The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1901-02-09
T. tnamctal.
THE STOCK M4RKE1.


Large Falling Off ia Volume OF DcahhS
New York, Feb. 8.-There was con
siderable falling off in the volume o
dealings in stocks to-day and the de-
cline would have been much mort
marked had it not been for the bring
ing forward into activity of a horde OF
low-priced stocks of the class denomi-
mated among the brokers S eats ano
dogs" This is characteristic of long
bull movement, on the theory that the
higher range of values attained in the
general market entities the low-priced
stocks to some increase in valuation,
even without special development in the
affairs of the properties. The bidding
up of these stocks is also favofite de-
| vice by bull operators to sustain the
market for the purpose Of realizing in
| the higher priced stocks, which have
already enjoyed theid advance. So far
as the railroad department Of the stock
market was concerned, this was clearly
what was going on to-day. AS a mat
ter of fact, combination rumors were
circulated regarding the railroads whose
stocks are selling below 40, as has be-
come the fashion in connection with the
bull movements, but some of the stocks
We're bid up without specific rumors on
the general principle that any railroad
is available for a combination nova
days.
H. IL Ill Lac pa1 a ~
piled to the Wabash securities and the
group of railroads operating in Colora-
do. These made Wabash a connecting
link to be absorbed by LackaWanna,
and to take in the Gould southwes ,ern
railroads in the formation of new
through railroad system from the east
to the southwestern gulf ports. The
rumors of projected consolidation in
the various Colorado lines took on va
rious ferns, some of which were au-
thoritatively denied. The gains in this
class of railroad stocks ran all the way
from 1 to points, st. Joe and Grand
Island first gaining and Wabash COM
mon Az All of the serucities of both
roads were affected in a less degree and
there were gains besides in the Colora-
do and southern stocks, Denver and
Rio Grande, Fort Worth and Rio
Grande. the Chicago, indianapolis and |
stocks, Peoria and Eastern, |
the Cleveland, Lorain and Wheeling |
stocks the Wheeling and Lake Erie
stocks, Texas and Pacific, North Amer
can Kanawha and Michigan, and Mex
lean Central
The rest of the railroad list was sim
1o,,1xr Il, 5oxF t1nsarn xtyo q
Jnly handful of stocks that got as
much as point away from last night
At any time. Union Pacific was never
more than 1ts above last night and was
1t one time rs below. The fiuctua-
ions were hesitating and uncertain at
Ill times. The only news of the day
the stock was the under
writing at par of bond issue to finance
he Southern Pacific purchase. The lat
err stock also showed some strength.
The steel stocks made a great show of
trength just at the opening Tin Plate
JUMPING nearly points, Steel and Wire
n and Federal Steel only ~. None of
he advances We're fully maintained ex-
ept Federal Steel, and business in the
.roup fell to comparatively small pro-
ortions.
The belief continued strong in Wall
treet that the plan for adjustment of
ontrol of the steel properties is max ,
ng progress, but the stocks did not re- '
ect clearly any news. Sugar had an
dvance of 81.
The movement of cash from the in
erior by mail and express is expected
} be sufficient to offset a loss of over
lillion dollars to the sub-treasury on
ccount of heavy customs payments. .
here have apparently been large spe- 2
ial movements of funds from nearby 3
ties and from San Francisco, although .
ew York exchange at Chicago has de- 4
lined to 30 cents discount. Nobody d
entures an estimate of what the loan y
EN- in to-morrow's bank statement Will b
sclose, in view of the large financial 81
which have occurred dur l.
* the week.
There was a continuance OF the activ-
Y Of the bond market to-day, but there IL
ere reactions on profit taking at some
oints. wabash debentures BIS advahc-
points and the AS 25s. Total sales :
lr value sS,d00,000.
United States bonds were all I'M Il
Hanged on the last call. lC
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