The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1900-02-14
Financial.
The STOCK Nh RK EI.
Evidence That Selling Movement Has
RIM Ifs Course.

Evidence That Selling movement Has
Run Its Course.
New York, Feb 19-The stock mar
ket gave evidence to-day that the SELL
ing movement to take profits which
developed about the middle of last week
had run it's course. The professional
operators in stocks, who hesitated to
resume operations on the eve of dou-
BILE holiday, were buyers at the opening
this morning. There was no evidence
of renewal of outside demand, orders
through commission houses being on a
very small scale and not showing a
notable increase as prices made prog
ress upwards. But the professional
traders bought with confidence and
maintained prices quite firmly, appar-
emily with faith that outside demand
would develop. There were quite nota-
BILE advances in the local traction stocks
due to Individual causes, the principal
one being a rumor that Metropolitan
was about to take over Third avenue
There was heavy demand from shorts
in this group, driven to cover by the
strength of the stocks, thus affording
material aid to the advance. Otherwise
the strength Of the market was due to
the generally favorable outlook for
business and industry. The days re-
turns of railroad earnings were all ex-
traordinarily favorable even those of
the cotton carrying roads showing re-
cuperation from the recent low level
on account of the increased movement
of cotton induced by the high prices for
that staple, and the sharp foreign de-
mand. Some of the western railroads,
which suffered severely from last years
snow blockades are showing large in
creases, and the increased grain move
ment caused notable strength in the
grangers. But the trunk line railroad
stocks showed the most conspicuous eff
fects of the improved condition of the
rate situation and the continued large
volume of merchandise traffic. The
southern group of trunk lines in which
the influence and control of Pennsyl-
vania are becoming dominant, We're all
markedly strong, Pennsylvania leading
with an extreme rise of 3 Ia. Balti-
more and Ohio preferred rose over Q
points, being greatly affected by the
January statement of earnings, which
showed practically all Of the increase
in gross earrings saved for net, with
the resulting increase in the latter Of
over 1921 900 or nearly 1853 per cent. The
from and steel stocks were all notably
strong on the growing evidences of
continuance of last years large de-
mands for all grades OF iron product.
Considering that last years high prices
were made by the urgent demand of be-
lated bidders for a comparatively small
part of the years product, it is esti-
mated that the continued high level Of
prices for the total product will yield
largely Increased returns in the aggre-
gate. The eager demand for cotton is
also taken large account of as assur-
ing prosperity to the southern section of
the country.
The Rubber stocks broke sharply
without explanation. B
Not much account was taken of the
money outlook and of the opinions Of 4
careful observers that period of higher
rates is likely in the near future, owing
to the renewed absorption of funds by
the treasury and the cessation Of the
Of funds from the interior to
New York, on account Of active BUSH
ness. Spectators are inclined to dis
count a probable imitation of the cur
rency by the pending financial bill
There was a good business in bonds
at mixed price changes.
Total sales, par value, s2,250,o00
United States bonds were unchanged
In bid quotations.