The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-02-01
IINlNcIlI AND COMMERCIAL.


to-day vsns reactionary. There was n decided
falling OF in the volume OF trading. and with II
amoderate recession in prices. These develop
ments we're welcomed 10y practically every one
Interested in tho market or engaged
In transacting Stock Exchange bust
mess except. probably. the lightweight
and oversanGuine Spectators who have
bought stocks on slender margins and have
INDUCED in the delusion that the rampant
speculation that will make the month now clos
inR a memorable one in the history OF Wal!
street would never experience n reaction
OF sufficient magnitude TO demonstrate the
folly OF the risks they have taken. A dulet and
irregular opening was followed by an almost
general improvement in prices. II was not
pronounced. however. except In a few stocks
hat the Street Is not inclined TO regard
as safe leaders. namely. Central Pacific,
Southern Pacific. c.. O. c., and ST. Louis.
Southern Railway preferred. Manhattan Rail-
way and Sugar Refining. The deceptive char
acter OF the early advance was demonstrated
arst in Sugar Refining. which broke nearly 4
points from the highest price and finally closed
nearly 3 points lower than yesterday. There
was further effective selling OF many OF
che high priced dividend paying stocks.
namely. c.. b. and Quincy. New York
Central. Pennsylvania Railroad and Of several
OF the less active issues OF the same class.
Nearly all OF the stocks that have been specu-
lntiv0 inNOrltph uuTlTg tile lUAJ IHOuJn buStuIDeu
moderate net declines. among them Brooklyn
Rapid Transit. Federal Steel issues. Pacific
Mail, Reading first preferred, Tennessee Coal
land Iron and Northern Pacific and Union Pa
cinc issues.
Their was really no pressure 10 sell stocks,
but the absence OF aggressive buying and the
2eonsequent falling of in the volume OF bust
mess Influenced sufficient liquidation and In
iduced enough professional selling. largely for
,Hnnrf anoOpnf m piye rho market n DRAGGING
appearance. The decline disclosed a moderate
volume OF buying orders In many stocks, but
mo disposition to seriously combat the SELL
Hng movement. Foreign arbitrnge operations
were also restricted and resulted In net sales
lpf about 25,00O shares. The market was not
without its cheerful features. but they
were less numerous than yesterday. Current
iSumors OF important Developments in the
local gas industry resulted in unusual ac-
fivity in Consolidated Gas that left the
price OF that stock , points higher than
yesterday at n reaction OF 3 points from
the highest price. Brooklyn Union Gas was
also unusually active at a net advance OF five
points. The street apparently clings tena-
ciously to the view that something Of i'm
portance affecting all of the local gas COM
panies is about to happen. other noteworthy
net advances were recorded for Mobile and
Ohio. Long Island, Laclcde Gas, Great Northern
preferred and c.. c.. c. and st. Louis. The
advance in Long Island Railroad was accom-
panied by suggestions OF the establishment
OF close relations between the ompany and
tho Brooklyn traction and elevated railroad
systems. The speculation in Mobile and Ohio
was furthered by reports that the Southern
Railway Company has secured control Of the
road. In addition to the absurdity Of this re-
port in view of the manner in which the con-
troll Of the company is held. its President gave
m official denial.
The relaxation on the Stock Exchange did
not extend to tho curb On the contrary,
the dealings there were unusually minated
both in local gas securities aud in a number
of the new Industrial issues. There was
q sensational advance Of over 3 points in
American Steel Wire common. the greater part
OF which was retained at the close OF business.
This movement was based partly upon expec-
tations that dealings in the stocks will
shortly be transferred to the floor OF the
Stock Exchange. and also upon an advance
of,Sl a ton In the price Of the products manu-
featured by the company. Other features were
Pressed Steel Car issues. International
Silver and Beet Sugar common and preferred.
The important news of the day was the an
nouncement that at last representatives Of the
illinois Central. Union Pacific. Missouri. Kan
fAs and Texas and Missouri Pacific companies
have purchased control of the Chicago and
Alton Railroad. Tho price paid is l75
for the common and 200 for the preferred
stock. All holders will have the opportunity
of selling their shares to tho purchas-
ing syndicate at the prices paid for the MAJOR
lty. A readjustment OF the companyis capitali-
Kation will follow, and, Of course. the latest
methods OF railway management will be- ap-
piled in utilizing the property as the principal
Snpnection between the systems named and
chicago. The closing Of the stock market was
in the main steady at a fractional recovery
from the lowest prices.
New York Stock E.xchange-Sales Jan. 81.
OMITTED STATES n STATE BONDS I'm 81. 0O0sl.
8 ~. r. 1so7ll2hl 2UsIsc. Iso7.ll3
CLOSING PRICES OF UNITED STATES BONDS.
Bid. Asked. Bid. Asked.
DnSt2s.r. I'm st ISL
atpl of CO 90 - 1v25....l2sH l26H
30. 1908 Tn st IS. c,
1913. r. 1918 1929 ....l 100
1881 1905 In st 5s. r.
1s1s. o...lo7H 1oshI 1904. INK Il2K
I'm st 49,. Tn st 5s.o.
1907 ....ll2 ll2hI 9o4....ll2a ll3a
Unst $50. I'm st $685. r.
1907 .....ll2H ll3hl 1924. DCIleH -
Elk interest.
4lAILRoAD AND oTHEE BONDS TN ST, OO0sl.
6tAtch adj %s.... S3hI 5 No Pac en-. ....l Az
Ih0N~--.."-..... $50 2..."."....ll4h
2O------...-. S2H 20 Mo p col LIST 6s 966
Id9~---..--..... S3 ! Nor Pac LIST. c,.l g
6-------.... S3hl On T prior <s-..lO3h
26aAtch gnl <s-..l o .....lO3
no 2...."".".-.. O3h
re 40
2AmSM es..... SO II n T gnl 3D.. 69S
7tAmTo scrip. ee8 90 ,.............. 6ek
6....."....... 99H 80 4 Wen a.. 92A
! D ...-....... 92b
u Ann Arbor+s.. sehI .."""....... 92A
DO Aus L N W LIST. 95hl % .."...-..... e2h
&c ---..-.... 90 2EY&sl st.r 6sl Do
t,.A--.~.-...... e6%I 20 n ~ s gnl.... 90
OB&oehA.wi.. e9kI go Nor Ohio Ist...loo
6B&o Is. WI. oeAi IN @ gnl 81. r.lI4h
10 --".-.-... 99hl l NC gnl 5s..ll5h
VI ......".-.--.lOO 2..-..".-....l en-
Y LIST. l oshl LIST. o....ll7h
e Brook Il T 5s.lo9 go N Y @ 34u..-.ll2h
[ d Brw L " 3d.. 92al SO &c, L 8 col
EHR 2o.....r.-.. % 8Ms..r...m.lo 1A