guggenheim interests. The enum' eration of such special influence might be considerably extended, but the resulting price movement in other cases was less although it extended from l to points ir a number of stocks. The closing was considerably unsettled by the profit-tak- ing.
 The railroad bond market continued active and generally firm. but some of tr. less active bonds yielded to some ex- tent. Total sales, par value, $o59o,oOo United States 3s declined 2% and the new As advanced b per cent. on the last call
 New York Stock Market.
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