The age-herald., 1901-03-11
STOCK MARKET
 VAS IRREGULAR Speculation Was Active in Only
 a Few Stocks COPPER SCORED ADVANCE Rumor' That the Pennsylvania Road Wir Lease the c. G O. With a Guaranteed Dividend Caused
 Excitemen. in That Stock.
COPPER SCORED ADVANCE

New York, March 9.-There was very irregular price movement on the stocK exchange. Speculation was active in only . few stocks and the contrary movement in this had the effect of using room traders. The published rumor that the Pennsylvania will lease the Chesapeake & Ohio for 999 years with guaranteed dlVl- dend of per cent per annum caused eX- eitement of that stock, shares carrying the price 1% over last night. This proved to be the highest price of the day, as the recent large advance in the stock offered handsome profits for large specu- lative holding.
 Amalgamated Copper scored a violent recovery from yesterdays weakness, rls- ing more than points over last nights s price in the first five minutes of trad ing. This also proved to be the highest price of the session A number Of low priced railroad stocks were advanced in concert, including the Wabash stocks, Chicago Great Western, St. Louis and San Francisco stocks, Hooking Valley and Peoria and Eastern. There was re- aliing going on in other parts of the list and the tone of the market had turned heavy all around before the bank state ment appeared.
 Prices of some of the principal active stocks were forced nearly point under last night. Sugar fell an extreme zas upon the announcement of the death of an official of the company. The oanK statement had evidently been discount- ed and shorts bid up prices on them selves in their efforts to take pronts. The closing was irregular on renewed reall- ing in some stocks at the advance. Ihe loss in cash reserves by the banks proved as great as indicated by the preliminary forecasts and the large calling of loans early in the week has apparently been followed by further loan expansion since to make the average outstanding $4,ooo, = 200 greater. Amongst the requirements of the coming week are the dividend dls- bursements for the Standard Oil Com pany and the Consolidated Gas Company the one calling for $20, 100000 and the other for $2, GOO 900.
 The stock market has been active and strong during the past week by reason or a well diversified demand for railroad securities, both stocks and bonds, ana an animated speculation in some of the ln- dustrials In the latter class the steel stocks have been a conspicuous excep- ton and have been neglected and rather heavy aside from the stocks of some or the companies not included in the Onlteu Steel Corporations, in which short h. terest has been driven to cover by an aggressive bull interest. The buying of stocks has been attributed to further ex- tension of the community of interest policy and was reported to be Tor ac- count of completing and calling railroad systems.
 A feature of the market has been the movement of stocks of small railroads, which were in any way available for ab- sorption by the larger railroad systems. There has been a furious speculation in amagamated copper, which lifted the price well over par for the first time since the stock was issued. Sugar has also had it's usual speculation incident to the dl- Vidend period.
 Thesneglect of the steel stocks after the publication of official circulars contain ing the terms of consolidation has caused much comment. The actual process or exchange of securities hampers opera ttions of them in the market.
 zProyision has been made for dealing Tn the trust certificates issued for the stocks of the steel companies deposited in as- sent to the plan. But there is nothing In existence to represent the new United States Steel stocks beyond individual contracts. to deliver them when issued Dealings in these have continued in the curb market on very moderate scaie and their price has been held above that ruling for the old securities, estimated by the rights of exchange betwee the old and new securities.
 \ The buying of middle and low grade railroad bonds has been on a large scale limited States refuding 2S declined per cent and the new 3s IS per cent The 5s advanced If per cent over the closing pio of last week.
 New York Stock Market.
 Rv Private Wire to Murphy & Co.