The times. [volume] (Washington [D.C.]) 1897-1901, 1900-02-07
An IRREGULAR MARKET
Few of the Standard Issues
Score Pronounced Advances.
Traafng Opens Briskly. Hut Falls
Away During the Day-FOreign
Houses Bought Henyily-A Break in
Sugar Refining - The Railways
strong A Demand for Reading.

NEW YORK, Feb 6.-Tbe price move
ments in today's stock market were the
most irregular that has been witnessed
since the general improvement set in. one
week ago Al the same time there was
still a strong undertone to the dealings,
and there were a number of further pro-
nounced advances made notably in the So
called standard issues. Trading was in
exceedingly large volume in the early part
of the day. but it subsequently fell away
materially. Taken as whole, the market
showed evidences of profit-realizing sales
in very large volume in certain quarters
and of new and aggressive buying in
others.
As was TO be expected after week of
rising prices. commission house business
showed a large increase, and. indeed. it
was of sufficient proportions TO absorb the
sales presumably ordered by the astute
purchasers at last weeks lower level. The
purchases by commission houses, indeed,
at the opening of business were fairly wild
and indiscriminate a circumstance in it
self which may have suggested the wisdom
of taking profits to more experienced and
rejecting operators. Foreign houses also
bought heavily in the local market. the
aggregate purchases being in excession of
25, 900 shares. and the London market was
reported stronger and more animated than
for number of weeks. 1t appeared to be
the common opinion there that success
waited upon the latest effort of General
Butler in his operations looking to the re-
lief of Ladysmith.
The market showed some unusually ex-
iensive movements in opposite directions
in which Third Avenue Railroad and Sugar
Refining were conspicuous. The sharp rise
in Third Avenue was based upon the re-
ported satisfactory progress of the nego-
tiations for the financial rehabilitation of
the company, and the more or less authori-
tatiye announcements TO this effect were
disconcerting to the short account. Sugar
Refining, on the other hand. broke with
equal rapidity. The further decline in the
stock appeared TO reflect both the misgiy-
ings in regard TO the dividend to be acted
on next month and also the reported clos
ing down of the company's refineIies, which
was assumed TO reflect severe trade de-
preston. While there was some actual
liquidation in Sugar Refining, the bulk of
the selling appeared TO be for the short ac-
count, but for that matter the stock af-
peared to enjoy little support except from
the occasional covering of short contracts
The further extension of time granted by
The rapid transit commission TO Contractor
Mcdonald appeared TO induce some selling
of Manhattan and Metropolitan Street |
Railway under which they lost substan- |
tial initial advance.
The strongest features of the market |
were Pennsylvania, New York Central. the |
granger shares. and Louisville and Nash I
Vile. The industrial quarter showed very |
irregular chances, and there was nothing |
that was new bearing upon any of the |
members of that group. There were no es-
sential changes in outside conditions bear |
ing upon the marke, Money was in am |
pie supply throughout the day, notwith- |
standing which fact sterling exchange was |
shade easier. A number Of remarkably |
food statements of railway traffic for the |
fourth week of January were submitted. |
Particularly good exhibits were those of |
The Southern Railway Company and Mis-
souri, Pacific. The announcement that div
dends would shortly be begun upon the
Reading first preferred was followed by q
sharp rise in that stock, but there was
little that was definite bearing
Upon the movements in particular securi-
les