The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1906-02-05
NERVOUS MARKET
THROUGHOUT WEEK
Stocks Opened Buoyant Monday,
But Pennsy Resolution
Started Unloading.
MONEY MARKET FAIRLY EASY
General Business Throughout the
Country Conducted on Scale of
Unprecedented Magnitude.
,sr,..,o, % The rimes-Dispa.ch.)


NEW YORK. February 4.-The stock
market began last week In a cheerful
and optimistic manner with the greater
number OF spectators still favoring tho
hull side, and during the early part Of
the hrst day the entire list displayed an
advancing tendency This continued up
10 the last hour OF trading, when news
came from Washington that resoiu'
ton had passed the House OF Represeh-
tatiyes calling on the President TO iur-
nish all the information In his posses
sim In regard to the Pennsylvania Hail-,
road and Its allied properties-the BAL
,,rnore and Ohio. Chesapeake and ONO
Norfolk and Western and others-"hscfi'
1t was claimed were a monopoly IN re-
straint OF trade and operating IN con-
aict with, the Interstate Commerce law.
This item Immediately caused cohster-z
nation among the speculative Interests
and unloading OF stocks was In evidence.
rew neonle stopped to consider whether
or not the Pennsylvania was realiy vio-
lating any law. but rushed to sell STOCKS
NJ, the theory that another siich incident
nc the dissolution OF the Northern secu-
rites merger was coming Prices de-
clined rapidly in all departments. and
the close was at the lowest prices oil
the day.
Heavv, liquidation was renewed the next
day. Up to the last hour prices had
mnved back and forth within a compar-
atiyely narrow range. but liberal Offer
ines OF stock were met on the rallies
and the market was decidedly nervous
throughout the trading There was con-
siderable support in many stocks, how
ever. and this resulted In recovery oil
from one to two per cent. Just before
the close. Reading and Colorado Fuel
perhaps showed the greatest weakness
After the close the report OF the United
States Steel Corporation was made
known. which was. taken as whole,
the most favorable report that this cor
poration has ever published
The market on Wednesday was tech
nically ready for rally, and 1t came
from the very start. Many stocks scored
initial advances OF from one to three per
cent on unusually large transactions.
The Copper stocks were prominent feat
ures OF strength, and in the last half
hour furious buying in these issues re-
suited In large purchases In other direc-
tons. the close being buoyant at the top
prices OF the day.
There was heavy profit taking on the
following morning. and this caused de-
clnes in many stocks. Analgamated
Copper In particular showed the effects
OF realizing sales, and receded two points
from the opening figures. A recovery
TO the high price was quickly recorded,
however. Great Northern preferred
showed great strength, and this infu-
enced Union Pacific, which made gain
OF two points.
The week closed with weak market.
Those who had taken on a great deal
OF Union Pacific and the Copper stocks
were disappointed with the opening. and
the selling from this source was con-
siderable. Prices yielded easily. some
issues selling from three to fire points
below the close OF the previous day.
Reading was particularly weak. owing
to uneasiness over the labor situation
In the coal mining districts.
Gcnarl conditions are about the same
and are about as good as 1t Is possible
to imagine.
Railroad earnings show large gains
over the corresponding period OF last
year
some nervousness Is felt in regard to
the possibility OF trouble. both in the
hard coal and the soft coal regions. be-
tween the operators and the miners. but
general sentiment is to the effect that
no strike will be declared.
The money market remains fairly easy,
and general business throughout. the
country Is being conducted on "a scale
OF unprecedented magnitude.
The announcement that the Union Pa
cific directors will meet shortly will also
have a stimulating influence. and this