The Saint Paul globe., 1900-02-06


NEW YORK. Feb. 5.-The stock mar
ket was subjected to a notable process
OF digestion today and came through the
oroeai remarkably well. Stocks which
We're leaders In activity and strength dur
ing the movement Of last week were
heavily sold to take profits. The profit
taking was met by so considerable an
outside demand that offerings were alb
sorbed with little difficulty and without
any material concession on price being
made necessary. Indeed any approach IN
prices to Saturdays level resulted In @
notable hardening in the market, the
surface becoming practically unyieldins
at Saturdays level. Offerings OF stocks
fell to a minimum, and buyers In order
to secure stocks were obliged to raise
their bids to point to yield profits to the
sellers on tEeir last weeks purchaser
While professional operators were thus
taking profits at some points in the list,
they were replacing their funds in other
stocks which had not moved last week.
or in which the movement had been only
tnaugurated.
Thus, with trading proceeding on an ac-
tive scale and the movement Of prices
taking on a considerable degree of ir-
regularity the market presented all the
characteristics of a true bull movement.
Upward movements in prices were easily
achieved and the speculative sentiment
showed itself quick to respond to any
news development regarding special
stocks. Thus a number of railroad
stocks responded quickly and emphatic
ally 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 & Western stocks. the fourth
~ N nj
s122,35i over last year. AS this is one
of the roads which by reason Of previous
heavy outlays Is able to reduce the cur
rent rate Of operating expenses, the
showing was doubly effective The COM
mon stock advanced 3ss and the pre-
ferred 1n Louisville, St. Louis & San
Francisco, Denver & Rio Grande, and a
number of other railroads responded to
good statements of earnings. ST. Paul
& Burlington showed renewed strength
on reports Of an Improvement in the
movement of grain over Western lines,
in addition to the extraordinary move
nent OF general merchandise.
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 shown by the forthcoming report
Reports of a similar kind have been uii-
needed for months past. In Wall street
but today the stock shot up under their
influence an extreme 31s. Other members
Of the metal group closely allied moved
in sympathy American Hoop and I'm
Plate are in this class. American Smelt'
ing and Anaconda were also strong. a.
Speculators are inclined to discount 10
some extent the Increase In the clrcuia-
ton provided for in the financial Dill
before congress, and in consequence 1g-
more some of the indications of encroacn-
-ment upon the money supply on other ac-
counts. The market closed nctive ana
strong at best prices for many stocks.
,rhe bond market was irregular and not
so active as of late Total sales par
value 80. 70s. 900. u S. old As, new As and os
advanced Il in the bid price.
STOCK QUOTATIONS.
FURNISHED by Charles H. F. Smith q
Co. members Of the New YORK stock eA-
change Pioneer Press building, VINO nave
direct wires to Chicago and New YORK
Closing prices are DID,