The daily morning journal and courier., 1902-02-08
F tnamcral.
THE SHOCK MARK ET.
Prices Irregular but Tone Healthier

l Prices Irregular but Tone Healthier. | New York, Feb. 7--rrhe movement of
 prices III to-days stock market became l highly irregular but the tone was heal l thier and the breadth and activity in l the market were maintained at yester- days level The professional operators, l who largely absorbed the market, oper- ated with considerable confidence and did not hesitate to buy and bid up stocks in new quarters at the same time as they were taking profits on their re- cent purchases in others. Some of the closely held investment stocks which have had sensational advances recently 1 because there were no shares for sale even at much higher bids, relapsed vio- fently to-day on attempts to take profits, illustrating the narrowness of the market for this class of stocks. Small offerings are as effectual in fore ing declines as are small purchases in causing advances, the insiders in these stocks being quite indifferent to their course in the speculative market. LackaWanna slumped points on top of yesterdays loss of nearly points and Northwest dropped 4 3-4 without recovery. LackaWanna however, ral- lied points. The same tendency was shown to a less degree in q number of other railroad stocks which have been unreasonably bid up of late. There was very notable pressure to realize 11c tt, which the dealings continued on a very large scale. Amalgamated Copper was about the only stock In the list that showed positive depression. It's loss at one time extended to 1-2 but was re- duced by a rally to 1 7-S. The selling Of the stock was ostensibly due to a re- action in the price of copper and to al- legations that the company had over- sold its product at the recent low level in the copper market. The principal factor of strength in the market was Illinois Central, which advanced an ex- treine 1-2 on volume of dealings very unusual in that rather closely held security. The advance had no other ex- planation than the relatively low-price of the stock compared with other stocks
 
 great or even smaller dividend The advance in the stock brought out va- rious old rumors of absorption of minor systems, and the stocks of many rail- roads which could by any possibility be available for merging with Illinois Central were advanced sharply.
 The favorable showing of the great corn carrying railroads for December as in the case of Burlington and Rock Island, also helped to strengthen this class.
 There was an energetic buying move ment late in the day in Atchison, which seemed to be based on the fact that movement in the stock this week had not been commensurate with that in others. This declaration applies to va- rious other movements of the day. There was an upward rush in Metro- politan Street Railway, which carried 1t BIS over last night and a similar movement of more than } points in Sugar, but neither of these was main tained. Brooklyn Transit rose more than point. Late in the day Manhat- tan was raided down points on the news of Il unfavorable court decision l aSalnst the company and this made the ! closing of the market unsettled.
 Little attention was paid to estimates | of the bank statement as the tone of | the money market continued easy. It | appears however that the net receipts | on the interior movement are more | than million less than last week. so ! that the loss on the gold exports re- mains uncancelled by a margin of over l million dollars. It is generally ex- oected also that the loans will be large y increased. The bond market was quite active but ! irregular Total sales par value $3, ,280,- D00
 United States old fours advanced IA per cent. on the last call
 SEW TORN STOCK MARKET,