The times. [volume] (Richmond, Va.) 1890-1903, 1900-02-16
STOCK MARKET
PROF ESSIONAL
The General Public Persist in Their
Indifference.
EARLY ADVANCE IN PRICES.
A Number OF Factors Contributed to
EARLY ADVANCE IN PRICES.
A Numicr OF Factors Contributed to
this Advance. tho Initial Impulse
Coming From the Lon
don Market.

NEW YORK, Feb. 15.-The movement
OF prices in the stock market to-day re-
!iccfed very clearly the doubtful and con-
nctinE speculative opinion over the out
look tor prices The opinion reflected was
almost wholly that Of professional opera
Tors in stocks. as they We're the only
ones who took amy notable part in the
Trading. The general public persisted in
Keeping out OF The spot market, and this
continued indifference had not little
10 do with doubts of the professional
spectators. some of whom sold stocks
before the close of the day. prompted
Ivy their disappointment over the failure
+oltany general demand for stocks to de-
Feiop. a number of factors contributed
10 an carly advance in prices. The initial
impulse came from the London market
where prices advanced on the cheerful
feeling cngendcrcd by the forward move
1nent Of British troops in South Africa
London was "a buyer here on the open
ing, but the demand from that source
was satisfied with the taking OF twenty
I've TO thirty thousand shares.
The iron and steel group advanced IN
sympathy in the morning under the &C
live bidding up of professional traders,
American Steel and Wire rising to within
q fraction OF GO. Tennessee Coal rose an
extreme 2L. The impulse of these stocks
came from the allegations contained IN
pending law suit of notoricty reSafdlhS
the enormous profits of the steel trade
Tor the past year, and assertions OF the
Likelihood of still larger returns for the
current year.
The strength in Sugar was based upon
rather vague rumorS Of coming advance
in the prices of the product and reSump-
ton of operation by refineries receEtly
closed down But the strength from these
causes was not well maintained, in the
fact of the apathy of the demand ana
notable weakness in some special STOCKS.
"A break of OK in Third-ATenue was due
10 the announcement by a clearinghouse
of its withdrawal Of a proposed loan 10
this company. This caused sharp sympa-
1hetic declines in the other local traction
stocks. the iron and steel stocks and SUI
gar. and, in fact, unsettled the whole list.
Railroad stocks lost their early gains. Dut
became dull and notably firm near 10 inc
last nights level of prices All reports
continue TO reflect high level OF pros
perous business activity and an unprece-
sdented level of railroad earnings. But
this very activity In business aTouseS VIZ.
question whether. the prosperous use OF
money thus involved is not Likely 10 oe-
plete the supply of funds available for
Speculative purposes. No better eSplana-
ton has been found of last weeks enor-
NOUS loan expansion than the demand LOT
mercantile uses, which is known to pc
3on a very large scale. Taking into ac-
count the recent tendency towards laiSS
expansion of loans. a further large liioau
upon surplus reserves is regarded as IN
,,vital,le in the coming bank statement.
Business in bonds continued on fairly
1arre scale and price changes were IT.
regular Total sales, S2,1"3, 600 United
Estates bonds unchanged in bid prices. I'm
The total sales of stocks were a.6.g
shares. including A a,t; co pr Manhat.
tan 75S5: Norfolk and Western. 6...!''
d Per; 1000: Southern Pacific
EG, SO: Union Pacific. eo,5So; American
aStcel and Wire. 1850; American Ion % Geo
* 400. Jsroollyn Rapid Transit, u o9n
sCnntinental Tobacco. COCO: Federal steel a
II Gso: National Steel. 1910: Mail . ,a,
4S,,ear. G1.79o: Tennessee Coal and IRON
G.59a.
MONEY. AND NEUTRALITY-SUSPICIOUS. on
call easy at oG21% per cent: last loan at
sllh per cent: prime mercantile paper. AGA
per cent Sterling exchange IRREGULAR,
With actual business in bankers DIS ~; az