The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1899-02-04
VALUES RECEIVE
A SEVERE TEST
Stocks at One Time Bordered on
Panicky Stage.
MARKET HAD TIRED LOOK
Prominent Bull Leader Predicted if the
Market Rested Week or Two
One Per Cent Money Would
Be Probable Result.

New York. February Stock values re-
ceived severe test today, the market at
one time bordering on the panicky stage
through the enormous outpouring of the
stock from professional and commission
house sources but the day left off with ir-
regular changes of a fraction either way
with the tone strong.
Before the opening 1t was argued that
yesterdays market showed that reaction
was under way, but it was contended that
the forces resisting a decline in the abb
sence of extremely unfavorable news
would not likely allow prices to recede
very far. The absence of the decided tone
to the early market was in part due to
the expression of a prominent bull leader
that the market had a tired look, but the
people did not know what to do with their
money and If the market rested a week
or two, l per cent money would be
probable.
The market opened rather irregular, the
Changers showing moderately good tone
on st. Paul's increase of $161.000 for the
fourth week in January. The specialties
were inclined to sag and commission house
support was only moderate. Such strength
as there was in the market disappeared
under professional pressure. There was an
absence of support from large interests
and realizing set in, which gave the bears
encouragement for a vigorous demonstra-
ton which after 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
iaOnardv 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 Changers were down from
1as in ST. Paul to 212 in Burlington the
Coalers, from 11a in New Jersey Central to
21s in Reading first preferred. In the Pa
cities the range was from IA to 2la, the
maximum loss in Southern Pacific. In the
specialties the decline was even more pro-
nounced, ranging from about points in
Sugar and Tobacco to points In Air Brake
In this group, Manhattan and Tennessee
Coal each lost so; Peoples Gas, Broohlyn
Transit and Federal Steel, about eaen,
anu Consolidated Gas, 3& Lake Erie pre-
ferred dropped IA, and the preferred stocks
OF Great Northern and Iowa Central, about
8 points each. The declines were very gen.
eral and embraced almost everything of
consequence, as is indicated by the above
details. Large OfQerS dppedFtu With liiS
bear movement appeared to nave lost It's
force and liquidation quickly ceased The
bull leaders took hold of their various spe-
-cialties and helped the recovery, which con-
tinued to the close, with only a momentary
snght recession on profit taking. Traders
generally took the long side for a turn on
the issue that much of the weak held stocks
had been transferred to stronger interests.
Among the stocks which responded most
readily to the recovery were New York Cen
tral; Pennsylvania; ST. Paul; Berlin; Sugar;
Reading first preferred AtchIson nrst pre-
ferred; Tennessee Coal; Consolidated Gas,
and Manhattan. Metropolitan Street Rail-
way made a very handsome gain for the
day 1t rose a point in the initial dealing,
broke 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 recovery. The ad-
vance in metropolitan street Railway was
said to be based on the belief that the Met
ropolitan company had obtained control of
the Third avenue nne. Standard Oil stock
dropped from 450 bid last night to offered
412 on curb touay, with transactions at 4io,
and then rose to 440 and closed at 435Qi3S.
The opinion was entertained in some quar-
tiers that the extra dividend on the stock
would be considerably greater than the
actual allowance of per cent. which was
made Consequently, disappointed holders
who had bought previously in expectation
of a handsome distribution offered their
stocks and in the absence OF market
speedily brought about slump.
The bond market yielded sympathetlcally
with stocks. but did not display much re-
Operative power when the stock rallied
Total sales, "a 4ov 900.
United States new As coupon declined rs,
an. the IS advanced u.