The age-herald., 1901-02-07
VARIED TRADING IN THE STOCK MARKET Aggregate Sales of All Stocks Reached 1,964,200 Shares. VERY CLOSE TO THE RECORD Bonds Which Were Most Prominent in the Days Transactions Were Low Grade Speculative Bonds-sold
 For Half value.
VERY CLOSE TO THE RECORD

New York, February 6.-Thek trading in stocks and bonds showed extraordinary volume and variety the aggregate sales of all stocks reacheing 1,964,2oO shares. com pared with the record of over 2,100OOO shares which only exceeds them. The days business in bonds was also very large, but 1t did not reach the level attain ed at various times in the bull market of the spring of 1S99 It must be borne in mind also that dealings in bonds are est- mated according to the par value of the securities transferred, and the bonds which were most prominent in the days transac- tions were low grade speculative bonds in many cases selling at less than half their par value.
 The demand for railroad bonds is never theless a very notable feature in the cur rent market and the pressure of invest ment funds into these semi-speculative sentiment in the stock market The days market divided itself quite distinctly into three phases. The first was comprised in the opening bulge in which the violent com petitive bidding, due to the congestion of urgent buying orders over night, caused some sensational advances. Prices prompt ly ran off profit-taking attracted by this
 
 ly that the bear traders made a vigorous attack, causing some rather serious breaks in prices. This comprised the second cycle of the market.
 When the selling mood had exhausted it. self, traders began to be impressed with the character of some of the buying at.the de- cline. When the semi-annual dividend on Reading first preferred was announced, showing an increase from 115, the previous rate. to the hUVinp again be- came furiously active and a considerable short interest was driven preciptately to cover This comprised the final cycle in the market. The recovery was broken by frequent periods of realizing, which con tinued in some cases to the close making the tone slightly irregular at the last, though the undertone was strong.
 The opening bulge was most pronounced In the steel stocks under the influence of the growing relief in the plan to consoll- date all the great steel companies. This '"biflion dollar consolidation Is stupen- dous in it's proportions and offers such vast possibilities for Notation of new se curltieS as to dazzle the most fertile Specu- lative imagination. The current belief in its accomplishment really underlays the whole speculative movement of the day, all though there were other considerations which supplemented it. The most conspic- uous movements in the steel stocks and the largest tranactions were in Federal Steel and Steel and Wire. Federal Steel rose 33s and the preferred AZ. Steel and Wire rose 3, and the perferred per cent. National Tube was up 1s, and Republic Steel prefer red A. There were considerable reactions in this group as well as in the whole group after the opening bulge.
 Wabash debentures were the feature of the railroad bond market for an extreme advance of AZ per cent. Other low priced bonds were in large demand. Total sales par value, $S,595000. United States refund ing 2s declined s per cent on the last call. New York, February 6.-Money on call steadier at 2D3 per cent; last loan per cent. Prime mercantile paper BOA per cent.
 Sterling exchange easier with actual busi- ness in bankers bills at 4.SS0o4 3S1s for de- mand and at 4.S45sGp4. S4% for 60 days Post ed rates, 4.S5@4S51s and 4.S9. Commercial bills, 4.S4@4S412.
 Silver certificates, 611s@63. Bar silver, s1 Mexican dollars, 471k.
 Government bonds weak State bonds inactive. Raidroad bonds strong
 New York Stock Market.
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