The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1901-02-06
Financial.
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THE STOCK MARKET.
Very Active Yesterdny--Prices Generally
Higher.

| very Active festerday--Prfces Generally
Higher.
New York Feb. 5.-To-day's market
was very active and ends the day gen.
orally higher but prices of stocks went
through many variations in the course
of the days trading. The market
| throughout showed spots of weakness
as well as of strength, but the con-
sive points of strength served to over
come the disposition to sell on the part
of timid holders of long stock as well
as by the bear traders, who were dis
posed to aggressive tactics early in the
day. The opening bulge in prices met
with a decidedly discouraging re0ption
and some of the leading stocks on the
list were carried below last nights level
under the heavy burden of profit taking
sales and operations by the bears.
Yesterdays leaders in the speculative
advance, including Louisville and Nash
vile, Atchison, Union Pacific and Rock
Island, were all carried below last
nights level, and the dropping tendency
of Southern Pacific became more mani
fest. With weakness in these impor-
tant stocks, the whole market necessar-
lily made some response and the earlier
gains elsewhere were largely curtailed.
The steel stocks showed themselves not
SO yielding as those in other portions
of the list and when the force of the
selling movement had expended itself
thfr ~, -, -fo .fo
important influence on the market.
Buying was credited to insiders and
there was a recurrence of recent ru-
mors of coming wholesale consolida-
ton of the great combinations in the
trade. The opening rise in the South
westerns was not so well maintained al
though Missouri Pacific made a strong
recovery later, rising to 81 10, and the
Wabash securities were very largely
bought. 1t was rumored that Chicago
and Eastern Illinois had passed to the
control of the Missouri Pacific or ST.
Louis Southern and the lately prevalent
rumors of general consolidation of the
railroad systems still re-
tanned their force in the speculation.
Chicago and Eastern Illinois rose IA
8 1-8 in Tobacco amid midday of the
session was feature. There was a
very large number of stocks of smaller
railroads which advanced sharply I'M
dor the prevailing impression that alb
sorption ofAsuch roads by the larger
systems is the order of the I
day. Hooking Valley rose Is, Fock-
Ing Valley preferred 8 IA, Pere Mar
luette s. Minneapolis and st. Louis
1-2, Evansville and Terre Haute s. |
Lake Erie and Western and quite |
an extended list from to 2 points
The most important movement of the /
lay was in the later dealings when the
,oalers and Pennsylvania developed
sudden and aggressive strength, after /
showing symptoms of heaviness earlier
II the day on statement that the
dividend on Reading first preferred
would not be increased for the pres
mt. The movement seemed to be based
N rumors as to the disposition of Le-
Ugh Valley, different reports assigning
t to Lackawanna, Reading and Erie.
sains on the movement were 3 1-2 for
8 for Delaware and Hud-
on and from 1 to 2 for other members
1 the group. The movement in Penn
ylvania was not explained, but it re-
ulted in an advance of points. Union
'acific and Southern Pacific also sue
eeded in throwing off their depression,
he former advancing to 81 and the lat
er to 9S, through heavy offerings in
9th cases. A furry to 8 per cent. in :
he call money rate was not much 4
eeded, although it attracts attention 3
. the fact that last weeks enormous y
lcursion inc the reserve forces by i
aason of the loan expansion Of over 4
50, 100000 was a reality to be reckoned =
18th. The reaction in sterling exchange :
nd the impression that an outward
old movement to London is averted
II the present, owing to the decline II
| the money rate there, helped to Off
It the effect Of the firmer tone of the
cal money market