The times. [volume] (Richmond, Va.) 1890-1903, 1901-02-07
STOCK MARKET
WAS VERY ACTIVE
Trading Showed Extraordinary Vol
ume and Variety.
SENSATIONAL ADVANCES MADE,
Prices Promptly I;an or from ,li'
High Level ON Profii-Ta!t,n., bnt
There Was u Violent Recovery
in The olasin. Hours.
SENSATIONAL ADVANCES MADE.
fEy Associated rress.)

{Ey Associated rress)
NEW YORK. Feb G.-The trading in
stocks and bonds to-day showed eXuaor-
binary volume and variety. the aggrcsate
sales of all stocks reaching i,3o42V5
shares. compared with the record OF over
100000 shares. which only exceeds them
The days business IN bonus was aISo
rerv large but ii did not reach the level
attained at various times in the bull mar
ket of the spring OF lS.H II must DC
borne in mind. also, that dealings III
bonds are estimated according 10 the par
value OF the securities transferred. anu
The bonds which were most prominent IN
to-day'S transactions We're ioW-SIace
speculative bonds. in many cases selling
al less than half their par value. The de-
,nand for railroad bonds is, nevertheless,
"a very notable feature III the current
market, and the pressure of investment
funds into these semi-speculatiVe sSecnri-
lies had d great influence on speculative
sentiment in the stock market.
The days market divided itself quite
distinctly into three classes. The 1lrst
was comprised in the opening bulge; III
which the violent competitive bi0dlnS
due to the congestion O. urgent huyiiiS
orders overnight caused some sensational
advances Prices promptly ran OH on
profit-taking attracted by this high level.
and the market yielded so easily that the
causing some rather serious breaks in
prices This comprised the second cycie
of the market When the selling MOOD
had exhausted itself traders began to be
impressed with the character OF some o.
the buying at the decline. When the
Semi-Innual dividend on Reading first
preferred was announced, showing an in
crease from IiE. the previous rate, 10 >
per cent, the buying again became furi-
oEsiy Elctivc, and a considerable short
interest was driven precipitateiy TO cover.
This comprised the final cycle in the
market The final recovery was broken
up by frequent periods of realizing, which
continued in some cases to the close, MAX
ing the tone slightly irregular at the last.
though the undcrtone was strong The
opening bulge was most pronounced in
the stee! stocks. under the influence OF
the growing belief in the plan TO console
date all the great steel combinations
This billion-dollar consolidation is 50 stu
pendous i'll its proportions and offers such
vast possibilities for floating of new Sc
curities TO dazzle the most fertile
speculative Imagination.
The current belief in its accomplish
nlent really underlay the whole SpecGla-
tive movement Of the day, although there
were other considerations which supple
meuted it The most conspicuous move
inentS in the steel stocks and the largest
transactions were Federal Steel and Steel
and Wire. Federal Steel rose }as and the
the preferred > National Tube was up
:;9s and Republic Steel preferred Az
There were considerable reactions in this
group, as well as in the whole group after
The opening bulge The selling to take
profits showed signs of urgency at many
points in the railroad list, and some of
liic IcduiiltS SlpthS sol from L 10 = polnIS
under last night. Those which have re-
Gently advanced most strongly were
weak. but on the decline PENNSYLVANIA,
the coaiers the Srangers, the southwest
erns including Atchison and Southern
Pacific and Louisville We're all conspicu-
orsly heavy. Some of them remained
comparatively heavy until the close, al
though the late violent recovery in the
headings and St Paul affected the most
Of the groups.
The belief has been fostered that the
=
be maintained on i > per cent. basis, and
lis increase TO i per cent. basis caught a
large short interest in that stock. The
late movement in Reading first preferred
rose :'ls over last night. and Erie first
preferred - Union Pacific yielded under
The early pro1it-taking. but took 4 very
prominent part in the recovery, reaching
a level As over yesterday Denver and
Itio Grande made q sensational advance
OF DIS and the preferred of rs while other
Colorado stocks We're affected to i less
amalgaUaTion is imminent.
Call money again rose above the
Gently current rate in the late dealings,
but without affecting the bullish enthu-
siaSm.
Wabash debentures We're the feature of
The railroad bond market on an extreme
advance Of AZ. Other lCw-priced bonds
We're in large demand. Total sales. par
value, $3.50, coo. United States refundIng
IS declined * per cent on the last call.
To-day's total sales were 1901, 200
shares.
MONEY AND ENCHANGE.-Money on
call rather steadier at 2Gi;S per cent: last
loan at per cent; prime mercantile
paper, ;S@4 per cent Sterling exchange
easier with actual business in bankers
bills at 81. SSa4. SSis for demand and at
81 -Si3sdi .S4a. for sixty days; posted rates,
81 Sl04. SOL. and $i.S9: commercial bills.
Sd.SiGt4. S4I@ Silver certificates. 6l1.G6:!;
bar silver 81; Mexican dollars, 41la. Gov
eminent bonds weak; State bonds mac
tive; railroad bonds strong.