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

"WEDNESDAY, Feb.

"WEDNESDAY, f0b. i.
The reactionary movement in tho stock
market that was In progress whom the Stock
Exchange closed Yesterday completed is
course soon after the resumption Of business
THE morning. Fiactionally lower prices for
american securities In London. together with
net sales by foreign arhitraRe houses OF about
10000 shares. had very little effect upon the
local speculation. Those circum stances ap-
Iarently induced further profit taking by some
small dealers on margin and also encouraged
The professional element Ia continue its opera =
tons with the view nj bringing about n lower
lrvel Of prices. The early deciiue brought
Lpout by these various selling movcmc cuts dis
r'osed a fairly large volume of huyiug orders.
II vi also stimulated Il dcmaud for stocks at
H. e market. A sharp rally resulted, aud though
there was n recession from The highest prices
IN the late trading, the market must be de-
3, rbed as In the main strong throughout
Tho first aggressive buying made it, appear
HDc In Atchison preferred. and II came from a
quarter that stimulated trading in the stock.
ilat lifted tho price 2hu points from thv lowest
H., ure and left IL nearly Ia z cent. higher than
y sterdAy. Texas Pacific was also unusually
active. second only IN that respect to Atchi-
son preferred. and closed with IL net gain
Vt a point. other exceptionally strong
f. lures were Manhattan Railway, CA IN"
t~GsistOn Ol the management In runip the
e. yated system with electricity and 10 raise
the money for the purpose by a new issue OF
stoIl: Denver and Rio Grunde issues. because
~ ne fresh mining excitement in Colorado:
G.. c.. c. and st. Louis. Brooklyn Rapid
Transit aud Chesapeake and Ohio. The last
nMled was one OF the few stocks for
witch there IL an international market
that London seemed TO regard with favor.
Nj ror issues that received noteworthy
attention were Long Island. Minneapolis and
st Louis common and Mobile and Ohio. That
the investment demand for railway stocks has
not yet been exhausted is shown hv the large
ne: advances ia New York. New Haven and
Ha tford. Chicago and Northwestern and Pull
mrn s Palace Car on comparatively light trans
actions.
The dealings in stocks were quite a little
In ger than yesterday and there was much
greater activity in the bond market. 1t should
he noted. however. that the larger total trans
uci ions in bonds resulted chiefly from heavy
dealings in three or four speculative issues.
like Texas Pacific seconds and trust certificates
for Wisconsin Central tlrsts. In the Industrial
group there was further covering Of shorts in
Sugar Refining, but other issues were compare
tiy9ly neglected. The shares OF the new Ameri-
can Steel and Wire Company were dealt in on the
stock Exchange for the first time, having been
accorded a place in the Unlisted Department.
il 10 understood that dealings in international
Silver will be transferred tomorrow from the
" curb" to the Exchange. In anticipation.
presumably. OF the transition. the market for
thu stock was strong at a net advance of
several points to 29k bid. 4. logical deduction
from the course of the market to-day is that
II ID digesting without difficulty the
amount OF stocks sold during the last week or
ten days; at the same time n difference OF opin-
ion as to the immediate course Of prices ia
h ing ncourag ed that is certain TO be OF benefit
to the speculation. The closing was in the
main very firm. ..