The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1900-03-01
EtmamciaI.
THE STOCK MIRK E1.


An Urgent Demand Before Close ofDay.
| New York, Feb. 2S.-Evidence 91cumulat-
ed as the day progressed in the stock mar
| ket that the short interest in tie group Of
| specialties which has recently been declin-
| ing had become unwleldy and before the
day had closed an urgent demand developed
| for these stocks from the bears, who had
| oyerstayed the market and who were eager
| bidders for stock to cover short contracts.
| Thus the apparent anomoly was presented
| of buoyant rise in the price of stocks
concerning which recent unfavorable news
was still uncontradlcted or new facts de-
yeloped Of d still more unfavorable charac.
ter. Additional mechanics liens were piled
up upon the assets Of the Third Avenue and
q receiver appointed yet the stock offered
firm resistance at yesterdays low level and
rose at one time as much as 8 IL. The
franchise tax commission which recent ru-
mors by professional bears have credited
with purpose to. practically confiscate the
net earnings of local corpora lions, began
its sittings to-day, but the stocks of the
New York Public utilities rose from 10
to points. Published reports alleged con
tinued decentralization and catting of prices
in Sugar, and the conviction of professional
spectators remains mistaken that the next
dividend will be cut; but Sugar shows net
gain of 2 IA. The simple explanation is
that bear traders have Been selling these
stocks without holding certificates with
which to make delivery and when they tried
to buy, they found horde of traders In
the same situation and lively competi-
ton sprang up to secure the floating sup
ply. Peoples Gas, the Tobacco stocks, a
number of metal stocks, Western Union and
some others, which have been under recent
pressure moved upwards under the same
Influence. The Leather stocks weakened on
the yearly earnings reported, which were
much below recent sanguine estimates and
the bears endeavQred to create diversion
In their favor by 1aidng the stocks. The
rest Of the market refused to respond, Re-
lieved of the elements Of acute weakness
which have recently dragged 1t back, the
railroad list rose strongly and quite uni
forlnly, the exceptions being stocks which
have already advanced in face of the re-
cent weakness The advance was rather
marked in a group of low priced common
stocks OF companies whose senior preferred
stocks have already reflected their i'm.
proved prospects of dividends by reason Of
increased earnings. Foremost of the group
were Atchson and Southern railway, which
rose. | rs and respectively. There were
good advances also In Erie, ST. Louis South
western, Wabash preferred, Chicago Great
Western, Colorado and Southern second
preferred, and North American. The move
ment In the grangers led by Burlington was
based on the fall of snow in the north
west, which is believed to afford security
to the wheat In the ground, as was reflect
ed by the downward tendency of that Ger
cal on the grain exchanges This movement
is of special, interest as being the first of
any moment In the stock market founded
on the prospects of this years crop. The
closing was active and strong at about the
best.
The bond market was not very active, but
was firm. Total sales, par value, $3.50
900.
United States fives coupon advanced -
and the United States fives registered. old
fours and threes Ia and new tours declined
1-2 In the bid price.