The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-02-07

NEW YORK. Feb 6-rThe trading in
stocks and bonds today showed eXtraordi-
| nary volume and variety, the aggregate
sales of all stocks reaching 1856, zoo
100000 shares, which only exceeds them.
The days business in bonds was also
very large, but it did not reach the level
attained at various times in the bull mar
in mind also that dealings in bonds are
estimated according to the par value of
securities transferred, and the bonds
which were most prominent in the DAYS
transactions were low grade speculative
bonds, in many cases selling at less than
half their value. The demand for rail-
ROAD bonds is, nevertheless, very nota-
BILE feature in the current market and
the pressure of investment funds INTO
| these semi-speculative securities had a
great influence on speculative sentiment
| divided itself quite distinctly into three
classes. The first was comprised in the
opening bulge in which the violent COM
petitive bidding, due to the congestion of
urgent buying orders over night, caused
Some sensational advances. Prices prompt
| ly ran off on profft-taking, attracted by
! this high level, and the market Welded
| SO easily that the bear traders made a
| vigorous attack causing some rather Sc
fleus breaks In prices. This comprised
the second cycle Of the market. When
| the selling mood had exhausted itself
traders began to be impressed with the
character of some of the buying al the
decline. When the senai-annual dividend
On Reading first preferred was announced
showing an increase of u per cent over
the recent rate of 2 per cent the buving
became furiously active and considera-
~ to cover. This comprised the final cy-
Gle in the market. The final recovery
was broken by frequent periods of real
| izing, which continued in some cases to
the close, making the tone slightly ir-
regular at the least. though the under
tone was strong. The opening bulge was
most pronounced in the steel stocks I'M
der the influence of, tflef growing belief
in the plan to consolidate ~ &c craat
steel combinations. Fhfsl ''billion Ii ! If
computation, is so stupepdou5 il it's pro-
ties for flotations Of new securities as to
dazzle the most fertile Speculative inn
agination. The current belief in it's &C
complishment really phderlay the whole
though there were other, considerations
which supplemented It. THE most con-
spicuous, movements III the steel stocks
and the largest transactions were in Fed
eral Steel and Steel and Wire Fedora |
Steel rose 3ss and therpreferred Az Steel
and Wire rose and the preferred g Ma
preferred AZ. There were considerable re-
actions 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 the leading stocks cot
from to points under last night Those
which have recently advanced most
strongly We're weakest on the decline
pennsylvania, the coa1ers, the, grangers,
the Southwesterns Gncluding Atchis0n
and Southern Pacific and Louisville were
remained comparatively heavy until the
close, although the late violent recovery
| in the Readings and St. Paul affected the
members of their respective groups The
nel!ef mas been rather fostered that the
dividend on Reading first preferred won d
be maintained on q 8 per! cent basis and
us increase to a / per cent basis caught
large short interest both in that stock
and in. the Fries. The hope is encour-
aged OF a commensurate dividend on Erie
hrst preferred. The late movement car
nigh. and Erie first preferred 2 Union
Pacific yielded under the early profit-tak-
lnS, out took very prominent part in
me recovery; reaching a level of AS over
| yesterday. Denver & Rio Grande made
a sensational advance of SIS and the pre-
ferfed of rs, while other Colorado stocks
| were affected to less degree on tee
| ssuppoSition that their amaIgamation is
! imminent.
Call money again rose above the re-
| Gently current rate in the DEALINGS but
Mlthout affecting the bullish enthusiasm.
! NO gold was engaged for export, which
| was surprise in view of the downward
| course of foreign interest rates and the
! general expectation that the rate of dis
I count of the Bank of England will be
! reduced tomorrow, to be followed by like
| acton by other foreign government
| banks.
Wabash debentures were the feature of
the railroad bonds market on an extreme
! advance of AZ. Other l0w-priced bonds
were IN large demand. Total sales par
value, $3.50. 900. United States refundng
Is declined 3 per cent on the last call
STOCK oUoTATIoNs.
| ;. Furnished by Charles H. F. Smfth &,
Co, members of the New York Stock
| exchange. Pioneer Press building, who
nave direct wires to Chicago and New