The age-herald., 1902-02-04
OPERATORS SHOWED
 HOPEFUL SPIRIT The Dealings in Southern Paci- fic Were Especially Large lACKAWANNA SPUR RTE D rhe Dealings In AmaIgamated Copper Were on an Enormous Scale, the Largest for a Single Day In
 History of the Stock.
LACKAWANNA SPURTE D

New York, February 3.-The profession al element among the stock operators showed a rather hopeful spirit this morn- ing and started with some confidence to buy the transcontinental railroad stocks. The movement seemed to be based upon an assumption that the Supreme Court would hand down its decision today in the Northern Securities Company case for within half an hour after the time for the sitting of the court the morning gains in these stocks had been wiped out. The dealings in Southern Pacific were especially large and gave evidence of op- erations by speculative pool. The buy ing of the stock is ostensibly based upon the expectation of an early refunding of large issues of bonds bearing high rate of interest and which mature in the next few years. The financial district was flooded with very optimistic estimates of the current earnings of the road. The price was carried at one time 11s over Saturday but it fared little better than the other Pacifics in the reactionary movement and closed with net gain of %. There were very heavy dealings also III SI. raul dDu OHlOn OuI lliSh gains were entirely wiped out Efforts were made to revive the market by in- augurating a movement in the coalers. Lackawanna spurted 141s, very little stock coming out. Rumors were revived that the company's stock is to be doubled with valuable rights to present holders. The dealings in Amalgamated Copper were on an enormous scale the number Of shares sold being about the largest for a single day in the history of the stock.
 It was under pressure throughout with occasional rallies and late in the day fell more than points under Saturday s closing with a net loss of 27s. Protit-tak- ing was an important element in the weakness of the stock, but there was a disposition to discredit recent rumors Of a combination with other copper pro- ducers. The weakness of this stock did not affect the early rise in the trans continentals but it's depressing influence gained before later in the day. The va vorable statement of net earnings for December was responsible for strength in the Minneapolis, St. Paul and SauIt Ste Marie stocks, the common rising 21s and the preferred 3A, with final reactions or about a point. Weakness in Metropo1- tan was attributed to reports of an early retirement from business of one Of the COmpanyS $ largest capltalStS' IHe il- crease in loans by the banks last week was the subject of much discussion with out throwing much light upon the uses for which the borrowed money was de signed Fhe fact that nearly 10,0OO,OOO of the increase or half of the total was made by two of the leading banks in the clearing house, which are affiliated with the financial power which originated most of the great combinations last year, en- couraged the supposltion that large syn dcate operations and possibly new pro Jccts are in hand.
 The money market continued easy not withstandng the expectation that the outward movement of gold is to be re- newed In fact the ease of the money market is the permissive factor in the export of gold.
 Railroad bonds were moderately active and irregular. Total sales, par value, S4,- R45.o90 United States bonds were all un- changed on the last call.
 New York Stock Market.
 By Private Wire to Murphy & Co.