The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1900-02-17
= tnancrat.
THE STOCK MARKET.


Dropping Tendency of Prices-Net
Losses shown.
| New York, Feb 16.---The dropping
tendency of prices proved too much to
be overcome and the majority of stocks
show net losses on the day. In the
standard stocks these losses are small
but the decline from the early high
range was considerable. The opening
was above last nights level in SYM
pathy with London but even in the in
itial transactions the weakness of the
local traction stocks and the Pacific
Mail served to unsettle the market.
Prices sagged pretty steadily from that
time until the bear operators among
the room traders started to cover their
short contracts in the final dealings.
This rallied the level Of the market
from the lowest, but the movement was
listless and entirely without force.
London was not encouraged by its good
news from South Africa to buy stocks
here and in fact prices sagged in the
home market Consols lost all of their
early gain, supposedly on the imni-
hence of a new issue. But London was
indisposed to take profits at all points,
even Rand mines showing a sharp re-
action from the early advance. There
was no occasion for surprise therefore
that the local market failed to hold the
advance on the South African news.
The bears had not as much ammuni-
ton in the shape of the weakness of
special stocks as they had yesterday
but the general tone of the market was
nevertheless reactionary The bears
made inroads upon Pacific Mail and
United States Rubber, but otherwise
no very wide breaches We're made in
values. The local traction stocks were
inclined to rally with the cessation of
pressure against Third Avenue Sugar
was erratic during the early part of
the day but became firmer towards the
close with considerable effect on the
general list. The general public main
tanned its attitude Of apathy, which
was the main cause of the heavness.
Probably some vague uneasiness Is be-
ginning to be felt also regarding the
winter wheat crop, because the ground
is bare of snow leaving it exposed to
the cold. Traders were disposed to
discount an unfavorable bank state
ment, although money on call was in
free supply at 2 per cent. for the great
err part Of the day. The record shows
however that the banks have lost on
subtreasury operations $4,000 Ac-
cording to reports from the leading
banks shipments of money by express
this week are nearly a million dollars
greater than last week while the re-
ceipts from the interior by express
have fallen off considerably over a
million dollars. This would indicate a
net loss on the interior movement of
nearly million dollars, bringing the
total loss, including sub-treasury
operations to over 100000. 1t is
known that some gold has been re-
ceived from Canada which does not
figure in the estimate. There has been
a continued absorption of money into
paper and other forms of
loans in the course Of active business,
item is looked for A large encroach-
hent upon surplus reserves therefore
seems unavoidable. Sterling exchange
hardened a fraction in response to the
higher discount rates in London The
declaration of the first dividend on the
new preferred stock of the Baltimore
& Ohio was fully expected and was
without influence on the market.
There was good absorption of some
dormant railroad bonds at advancing
prices, but changes generally irregular.
There was quite an active market for
Government bonds, presumably on ac-
count Of the passage of the refunding
dill by the Senate. Total sales OF rail- |
'oad bonds par value, $S,025, 900.
U. S. new As advanced a while the |
I'D As declined B In the bid price
VIEW YORK STOCK MARKET
Opening, Highest, Lowest Quotations
On the New York Stock Exchange, reported |
nv PRINCE & WHITLEY Rrokers Tx Cantar