The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-02-04
FINANCIAL AND COMMERCIAL.

to-day than at any time since the present up-
ward movement In securities began. As was
20 be expected. the professional element.
which has been decidedly In favor OF a
reaction for a week or ten days past.
endeavorod at the opening TO follow up
the advantage which II gained yesterday
afternoon. The traders had In their favor an
Indifferent market for American securities in
London. but encountered for n brief period at
the opening the execution OF a moderate vol
ume Of commission buying orders That had
come 10 hand overnight. After the demand
from that quarter had been supplied. n further
determined effort TO lower prices was made.
and as mono of the more important inter-
ests opposed IL the movement was success
full. During the middle Of the day declines
OF 2 to 3 points were common. and a few oi the
so-called specialties sustained even greater net
losses. These fluctuations naturally brought
out a good deal Of stock, principally from small
speculative holders. and doubtless forced liqui-
dation on the part of oversanguine and light
weight operators. Still. there was no pro-
nounced pressure to sell.
At the extreme decline the larger interests
began to show their hands by picking up stocks
on q fairly extensive scale. The first effective
buying was in New York Central, and 1t was
speedily followed by an absorption Of Atchison
preferred that soon turned the course of prices.
The buying movement extended tothe Granger
stocks, particularly to Chicago, Burlington and
Quincy. which had been exceptionally weak in
the early decline. The reaction in Pcnnsyl-
vania Railroad also stimulated an active do
mand for that stock. The recent reaction in
all OF the standard dividend paying stocks and
the fresh demand for them to-day nro easily
explained. The advance in them originally
started with investment buying that in
time stimulated speculative purchases that
carried the prices Of all these stocks above
figures that actual buyers were willing
TO pay. The latest buyers. therefore,
found themselves without n substantial mar
ket when they sought to take profits, and in
consequence had to part with their speculative
holdings to an extent that has brought prices
back to figures that are again attractive to in
vestors. The same thing has taken place in
other sections of the market, particularly in
shares that have recently attained places on
The dividend paying list.
The most sensational feature of the day was
an advance OF more than 10 points in Metro
politan Street Hallway aftor an early decline of
more than . points. The net result Of the
days trading in this stock was an advance of
SL y cent. The movement was accompanied by
n rumor that the company had acquired control
OF the Third Avenue surface railroad. A more
substantial basis for the rise may be found in
the progress that the company is making in
the direction of supplying the city or "A large
part oft with electric light. heat and power. In
the last hour the entire list rallied SO sharply
that many of the early losses were recovered,
while in other cases they were reduced to frac-
tions. The only noteworthy net losses in the ac-
tive list were sustained 10y Manhattan Railway,
Peoples Gas and Tennessee Coal and Iron.
Among the less active stocks Lake Erie and
Western preferred was conspicuous at n net
decline of 3 points, IA movement which is
amply explained by the decision OF the man
agement, which was not announced until after
the close of business. to suspend tho payment
OF dividends for at least two years to come.
While the decline during the first half of the
day was primarily due to market conditions. 1t
should be noted that speculative sentiment
was influenced perceptibly by advices from
Washington casting doubt upon the ratitlca-
ton of the Paris treaty. The fact that some
brokerage houses in direct telegraphic COM
munication with the national capital were
heavy sellers of stocks intensified the
apprehension of the speculative community.
These fears were largely dissipated in the late
trading by the sudden and decided change in
the character OF the market. The prevailing
opinion after the close of business was that the
market had behaved admirably under the most
severe test to which it has yet been subjected.
and that 1t is therefore in "A more satisfac-
tory condition than it was a week ago.
This iview was held regarding the Indus
trials as well as the railway list, for the
group OF stocks first mentioned rallied with
quite as much snap as the older securities.
The heaviest trading was in Federal Steel
issues and Sugar refining, while the greatest
strength was in Consolidated Gas. American
Steel and Wire common. United States Leather
preferred and international Silver. A few
stocks. notably Great Northern preferred and
Long Island Railroad. sold at the highest prices
recorded for them III the present movement.
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