The daily morning journal and courier., 1900-04-05
E tnauCIal.
THE STOCK MARK EY.
Again R,n.cts strong Buying Pc,

I l New York, April 1.-The stock market
 again reflected strong buying power to- | day, orders for stocks coming from
 widely separate sources both by cable
 and telegraph The demand showed a tendency to converge on a few stocks,
 and strength was shifted from one group to another. Prices turned back | from the highest level in the case of all | the active stocks, under the influence room traders on the days advance. The
 sustaining force of several stocks was
 also availed of to take profits on stocks
 which have already enjoyed notable advance.
 | The market was almost entirely re- lieved from any depressing factor in the shape of positive weakness in individual
 stocks, though some pressure was
 brought to bear on Federal Steel and
 on Peoples Gas. The weakness of Fed
 eral Steel had by no means as much in tluence as hitherto during the week, The net result of the days trading is
 substantially higher average of prices and an important digestion of realizing sales without any material harm being done to prices. The movement in Penn sylvania was the most impressive of the day, owing to the very extensive trad ing and the large individual transac- i,,e. ,iaL rn1 q reached the public to account for the movement, and it was generally attrib- uted to the increase of funds made available for stock market use and the accumulated evidences of the prosperity of the company. It's recent investment In the stocks of Baltimore and Ohio, Chesapeake and Ohio and Norfolk and Western, besides the advantages given in the extended control of possible com petitors evidently insures good return on the outlay in the shape of dividends. It is said that the part of the special stock issue offered to stockholders at par, which was not taken up by the privileged stock, has been marketed by the company at current market rate. The premium commanded by this stock would thus revert to the treasury of the
 
 company.
 Reasoning by analogy from the course of the Pennsylvania company, many rumors are current in the stock ex change of movements toward consolida- tion or absorption of railroads in New York Central territory. One such, al leging the passing of control of the Erie, Reading and Lehigh Valley to New York Central, was denied by Read ing officials, and the early strength of the stocks affected gave way to sharp reaction. The rise in Chicago, Indian apols and Louisville and Lake Erie and Western is due to the prevalent belief in the general policy of extending con- trol and influence on the part of the great trunk lines.
 The marked strength of the Pacific stocks was largely due to demand from abroad, the buying for London account again assuming important proportions. St. Paul on the fourth week statement of earnings and several other railroad stocks on good earnings were points of and Sugar, the local traction | stocks and Tobacco showed good ad vances. Realizing was heavy in Bati- | more and Ohio, Peoples Gas and on a lighter scale in the Atchson stocks and | some others. The final reaction of | point in Pennsylvania from the top lev el checked the activity of the market, | and the closing was dull and barely | steady.
 Business in the bond market was on very large scale, Reading general fours being taken in round amounts The | buying was generally widely distributed | and prices advanced The total sales par value aggregated $5,795, 900.
 United States refunding twos, when issued, threes registered. old fours and fives declined A per cent. in the bid price.