The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1901-02-07
TIL STOCK MARKET.
Trading in Stocks and Bonds show Ex-
traordinary Volume and Variety.

New York, Feb. 6.-The trading in
stocks and bonds to-day showed extra
ordinary volume and variety, the ag
erepate sales of all stocks reaching l.
904 200 shares compared with the record
of over 2,1OO, 900 shares, which also ex-
ceeds them. The days business was
also very large, but it did not reach the
level attained at various times in the
| bull market of the spring of 1899. 1t
must be more in mind also that deal
ings in bonds are estimated according
to the par value of the securities trans
ferred and the bonds which were most
prominent in to-day's transactions were
low grade speculative bonds in many
cases selling at less than half their par
value The demand for railroad bonds
is nevertheless a very notable feature
in the current market, and the pres
sure of Investment funds into these
commemorative securities has great
Influence on speculative sentiment in
the stock market. The days market
divided itself quite distinctly into three
periods, The first was comprised in the
opening UulBG III WhANAi lbS NASiSiAS SSANA
petitive bidding due to the congestion
of urgent buying orders over night
caused some sensational advances.
Prices promptly ran off on profit-taklng
attracted by this high level and the
market yielded so easily that the bear
traders made vigorous attack, caus-
ing some rather serious breaks in
prices This comprised the second stage
of the market. When the selling mood
had exhausted itself, traders began to
be impressed with the character Of some
of the buying at the decline. When the
semi-annual dividend on Reading LIST
preferred was announced, showing an
increase from III, the previous rate, to
2 per cent. the buying again became
furiously active and considerable
short interest was driven precipitately
to cover. The final recovery was broken
up by frequent periods OF realizing,
which continued in some cases to the
close, making the tone slightly irregu-
larly at the last though the undertone
was strong The opening bulge was
most pronounced in the steel stocks UNI
der the influence of the growing belief |
in the plan to consolidate all the great
steel combinations. This "billion dol |
lar consolidation" is SO stupendous in
it's proportions, and offers such vast |
for flotation of new secur- |
tiles, as to dazzle the most fertile spec |
ulatiye imagination. The current belief |
in it's accomplishment really underlaid |
the whole speculative movement of the |
day. The most conspicuous movements !
In the steel stocks and the largest trans !
actions were in Federal Steel and Steel |
and Wire Federal Steel rose 3% and
the preferred Az. Steel and Wire rose
and the preferred 2. National Tube
was up 35s and Republic Steel pre-. Az
There were considerable reactions in
this group as well as in the whole list
after the opening bulge. The selling to
take profits showed signs of urgency
1t many points in the railroad list, and
some of the leading stocks got from l
% points under last night. Those
which have recently advanced most
strongly were weakest on the decline.
the coalers, the grangers,
he southwesterns, including Atchison
md Southern Pacific and Louisville
we're all conspicuously heavy. Some
II them remained so until the close, al
hough the late violent recovery in the
Readings and st. Paul affected the
members of their respective groups.
rhe belief has been rather fostered that
he dividend on Reading 1st pref. would
re maintained on yal3 per cent. basis,
nd it's increase to a per cent basis
aught a large short interest both in !,
hat stock and in the Fries. The hope !
5 encouraged of a commensurate divi-
end on Erie 1st pref The late move I
nent carried Reading 1st pref 3h over
asst night and Erie LIST pref 2. Union S
'acific yielded under the early profit
aking, but took a very prominent part
4 the recovery reaching a level Az
yer yesterday. Denver and Rio Grande
lade sensational advance of 5M and
he preferred Of 2A, while other Colora-
0 stock were affected to less degree
n the supposition that their amalga-
nation Is imminent. Call money again
ose above the recently current rate in
le late dealings, but without affecting
le bullish enthusiasm. No gold was
lgaged for export, which was not a
lrprise in view Of the downward
1urse of foreign interest rates. and the r
OIL expectation ludI the rate Gr |
scount of the Bank of England will
: reduced tomorrow, to be followed
Y other foreign government banks.
Wabash debentures were the feature I
the railroad bond market on an ex-
eme advance of An Other low-price
,nds were in large demand. Total
les par value, $685., 900.
United States refundng declined "A
n cent. on the last CALL n
Closing Prices. 4
Following are the closing prices reported
Prince 81 Whitley, Bankers aud Brokers.
broadway, New FORK, and Is Center St,
wv HAVEN. Sid. Asked.
a1ns Express Co. ............ 155 165
nerican Car Foundry Co. 80. 22H 22%
nerican Cotton oil Co 1870. 3o$ 81
DO Pfd ..................... 8Sb 90
nerican Express Co ........1S2 1876
nerican Ice Co. ........... SO ~
Do Pfd .............,....6S 60
1erican Linseed Co ........... Tx 4
Do Pfd NEUTRALITY-SUSPICIOUS.. 1864 ar
a. Smelling Il Refining Co... 61% G2
Do Pfd ..................9 Si5 90
lerican Steel Hoop Co ..... 90 32H -
DO Pfd ,................... n Tx
lerican Steel & Wire Co 80. SIN 81" -
10 Ptd .......,:........... 931a 93%
= Ct1ao Def Int II