Evening star., 1901-02-06
FINANCE AND TRADE
Steel Combination Report Starts Boom
in those Stocks.
good BUYING IN RAILROAD LIST
Profit Taking at the Close Caused
Depression.
GENERAL MARKET REPORTS


Special Dispatch to The Evening Star.
NEW YORK. February 6.-Todays stock
market was active, and at times decidedly
buoyant, In spite of the fact that conserva-
tive traders Were inclined to favor reac-
ton. The announcement relative to the
Carnegie-Morgan steel consolidation gave
new impetus TO the trading in all parts of
the list. The stocks directly concerned ad-
vanced sharply and some good buying of
them was credited to inside account.
On the opening advance there was a con-
siderable selling movement, due to profit
taking. but all offerings were readily alb
sorbed at the decline and the advance re-
sumed during the early afternoon.
The steel situation is now in a position in
suring p.ofits. and an advance IN the re-
fined products is likely during the coming
week. The same protective measures which
are being employed, in the management or
the great railroads are now being applied
to commercial enterprises and equa. .ly good
results are promised.
Another important feature of the an
nouncement is that the country is likely to
abandon resent skepticism rs to the sim
cerity Of the men engaged In bringing about
harmon Gus relations and to indorse the
community of ownership idea. There can
be little doubt but that this new financial
policy will be put in operation everywhere
that rate cutting and special agreements"
have existed to the injury of general busi-
ness
Bank consultations are known to be un-
der consideration in financial centers and
street railways, gas plants and such corpo-
ratlonS are becoming mole and more friendly
with nearby rivals. The public Is not being
injured in the slightest degree. There is an
equality substituted for discrimination. and
roundabout ways and methods are giving
way to those which are direct.
These are the arguments that one hears
| in commission house circles. and the pre-
vailing prices in the market attest the de-
gree to which they are accepted.
Activity in Wabash debenture "B" bonds
resulting in an advance of per cent for
the Cay, attracted renewed attention to the
stocks of that company. The preferred ad-
vanced to 81 and the common crossed 15
The prospect for payment on the bonds
and deal for the whole property lead to
predictions of still higher prices.
The increase in the Reading first preferred
| dividend to 1 Ler cent. an advance of 1
| per cent, attracted good demand to those
| shares and served to revive interest in the
| coal group generally.
Erie stocks were strong and dividend talk
| on the first preferred Is m0st confident
st. Paul. Burlington and all the Grange-s
showed signs of new buying during the
afternoon, but it became evident during the
final hour that profit taking was In progress
on large scale Atchison was sold freely
between 5i and 3D. but the pool is still conf
dent of higher prices. and the best interests
In the street are noted as buyers on all de-
clInes. The settlement of the coal strike in
Colorado Helped the roads In that terri
tory.
1t is hoped that the Bank of England NAV
reduce its minimum rate of discount to-
morrow-an event which will start new
buying in the London market