The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1900-02-07

NEW YORK, Feb 6-The stock mar
ket retained its general characteristics
today of strength and breadth. A large
outside interest was manifest, and the
professional operators who bought at the
lower 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 with
the other. Apparently the confidence that
stocks which have not yet shared in the
advance could be induced to move up
ward was unimpaired and the holdings
of the larger financial interests which
have taken hold of the market were
broadened and extended.
The duration of this kind of upward
movement does not always depend strict
ly on the continuance Of the public de-
mand for stocks. There is constant
process of unloading by compact and well
organized financial interests into the
hands of scattered and unskilled specu--
lators, who have not the same experience
and adroitness in protecting their hold
tngs, nor the same resources for main
tanning them. The progress Of bull
movement almost inevitably results In the
transfer of holdings from strong to weak
hands, and leaves the market Vulnerable
TO force selling by offering down prices
and uncovering margins. Even today
when attempts by bear operators were In
evidence to force declines the general de-
mand for stocks continued good, and
the large holdings are in such strong
hands that little Roadway was made to-
wards decline.
National Steel gave way toward realiz-
ing today and the metal group OF stocks
was without any conspicuous leadership
Norfolk & 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 one time 334 points. The bears
centered their attack on Sugar, and mad
that stock down at one time to loo1a. feu-
mors that the refineries were to smut
down and overproduction to be worked
off at a loss figured in the manipulation
But in the meantime aggressive buying
movement developed in the trunk lines,
led by Pennsylvania, and in the coalers
led by Reading 1st preferred, on the de-.
scision to pay dividend, and in the grang-
ers and SouthWesterns, led by st. Paul
and Atchison, both common and pre-
ferred The Baltimore & Ohio also, after
a pause of a day to digest proft-taking,
renewed the advance.
The progress towards extension OF mold
lngS by the great railroad SySleulS VI
lesser and competing systems had much
to do with the strength Of Pennsylvania
and other lines supposed to be in process
Of absorption. The advance in the tide
water freight rates on bituminous coal
was also an element In the outside
market there was an advance Of over 81
points to 345 In the price Of Standard OIL
on the declaration of dividend Of 70 per
cent for the quarterly period. Last years
dividends were &, II, and 10 per cent, re-
spectively, for the four quarters. There
was also activity and strength in Anal
gamated Copper. The closing of the mar
ket was active and strong at about the
top.
The bond market showed increased &C
tivity and general strength. Total sales,
par value, So, 900. United States IS ad-
vanced H. and the new 4s Il in the bid
price.
STOCK QUOTATIONS.
Furnished by Charles H. F. Smith &
Co., members of the New York Stock tx
change, pioneer Press building, VINO nave
direct wires to Chicago and New YORK.
crossing prices are bid: