The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1899-02-05
STOCKS ADVANCED
THEN RECEDED
Slight Net Loss Was the Result
of Days Trading
LONDON WAS A PURCHASER
In Wall Street and Abroad the Tone Of
American Securities Remained
Firm-Business in Bonds on
Normal Basis.
LONDON WAS A PURCHASER

New York, February 1.-The stock market
was strong the greater part of the day,
but the early gains were lost and prices
receded until they had made a slight net
loss the day. The bank statement de-
crease in surplus of about and three
quarter million dollars was the ostensible
reason for prices running off in the late
dealings. London was a purchaser in this
market and the tone there for American
securities ended firm.
Locally, there was a continuance OF pur-
chases by large interests noted yesterday
and rounds of short contracts were COW
cred. Confident buying Of hiSh-priced
stocks, including New York Central and
Pennsylvania, gave strength to the rest Of
the list. 1t was announced that the New
York Central was to operate the West
Shore railroad more directly, and that
separate organization would be maintained
only as far as the West Shore board was
concerned.
Among the other stocks showing conspicu-
Gus strength on the rise were Wheeling and
Lake Erie preferred; Northwest, Rio
Grande and Western preferred; Denver pre-
ferred; Canada Southern Big Four, and
Southwestern preferred, which rose from l
to points. Metropolitan advanced points,
of which it retained s.; Third Avenue jumped
11l2 of which 1t lost AZ; and Consolidated
Gas and Brooklyn Union Gas retained ga
and 21A, respectively, of large advances.
In explanation of the strength in these
stocks 1t was said that Metropolitan was to
absorb Third Avenue. This, however, was
denied, and the purchases of Metropolitan
were said to be based on results expected
from the opinion of the extensions about
completed. The strength of the gas stocks
was on continuance of consolidation talk.
Great Northern preferred held points of
an even greater rise on limitations of
possible distribution of assets to Stockhold
ers. International Silver gained 3ss on the
day. Lake Erie and Western preferred
dropped points on being relegated to the
Notwithstanding ranAs, but recovered
more than half of the loss. The common
stock showed sympathetic weakness early,
but recovered and entered with a fractional
advance.
In the reaction ensuing on the appearance
of the bank statement, special weakness
was shown by Manhattan; Reading first
preferred; New York Central; Pennsylva-
mia; the Changers; Northern Pacific; Mis-
souri, Pacific; Southern Pacific; Atchison
preferred; Federal Steel; Brooklyn Transit,
and Sugar The bank statement, which al
fected sentiment adversely, was a surprise
in several respects. The, increase of some
SIS, 900 900 in the loan account was not due
to routine transactions, but was attributed
to the financing of a number of deals of
great magnitude in railway projects and
indutria combinations.
Business in bonds during the week was
on a normal basis with a good undertone.
There were alternate periods of strength
and weakness in the speculative issues,
which gave the market an irregular aspect.
United States IS advanced a and the 5s
registered Is. The new As declined Is in the
bid price.
Total sales stocks today 800 shares
including 1900 Atchison, &c, $50 Atchison pre-
ferred 1850 Chesapeake and Ohio, 1906
Burlington, 1870 Louisville and Nashville,
1880 Manhattan, APO Reading preferred,
1916 New York Central 4,72O Rock Island,
10 lilo ST. Paul, 10,760 Sugar $3.50 Tennessee
Coal and Iron.
BY Private Wire to Paine. Murphy & Co.