The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1899-02-04
THE STOCK M4lRKET.
At One Time Yesterday 1t Bordered on
the Pnnicky Stage.

'AAS ~AsAoANy SeoSC.
New York, Feb. 3.-Stock values re-
ceived severe test to-day, the market
at one time bordering on the panicky
stage, through the enormous outpour-
ing of stock from professional and COM
mission house sources, but the day left
off at irregular changes Of a fraction
either way with the tone strong. Be-
fore the opening it was argued that
yesterdays market showed that a re-
action was under way but it was con-
tended that the forces resisting a de-
cline, in the absence of extremely I'M
favorable news would not likely allow
prices to recede very far The absence
of decided tone to the early market was
In part due to the expression of a prom
inent bull leader that the market had
a tired look but the people did not
know what to do with their money, and
II the market rested week or two one
per cent. money would be probable. The
market opened rather irregular, the
grangers showing a moderate tone on
st. Paul's increase of $751; 900 for the
fourth week In January. The special
ties were inclined to sag, and commits
sion house support was only moderate
Such strength as there was in the
market disappeared under pressure
There was an absence of support from
large interests and realizing set in
which gave the bears encouragement
for a vigorous demonstration which af-
ter feeble rally resulted in many stop
loss orders being caught. 1t was said
on the floor that heavy selling came
from washington and the rumor gained
currency that the ratification of the
peace treaty was In jeopardy. The
market felt the effects of the heavy
realizing that took place last week and
this. The lowest prices of the day were
shortly after noon. The grangers were
down from 13s in st. Paul to 2h in
Burlington; the coalers from IL in New
Jersey Central to az in Reading LIST
preferred; in the Pacifcs the range was
from IL to 21s, the maximum loss in
Southern Pacific. In the speealties the
decline was even more pronounced,
ranging from about 2 points in Sugar
and Tobacco to in New York Air
Brake. In this group Manhattan ana
Tennessee Coal each lost 3%, Peoples
Gas, Brooklyn Transit and Federal Steel
about 3 each, and Consolidated Gas
3%. Lake Erie preferred dropped AZ
and the preferred stocks Of Great
Northern and Iowa Central about 3
points each. The declines We're very
general and embraced almost every
thing of consequence and is indicated
by the above details. Large orders ap-
peared when the bear movement APP
peared to have lost it's force. and liqui-
dalton quickly ceased. The bull leaders
took hold of their various specialties
and helped the recovery which contin-
ued practically to the close with only
a momentary slight recession on profit
taking. Traders generally took the long
side for a turn on the idea that much
of the weak held stocks had been trans
ferred to stronger interests. Among
the stocks which responded most read
lily to the recovery were New YORK
Central, Pennsylvania, st. Paul Bur
lington, Sugar, Reading LIST preferred,
Atchison preferred, Tennessee Coal, |
Gas and Manhattan. Met
ropolitan Street Railway made a very I
handsome gain for the day. 1t rose a
point in the initial dealing, broke 8 and !
rallied 1917. The buoyancy in this ,
stock, together with the resistance
shown by New York Central on the
break made them leaders in the recov-
cry. The advance in Metropolitan
Street Railway was said to be based
IN the belief that the Metropolitan
had obtained control of the
Third Avenue line. Standard Oil stock
dropped from $50 bid last night to or
tered at 412 on the curb to-day with
of Ais and then rose to
L4O and closed at 435@4S8. The opinion
was entertained in some quarters that
he extra dividend on the stock would
De considerably greater than the actual
allowance of 3 per cent which was
made. Consequently disappointed hold
RS who had bought previously in ex-
,ectation of handsome distribution Of
erred their stocks and in the absence
If a market speedily brought about the
dump.
The bond market yielded sympathet-
cally with stocks, but did not display
much recuperative power when stocks
allied. Total sales 81, 100000.
United States new As coupon declined
4 and the 5s advanced.
NLH iOEK STOCK MIRKEr.
opening, Highest, Lowest Quotations
IN the New York Stock Exchange, reported