The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1900-11-28
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THE STOCK -M1RKEI'.
Seiling to Take Profit Dvercomes Prices

S2iling to Take PROFIT Overcome s Prices.
New York Nov. 27.-Selling to take
profit again overcame the market to-
day and the general level of stock
| prices is lower tonight than it was
| last night. The days net changes,
which are a fraction except in a few
stocks, give no idea of the wide move
| ment of prices during the day, nor of
| the notable strength shown at times by
a few stocks This Is due to the fact
that the market was generally strong
in the early dealings and was only car
red below last nights level by a very
sharp reaction, which also reduced the
gains of the strong stocks. The notably
strong points were in the coalers
Southern Railway preferred, Baltimore
and Ohio, Southern Pacific and the
American Smelling stocks. The move
ment in the coalers was helped by the
wintry weather reported The move
ment caused the revival Of old rumors
Of consolidation or change of control,
the effect being notably manifest in
New Jersey Central which rose
points to 149, reacting ] 10. The bust
ness in the group was small except in
the Readings which reflected very
heavy and concentrated buying. The
first preferred rose at one time Is and
closed a point lower Large buying
continued of Southern Railway pre-
ferred, and rumors continued Of COM
ing increase of dividend and a dissolu-
ton of the voting trust This was
about the only stock except the Denver
Jn'r Of rdot CT
group which held out to-day. The
American Smelling stocks rose "a
and 3-4 for the common and preferred
on talk of the absorption of the prill-
cipal competing interest. International
Power rose 4 points without explana-
ton. Shortly before the close very
large buying of Southern Pacific came
into force, the individual transactions
running from one to six thousand
shares and lifting the stock points.
During the early part of the day while
the general market was strong the
Steel and Copper stocks were weak. The
Steel stocks showed a disposition to
rally, especially Steel and Wire, which
got above GA at one time The stock
closed unchanged Amalgamated Cop
pt4 W Hs NCiS iiEebNiiy s'ib tt'ANA iobC lip
the day fell to "a SIS and closed with
a net loss of rs. The reaction in the
market was not accompanied by any
unfavorable development in the general
conditions. To-day's London stock ex-
change settlement developed quite a
large amount in Americans and that
center sold stocks here for the new ac-
count.
Conditions in the money market con-
tinue very easy ia spite OF the gain by
the ub-treasury from the banks on
routine operations and the approach of
the monthly settlement period, which
usually makes demands on the money
The action of the money and
exchange markets in response to Lon
don't operations in stocks suggests that
LOndons speculative operations here
are being carried with local money
market facilities. Thus to-day's selling
in London had no effect on the ex-
change market, which was lower, in
spite of the higher money rate in Lon
don. The easier tendency of local
money might be due to the release of |
funds caused by the London liquida-
ton.
The bond market was active and !