The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1901-04-16
Financial.
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THE STOCK MIRKET
Professional Full Operators shift Their
Operations.


Operations.
| New York, April 15.--It was plainly
to be seen to-day that the influential as
semblage of professional operators in
stocks who have led the great bull mar
get of this year throughout were max
ing an abrupt shift from the high
priced railroad stocks into the indus
trial stocks of all grades, down to many
that are In the stock exchange cate
CORY Of cats and dogs Very buoyant
advances We're effected in many Of
these, and the unfaillng following of
outside spectators which has quickly
followed this leadership for many
| weeks past continued its docile response
to-day. There was very fragrant man
ipulation in the case of many Of these
advances and in others there was
very large and apparently urgent de-
mand which argued knowledge of COM
ing favorable developments. A very
notable feature Jof the market was that
profit taking in the railroad list per-
sisted throughout the buoyant rise.
amongst the specialties Prices of the
railroads We're opened high, helped by
account, the latter factor being espe-
cially notable in Southern Railway pre-
ferred. But the opening prices in the
railroads or those made during the first
hour proved to be the highest in many
cases. Railroad stocks generally show
ed net losses on the day. although an eff
fort was made to support them at the
last, lifting some of them from the low
est New York Central had receded to
ISL 1-2 in the last hour and was made
to sell on the next and last sale at
152 IL, the closing bid dropping back
again to ISL 1-2 with ISL ga asked. BY
far the most conspicuous movement of
the day, owing to the enormous volume
of the dealings, was In Amalgamated
Copper. The stock fell back at intervals
on profit taking after its wide opening
at III to 100 compared with 116 at Sat
urday's close. In the final dealings 1t
was rushed up through a flood Of offer
ings to 124 "a, closing at the top notch.
There were notable upward movements
in all the gas stocks led by Consolidated
Gas and Brooklyn Union Gas with adj
vances of 6 1-2 to 10 respectively. Peo-
pies Gas rose at one time nearly 5
points. There were gains of 1-2 in
Metropolitan Street Railway, IA in
Sugar, 7 1-S in Chicago Terminal, 5 in
the preferred, 10 3-S in Colorado Fuel
and 4 in Tennessee Coal Other gains
of / to points are accounted for by
such stocks as International Pump,
Manhattan Beach, Texas and Pacific
Land Trust National Lead, American
Linseed Oil stocks National Salt pre-
ferred, American Snuff preferred, Glu-
cose and New York Air Brake. The
only really notable advance in the rail-
road list was in the high priced coal
crs, Cleveland G. c. and ST. Louis,
which rose 4 is, and Mexican National,
which was lifted is on large buying. !
was at one time carried 1-8
under Saturday and Rock Island
points. Call money did not rise above
6 PET cent to-day and eased off during
the day. But speculative sentiment is
not free from misgivings over the future
of the money market. 1t is to be borne
in mind that the lending in New York |
for account of western banks, which |
has been a feature for several days |
past, is effected by drawing upon the |
New York deposits of those banks. The |
result is to give the benefit Of the high
er interest rate to the western banks
rather than to the New York banks, but
1t is simply by transfer Of account
which does not afford relief to the
money market But the high money
rate here has checked the interior de-
mand for cash and the rise in the New
ork exchange rate at Chicago to par
suggests the imminence Of a return flow
If currency to New York The unsettle-
nent of the London money market
bending the budget statement in parlia-
nent, which is fixed for April IS, and
which is awaited for light on the
amounts and terms of the new issue of
,onsole is an influence upon money
enders in New York, and in fact, all
,ther money centerS. Estimates of the
mount of the loan vary from s25O.00o,-
100 to 100000 600. But in an event the
likelihood is presented of periodically
monthly calls upon the London money
market for the next twelve months for
rom $4,000, 900 to s12,500,00o.