The times. [volume] (Richmond, Va.) 1890-1903, 1900-03-29
GREAT ACTIVITY
ON STOCK MARKET
Buying Demand Not Impaired by
Profit Taking.
UNDERGONE WAS VERY STRONG.
The Statements of Net Railroad
Earnings for February We're Con-
iirma,ory of Impression Mado
by January Statements.
UNDERGONE WAS VERY STRONG.
by January Statements.

NEW YORK. March 2s.-Anothcr day
OF furious activity and buoyant rise OF
prices marked the further progress. of
the bull campaign in the stock market.
The progress of digesting profits by sell
Ing out of the upward course was gong
on all the time and caused an appear
stocks here and there. But the BUYING
demand and the absorpttve power OF the
market were not at all impaired by THIS
process.
The market gave every appearance of
having shaken off the control OF the
professional element. Manipulation was
in evidence in some industrial stocks,
and the buying by the professionals on
large scale emphasized the advancing
tendency IN some cases. The profitota
ing by the same clement some uHes
checked or prevented the advance In
other stocks. but the large general de-
mand for stocks from all sources carried
everything before 1t. and made the I'M
dertonc of the market aESrcSslSel!
strong throughout
There is manifcstly very large body
OF buyers seeking to secure stocks. Other
vidual causes in special stocks or to
movements TO take profits above indl-s
Gated Sugar was a point OF weakness
at different times during. the whole day;
and there was a heavineSs here ana
there in the iron and steel stocks. Iherc
was some disposition to go contrary TO
Iondon's lead. a number of the stocks
which were advanced in the market be-
ing heavily soldhere. while others which
fell in the early trading there We're
abruptly advanced here. This was nota-
bly, true or the Reading stocks ard of
Pennsylvania. in which profit-taking was
in evidence in this market all Gay.
There was some heaviness during the
carly hours in the Pacifics. but as the
day advanced the strength in this latter
group became very aggressive, led by
Northern Pacific. which advanced "a to
a record price. Union Pacific. Missouri
Pacific. Atchison preferred. and South
ern Pacific were all bought on an enor-
NOUS scale at advancing prices. the lat
ter meeting the heaviest opposition in
profit-talSiny. Peoples Gas was strong.
also, and the strength was disseminated
al through the list
The trading in Sugar was very large
and the price movement feverish, the
stock closing at about the lowest. having
fallen an extreme "a. cut in price by
n rival company was the cause OIL the
OF the day was little regarded, as the
whole movement in stocks is based upon
general conditions. The statements OF
railroad net earnings for February, pub
lshed during the day, were conflrmatory
of the impression made by the January
statements Of an unprecedented level of
earnings for railroads. st. Paul, With It's
heavy charges for operating expenses
and a resultant decrease in net earnings,
was "a notable exception, but the price
of the stock was not affected.
A feature of the day was the further
sharp advance in the rates of sterling
exchange. The fact that London is car
rying stocks with money borrowed in
New York serves to explain the apparent
anomoly of rise in sterling exchange
rates when London buys stocks here and
easing of the money rate when it
sells.
Another very heavy days business was
done in railroad bonds. and with the eN-
ceptior of some protit-takinG in specula-.
tive issues, prices were high. Total
sales. par value. 81. 10000. United States
rs declined 4 in the bid price.
Total sales of stocks were 9JG, 200
shares. including Atchison. 3o130; do.
preferred. 41,250: Baltimore and Ohio,
2O,575; Chesapeake and Ohio. 6,SS0: Bur-
1ns5on s; and Quincy ac iG.s % c ShcHgH
frs. preferred. 6,o4o: Louisville and Nash
vile. $3.50; Manhattan. 10,SS0; Missouri
Pacific. 59.9S7; New York Central. $500:
Pacific, 1875; Northern Pacific pre-
rerred, 21,I,0; Ontario and Western. 81
S25; Pennsylvania, 1920: Reading, 9.11O;
do. first preferred, 3T.4Jo: do. second pre-
ferred. 1i.7Ga: St. Louis and Southwest
ern preferred. 5,4o0: st. Paul, 1G.430;
Southern Pacific. ;,616O: Southern Rail-
way 9,3l5: Southern Railway preferred.
5000: Union Pacific. G2.190: Union Pa,
cific preferred. 1851: American Steel
and Wire. 21.:,50: Anaconda. Gl2O: Brook
Ign Rapid Transit. 64,977: Federal Steel,
213O: Peoples Gas, :i710; Sugar, 80,
500: Leather, 1000; American Tobacco,
300.
MONEY AND ENCHANGE.-Noney on
call steady at 36t1l4 per cent: last loan
at 4 per cent; prime mercantile paper.
asaoa per cent Sterling e ;st ln;n:H,
bills at s4.SGMi. SGis for demand and at
S4 So1adf4. Sc9s for sixty days: posted
rates. S4.S3l.a4.SI: commercial bills. S4.S2
IA S21a. Silver certificates, 6o}4M61l4; bar
silver, -9Ts: Mexican dollars. 4Ia.. Gov
crnment bonds easy; State bonds Weak;
railroad bonds strong.