The age-herald., 1901-02-09
BIG FALLING OFF
 IN STOCK DEALINGS There Was Much Activity in the
 "CatS and Dogs" FAVORlTE DEVICE OF BULLS They Bid Up the Small Stocks to Sus- i, tain the Market for Purpose of
 Realizing in the High
 Priced Ones.
FAVORlTE DEVICE OF BULLS

New York { February S-There was considerable falling off in the volume of dealing in stocks today and the decline would have been much more marked had it not been for the bringing forward into activity of a horde of low priced stocks of the class denominated amongst the brokers as "cats and dogs" It Is characteristic of a long bull movement that 1t should eventu- ally reach into the dregs of the list and stir up the sediment of the market. The theory is that the generally higher range of values attained in the general market en- titles the low priced stocks to some in- creases in valuation even without special development in the affairs of the properties. The bidding up these stocks is also fa- vorite device by bull operators to sustain the market for the purpose of realizing in the higher priced stocks which have al- ready enjoyed their advance.
 So far as the railroad department of the stock market was concerned this was clear ly what was going on today. As matter of fact, combination rumors were circu- lated regarding the railroads whose stocks are selling below 40, as has become the fashion in connection with bull movements but some of the stocks were bid up without specific rumors on the general principal that any railroad is available for a combi- nation nowadays The most clearly defined rumors applied to the Wabash securities and the group of railroads operating in Colorado. These made Wabash connect ing link to be absorbed by the Lackawanna and to take in the Gould southwestern rail- roads in the formation of new through railroad system from the east to the south western gulf ports.
 The rurnor of a projected consolidation in the several railroad lines took on various forms some of which were authoritativey denied. The gains in this class of rail- road stocks ran all the way from 1 to points, St. Joe and Grand Island first gain ing five and Wabash common "A. All of the securities of both roads were affected in a less degree and there were gains be- sides in the Colorado and Southern stocks, D. and R. O., Ft. Worth and Rio Grande, The Chicago, Indianapolis and Louisville stocks, Peoria and Eastern, the Cleveland, Lorain and Wheeling stocks, the Wheeling and Lake Erie stocks Texas and Pacific, North America, Kanawha and Michigan and Mexican Central. The rest of the rail- road list was singularly sluggish all day and there was only handful of stocks that got as much as point away from last night at any time and most of the list vibrated narrowly both above and below last nights level.
 Union Pacific was never more than IS above last night and was alone at one time 1 5-S below. The fluctuation were hesitat- ing and uncertain at all times. The only news of the day concernipg the stock was the underwriting at par of bond issue to finance the Southern Pacific purchase. The latter stock also showed some strength. The steel stocks made great show of strength just at the opening, tin plate dumping nearly three points, steel and wire sA and ederal steel only IA. There was continuance of the activity in the bond markets but there were reactions on profit taking at some points. Wabash debentures Bs advanced 6 points and the AS 2 5-S. Total sales ar value $S400.800.
 United States bonds were all unchanged on the last call.
 New York &tock Market.