The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1900-02-07
Is STRONG and BROAD
Market Is Made the Most of
by Professionals.
CLOSE ACTIVE AT THE TOP
Confidence in the Present
Movements Continuance.

l. New York. Feb s.-The stock market
day OF strength and breadth. A large
outside interest was manifest, and the
professional operators who bought at the
lower level we're busy in bidding up the
prices OF their holdings and in feeding
the new demand TO take profits; but.
while selling stocks from the one hand 10
realize on the rise, they we're taking on
new holdings Of different stocks with the
other. Apparently the confidence that
stocks which have not yet shared in the
advance could be induced to move up
ward and the holdings Of the larhe hnan-
eial interests which have taken hold Of
the market were broadened and extend
ed. The duration Of this kind Of upward
movement does not always depend strictly
on the continuance Of the pubic demand
for stocks. There is a constant process
Of unloading by compact and well orga-
nized financial interests into the hands
Of scattered and unskilled SPECTATORS.
who have not the same experience ana
adroitness in protecting their holdings,
them. The progress of a bull movement
almost inevitably results in the transfer
of holdings from strong TO weak hands
and leaves the market vulnerable 70 at
tack BY bear operators who are able 10
force selling by offering down prices and
uncoYering margins. Even today, at
tempts by bear operators we're in evil
dence to force declines, but the general
demand for stocks Continued so good and
the large holdings are stin in such strong
taands that the market resisted bear az
saults and presented hard and cnyield-
ing surface, evea at points where rea IL
ing vas going on. Yesterdays strength
en- National Steel gave way to realizing
today and the metal group Of stocks was
without any conspicuous leadership. Nor
folk and Western was also sold TO take
profits all day, after an opening rise OF
point, but refused to yield below last
nights level. Tennessee Coal was forced
down at ore tise 5:4 points. The bears
centered their attack on sugar agd had
that stock down ST ore time to 1914
Rumors that tte refneries were to shut
dowA and over preductiea to be worked
off at a loss figured Ia the manipulation.
But II tAe meantime an Aggressive buying
movement developed IL the Trunk Lines,
led by PennsyIvknia; In thef Coalers. led
by Reading hYst preferred n the decis-
ion TO pay a dividend, ard in the Grang-
ers aad Westerns, led BY the ST. PAU
Ind -ASchiSon, both common and prefer
red. The Baltimore and Ohio also, after
a pause OF day to digest profit-taking,
renewed the advance. The progress to-
wards extension Of holdings by the great
railroad systems of lesser and competing
systems had nuch TO do With the strength
OF Pennsylvania and other lines supposed
r. he IN propeos IF ahSnrnfiOn The com.
ing advance in the tidewater freight rates
on bituminous coal vas an element. IN
tie outside market there was an advance
of over three points. to So, in the price
Of Standard OIL, on the declaration Of
dividend Of - per cent for the quarterly
period. Last years dividends we're six,
twelve, five and ten per cent, respectively.
for the four quarters. There was also
activity and strength In Amalganated
Copper. The closing Of the market vas
active and strong at about the top. clos
ing prices being as follows: