The times. [volume] (Richmond, Va.) 1890-1903, 1900-02-15
STOCK MARKET
OPENED STRONG.
Though the Buying Demand Was
Mostly Professional.
A REAcTIOaARY TENDENCY :
REACTloNARY TENDENCY
Resulted Which Practically Wiped
Out All Earlier Gains and Estab-
lisl,cd Some Sharp Losses.
The Closing Was Firm

NEW YORK, Feb. 14.-The STOCK mar
ket to-day showed a continuance of yes
icrday's strength in the early dealings.
but The buying demand came altogether
from professional sources, with the pur-
pose of inviting outside demand. The
outside demand failed to matcriaiiZe, bus
mess from the commisSion-EouSeS con-
tfnuinE on d Very small scale. In FACT,
selling orders TO some extent came on the
market from commissioned houses. which
were attributed TO western account, but
which We're without explanation. The
professional buyers grew tired and sold
to realize when the futiiity OF the efforts
to attract outside buying orders were
perceived. Several points of positive
weakness developed by the searching ef-
1orts of the bears. and stop-loss orders
were uncovered by offering prices down.
The result was general rcactionary ten,
dency, which wiped out practically All
OF the earlier gains and established some
sharp losses in special stocks. The shorts
covered before the close. causing sharp
rallies at the weak spots and a general
stHcninE of the whole market as a re-
suit Of which the closing was firm and
net changes in the majority of stocks
small. The local traction stocks and in
dustrials were the leaders in the open
ing advance. Sugar, Tobacco. Western
Union. Peoples Gas, Pressed Steel Car,
Rubber preferred and some of the iron
and steel stocks were all represented by
gains of to y. and Tennessee Coal was
marked up :'la on rumors of plan to re-
tire the preferred stock and begin divi-
bends on the common stock.
Continued heavy buying was in evidence
IN Pennsylvania. Missouri Pacific and
other railroad stocks. those named raising
point. The buying OF some of these was
attributed to operations Of speculative
pools. Fhe first point of weakness to de-
velope in Third-Avcnue came on the an
nouncemcnt of dividend of only per
cent. as compared with IA per cent. for
the last quarter OF 1888. and Ia per cent.
The stock fell an extreme as, and caused
sympathetic weakness in the other local
traction stocks. Metropolitan and West
Side preferred, of Chicago. jumped 'E
points on the declaration of its first
dividend.
The demand for stocks was listless for
the rest of the day, and the bears made
successive attacks. on different stocks.
Rubber common and preferred lost Az and
~. respectively Continental Tobacco
was raided down ; points on rumors OF a
bond issue, and American Tobacco loSi
its earlier gain in sympathy Sugar fell
~ from the top. Federal Steel 1Hs. Pa
cifc Mall 115 and Baltimore and Ohio 1a.
The news of the day was mostly fay
orable. and the reaction was apparently
due to technical causes. Traders were in
clined TO take profits on the pending pas
sage by the Senate of the financial bill,
which is taken for granted. and which
on account of its provisions for expand
ing the currency.
The bond market was moderately active
and Irregular. Total sales. par value.
S2705, 900. United States old As adj
ranced X.
3 Total sales of stocks We're GI5,400 shares.
Including Atchison preferred, 1850: Balti
more and Ohio, 1850; Burlington and
Quincy, 1O.050: Manhattan. 10,3S!: Metro
politan. 4.a11: PENNSYLVANIA. FUSS: Mis-
souri, Pacific. 1880: Norfolk and West
er1a. 5.Gs7: st Paul, so; Southern Pa r..
cific. S.16a: Union Pacific, 27,1S1; Aneri-
can Steel and Wire 1850: American To-
bacco. Gs'.:;;75: Brooklyn Rapid Transit,
lSoS0: Continental Tobacco. ISL; Fed
eral Steel, 1896: National Steel. 5.2i3;
Sugar 3a.c70: Tennessee Coal and Iron,
1875; Leather, 5.l95; Rubber, G,0O0.
MONEY AND NEUTRALITY-SUSPICIOUS. on
call steady at 2@2la per cent; last loan at
o1a per cent; prime mercantile paper, 400
per cent Sterling exchange steady with
actual business in bankers bills at S4S!ia
"a S72s for demand and at S4.S4M04S4 SAL.
for sixty days; posted rates: S4.S5 and
So SSH; commercial bills, S4.S3G4. ssh.
Silver certificates, a93i MG1; bar silver,
I9as: Mexican dollars, Az Government
bonds strong: State bonds strong; rail-
road bonds irregular.