The daily morning journal and courier., 1902-02-12
Etmu
-
 THE STDCK U f R K Ef,
Further Expansion of Business and
 Great Irregularity.

i Great Irregularity.
 | New York, Feb. 11,-To-day's stock | market showed a further expansion ir | the dealings and the great irregularity | of the market continued, The selling | side was rather better represented than 1 yesterday. But many important stocks 1 took up the advance at new points, The | disposition to take profits was very natural on the eve of holiday. There | was obviously some misgiving also
 among speculative buyers lest the ex- l pectations of coming deals would be | disappointed This was especially not 1 iceable among the local traction stocks | where the glamor of the coming an- | nouncement of the Metropolitan Street | railway deal has suffered some decline. | The anxiety regarding the subject was keener as an announcement of the plan is thought possible over the holiday. Recent sanguine expectations of bene- its to accrue to the express compan-
 ies from some sort of consolidation suf- fered some relapse as shown by the sharp drop of 7h in United States EX- press although the stock finally rallied 415 American Express after rising
 nearly five points lost it again The
 speculative assumption that last week g
 huge loan expansion represented syndi-
 cate preparations for deals was sub
 iected to careful scrutiny to-day and
 the opinion was developed that flnan-
 cal operations already known might abundantly account for the increase in credits Subscriptions to the $20,OO0,- GOO of Baltimore and Ohio and to $10,- 100000 of Pennsylvania equipment trust to say nothing of the acknowledged re- payment on a large scale of foreign in- debtedness to be replaced with New York banks the Metropolitan Street Railway readjustment meant to pro- vide $30, ,000 900 and preparations for the St Louis Southwestern second mort gage readjustment the New York Cen tral stock issue and that of the Cana dian Pacific. The steel stocks were all very heavily bought on encouraging trade prospects, but the United States Steel stocks met enormous offerings at every slight advance. The late move ment in Pennsylvania was regarded as an alternating movement With that in Southern Pacific and due to operations by the same interest. The Texas Pa citic were advanced on the strength of the increase i'll the yearly disbursement on the company's second incomes The cause of the strength in the Iowa Cen tral stocks and the Minneapolis and St. Louis stocks was the supposed competi- tion for control between Illinois Central and Rock Island. There was very large buying of Southern Railway and Louis vile and Nashville, and of number of stocks of comparatively small capital ization which was not explained. The buying of the Readings continued very large, but they showed the effect of profit taking. The industraIs as a rule outside of the steel stocks and some of the gas stocks were inclined to heavi- ness. Amalgamated Copper showed a good recovery, but closed with a small net loss. The closing was active and irregular.
 Business in bonds continue large and the price movement irregular. Total sales par value $4, 4,640,000.
 United States new 4s advanced 1s per cent on the last call.