The times. [volume] (Richmond, Va.) 1890-1903, 1900-03-01
BUOY Mt RISE in
PRICE OF STOCKS <,
Bears Were Urgent Bidders 10 Cover
Short Contracts.
RAILROADS ROSE STRONGLY.
RAILROADS ROSE STRONGLY
The Only Exceptions Were Those
Stocks Which Have Already Ad-
vanccd in the Face of Recent
Weakness Of the Market

NEW YORK. Feb. 2S-Evidence accu-
INFLATED as the day progressed IN me
stock market that the short interest In
the group of specialties which has recent
ly been declining had become unwleldy,
and before the day had closed an urgent
demand developed for these stocks IRON
the hears. who had overstaycd the mar
ket and who were eager bidders for STOCK
ia cover short contracts Thus the appa-
rent anomoly was presented OF a DUO! an.
rise in the price of stocks. co!ieei ~
which recent unfaVorable news was sun
Gncontradicted. or new facts deseiopeI. y
a still more unfavorable character Ac-
ditional mechanics liens were plieu ny
upon the assets of the sIh1ro-afeliue; az"
n receiver was appointed. The STOCK or, OF.
fered firm resistance at tyeSterd2? ~"
level and rose at one time as mucn as
ST. The franchise tax commission winch
recent rumors by professional bears hase
credited with purpose TO practicaiis -
1iscate the net earnings OF local colpoi,a-
tons, began its SitunSS to-day, ouI thc
stocks of the New York public uullues
rose from .M to 6 points. Puplsneu re-
ports alleSe continued demoranZa,ioii aiu
cutting OF prices Of sugar, and the con-
SicIicn of professional operators are I'M
shaken that the next dividend VAL be Cut Ini
but Sugar shows net gain OF "a. Inc
simple explanation is that bear traders
have been selling these stocks without
holding certificates with which to make
delivery. and when they tried TO BUY thcy
found a horde of traders in the same sit
uation, and lively competition spr2nS
up 10 secure the floating supply. Eco
pies Gas. the Tobacco stocks, a number
of the metal stocks, Western Union ana
some others which have been under re-
cent pressure moved upwards under the
same influence The Leather stocks weak
ened on the yearly earnings reported,
which We're much below sanSuine esu-
mates and the bears tried TO raid the
Tho market
to respond. Relieved OF the elements OF
acute weakness which have recently
dragged it back, the railroad list rose
strongly and quite uniformly, the cNcep-
tons being stocks which have already
advanced in face of the recent weakness
The advance was rather marked IN 4
group of low-priced common stocks OF
companies whose senior preferred STOCKS
have already reflected their improved
prospects of dividends by reason of in
creased earnings. Foremost of the group
We're Atchison and Southern railway.
which rose J. * and !, respectively. The
movement in grangers, led by Burlington,
was based on the fall of snow in the
Northwest. which is believed to afford
security TO the wheat in the ground, as
was reflected by the downward tendency
of that cereal on the grain exchanges.
This movement is of special interest as
being the first of any moment IN the
stock market. founded on the prospects
of this years crop. thus usherinS in a new
influence and hazard which will play d
part in the problem of values. The close
was active and strong at about the best
The bond market was not very active
but was firm. United States IS coupon
advanced y and registered As old and
new As declined ss in the bid price
The total sales of stocks We're o51, 300
shares, including Atchison 14,IS0; do.
preferred. o5,160; Baltimore and Ohio.
0.465; Burlington. 12,lSo: Louisville and
Nashville 7.1io: Manhattan, 9.645; Metro
politan, 4,SS6: ST. Paul, 10.100; Southern
Pacific G.G5o; Southern railway common,
4l.326; Southern railway preferred, 10,SGu;
Union Pacific. 900, eX-dividend; Hoop,
$500; American Tobacco, 2o,410: Brooklyn
Rapid Transit, I1,S95; Gas, 1880; Sugar,
49,4SO; Leather. 14.520; do. preferred,
1878; Western Union. 5,10S
MONEY AND EXCHANGE.-Noney on
citecall steady actual transactions rang
ing from 10 ~ per cent; last loan at
"a per cent: closed offered at per cent;
prime mercantile paper, 415d514 per cent
Sterling exchange heavy, with actual bus
mess in bankers bills at S4.SG3s for de-
mand and at S4.S31s for sixty days; posted
rates, $i.SiGI4.S5 and S4.S71aG4. IS; COM