Virginian-pilot. (Norfolk, Va.) 1898-1911, 1900-02-07
REVIEW OF MARKETS
FINANCIAL AND COMMERCIAL
Stocks, Money, Exchange. Bonds. Grain,
Cotton, Provisions, Etc.

NEW OIh, PGO aos--InC STOCK I1aT-
&et retained its general characters
tics to-day OF strength and breadth.
a large outside interest was manifest,
and the PROFESSIONAL operators who
bought at the low level were busy in
bidding up the prices Of their holdings
and in feeding the new demand to take
their profits; but While selling stocks
from the one hand to realize on the
rise, they were taking on new holdings
of different stocks which have not yet
shared in the advance could be i'm
duced to move upward was unimpaired,
and the holdings of the large finan-
cial interests which have taken hold
of the market were broadened and ex-
tended. The duration of this kind of
Upward movement does not always de-
pend strictly on the continuance of the
public demand for stocks. There Is
constant process of unloading by COM
pact and we'll organized financial In
terests into The hands of scattered and
unskilled spectators, who have not the
same experience and adroitness in pro-
tecting their holdings, nor the same re-
sources for maintaining them.
The progress of u bull movement al
most inevitably results in the transfer
of holdings from strong to weak hands
and leaves the market vulnerable to
ATTACK by bear operators, who are able
TO force selling by offering down prices
and uncovering margins. Even to-
day attempts by bear operators were
in evidence to force declines, but the
general demand for stocks continued
so good and the largo holdings are
Still in such strong hands that the
market resisted bear assaults and pre-
sented Il hard and unyielding surface,
even at points where realizing was go
ing on. Yesterdays strength in Ma
'tlonal Steel gave way to realizing to-
day, and the metal group of stocks was
without any conspicuous leadership.
Norfolk and Western was also sold
TO take profits all day, after an open
ing rise of n point, but refused to yield
below last nights level. Tennessee
coal was forced down at one time 3M
points. The bears conferred their at
tack on sugar. and had that stock
down at one time to 10SM.
Ruimors that the refneries were TO
shut down and over-production to be
worked off at Il loss. figured in the ma
nipulation. But in the meantime ag-
gressive buying movements developed
in the trunk lines led by Pennsylvania.
in the Coa1ers, led by Reading first
preferred on the decision to pay div
idend and In the Changers and Wes-
terms led by St Paul and Atchison.
both common and preferred. The Bet
timore and Ohio also, after q pause ut
a day to digest profit taking, renewed
the advance. The progress towards eX-
tension of holdings by the great rail-
road systems of lesser and competing
systems had much to do with the
strength of Pennsylvania and other
lines supposed TO be In process of abb
sorption. The coming advance In the
tidewater freight rates on bituminous
coal was also an element In the out
side market there was an advance of
over thirty points to 545 in the price OF
Standard Oil on the declaration of a
dividend of twenty per cent. for the
Quarterly period. Last years dividends
were 6. II, and 10 per cent. respective
~ for the four quarters. There was al
so activity and strength in Amalga-
mated Copper. The closing of the mar
ket was active and strong at about the
top.
The bond market showed increased
activity and general strength. Total
sales. par value. s3,625000.
U. S. rs advanced * and new As nc.
in the bid price.
The total sales OF stocks to-day were
$4,000 shares
New York, Feb. G.-standard Oil,
5.45@5i6