The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1900-02-06
Ftnamria1
THE STOCK MARK Ell.
Stocks Heavily Sold but Without Ma
fcrinl Concession In Prices

tcrial Concession I'm Prices.
| New York, Feb. 5.-In the stock mar
ket to-day stocks which were leaders in
activity and strength during the move
ment of last week were heavily sold to
take profits. but the profit-talsing was
met by so considerable an outside de-
mand that offerings were absorbed with
little difficulty and without any materi-
al concession in prices. Indeed, any APP
proach in prices to Saturdays level re-
suited in a notable hardening in the
market. Offerings Of stocks fell to a
minimum, and buyers. in order to Sc
cure stocks, were obliged to raise their
bids to point to yield profits to the
sellers on their last weeks purchases.
While taking profits at some points in
the list, the professional operators We're
replacing their funds in other stocks
which had not moved .last week or in
which the movement had been only In
augurated. ~
Thus, with active trading and the
movement Of prices taking on consid-
cradle degree of irregularity, the mar
ket presented all the characteristics Of
true bull market. The speculative sem
timent showed itself quick to respond to
any news developments regarding spe-
eial stocks A number of railroad stocks
responded quickly and emphatically to
returns of earnings for the fourth week
in January, showing large increases
over the high level Of last year. The
leaders of the railroad list were the
Norfolk and Western stocks the fourth
week statement showing an increase of
1922, 1854 over last year. AS this Is one of
the road which, by reason Of previous
heavy OUTLAWS, is able to reduce the cur
rent rate of operating expenses, the
showing was doubly effective. The
common stock advanced 3as and the
preferred ~. Louisville St Louis and
San Francisco, Denver and Rio Grande
and a number of other railroads re-
sponded to good statements of earnings.
st. Paul and Burlington showed renew
ed strength on reports of an improve
ment in the movement of grain over
western lines in addition to the extra
ordinary movement of general merchan-
disc.
The iron and steel stocks continued
very prominent, and the leadership here
was shifted also under the influence of
realizing in American Steel and Wire
and some others. The new leader of the
group was National Steel, which was
very heavily bought on floating reports
of enormous earnings for the past year
to be ehown by the forthcoming annual
report. Reports of a similar kind have
been unheeded for months past in Wall
street, but to-day the stock shot up
under their influence an extreme 3B.
Other members of the metal group,
closely allied by identity of ownership,
moved in close sympathy. American
Hoop and Tin Plate are In this class.
Republic Steel the Smelling stocks and
were held strong.
Spectators are inclined to discount
to some extent the increase in the spec
ulation provided for in the financial bill
before congress and in consequence ig-
more some of the indications of en-
on the money supply on
other accounts. The market closed ac-
tive and strong at best prices for many
stocks
The bond market was Irregular and
not SO active as of late. Total sales par
value $2,708,500
United States old tours, new tours
and f1ves advanced u per cent. in the |
Did price.