The times. [volume] (Richmond, Va.) 1890-1903, 1901-02-28
TRADING CONFINED
TO A FEW STOCKS
The General Market Was inclined to
Heaviness.
The STEEL STOCKS DECLINED.
ST. Paul Showed Continued Strength and
There Was Late Buoyant Rise in
Sugar-Railroad Bonds Were
Somewhat Irregular.
The General Market Was inclined to
THE STEEL STOCKS DECLINED,
CIV Associated Press,

NEW YORK, Feb. o7.-To-day's trad
ing in the stock market. while quite large.
was very much congested in a few stocks.
There was continued strength in st. Paul
ana late buovant rise in Sugar. and
notable gains by some of the less prom-
nent high-priced industrials but the gen
eral market was not much inclined to re-
Spond in SymDtlly. although the depreS-
sion which existed in some parts of the
list carly in the day was partly relieved.
The speculative tone was more inclined
TO syinpathize with the continued heavi-
ness of the steel stocks than with the
strong features of the market. The incli-
nation of the steel stocks to gravitate to
lower level is a distinct disappointment
TO the speculative world. as it was hoped
that when the doubts and uncertainties
attending the period of negotiations were
cleared up and the great consolidation of
control fully assured prices OF the Securl-
ties would reflect the hoped for adNan-
tages to the owners of the properties
There was large trading again in the
stocks of the group to-day. but 1t was IN
large part on arbitraSe operations from
one stock to another. The discrepancy in
the prices of the stocks and their privi-
1eses of conversion in the stock OF the
United States steel corporation forms the
basis of these operations. They consist in
The purchase OF such members OF the
group as are nroportionateiE low anc
simultaneous sale against those purchases
of stocks which are high. The natural
tendency of these operations IS TO DrinE
the prices of the various stocks to a basis
consistent with their relative CLAIMS Tor
the new stock Most members OF the
group showed declines on the day. which
extend to 234 in National Tube. : in I'm
Plate. and a point each in the National
Steel stocks and National Tube preferred:
Steel and Wire preferred was advanced
IL. Federal Steel preferred nearly point
net and American Hoop and Tin Plate
preferred small fractions. For the pur-
pose of accommodating these arbitrage
operators there was also dealings on the
curb TO deliver, when issued. the new
United States steel corporation stock.
The common stock demanded 44olh at one
time this morning and the preferred S4la.
but before the close the quotation for the
common stock had receded to below ~
and that for the preferred to about s.
The tranSa ctionS amounted to only d lew
thousand shares. but the quotations were
accepted on the Stock Exchange as q
basis of operations. These securities are
expected TO be listed ultimately on the
Stock Exchange. but 1t is not unusual
that securities 50 transferred from the
curb to the exchange sell lower after the
change. An example is that of the ne"
Union Pacific convertible per cent.
bonds issued to provide for the Southern
Pacific purchase. which sold in the I'M
listed department Of the exchange for the
first time to-day over = points below the
recent outside quotation The strength OF
ST Paul to-day was accompanied by as
SertionS that the dividend VIII certainly
be increased at the approaching meeting
The movement III Sugar was attributed to
reports that the import duty on Cuban
raw sugar is to be RENTED
The money market continued easy to-
day. Notwithstanding the large absorption
hy the Sub-Treasury on account of GUS
toms payments.
Railroad bonds became somewhat irreS-
lilar on a fair volume of dealings Total
sales par value s.. .000 United States
new As advanced * and the refunding rs
* per cent. on the last call
Total sales of stocks, 9i4, 900 shares.
MONEY AND EXCHANGE.-Noney on