The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-02-26
NO CHANGE In SENTIMENT
STOCK MARKET DULL AND NERVOUS,
WITH MIXED CHANGES.
L~Ow-Grade SpeciaIties Make Good
Advances Known Cause
Big Rise i'm Lackavanna.

NEW YORK. Feb. 25.-To-day's stock
market was again largely devoted to OBJ
scure specialties, both in the railroad and
Industrial list. Most Of these showed ad-
vances, and the entire lack Of explanation
OF the movements pointed TO manipulation
by speculative pools. Some of those which
have advanced heretofore were undergoing
a process Of p~roft-taking, and the relapses
thus caused were sometimes exceedingly
sharp. h an advance of pa in st. Joseph
e. Grand Island was abruptly wiped out
by two or three sales at the last. which
carried the stock a fraction below last
night, and the first preferred, after rising
Ia, relapsed 3%. A similar abrupt dip was
made last night by Chicago, Indianapolis
& Louisville, and that stock moved up this
morning 81, but lost most of it. The minor
stocks which were strong to-day included
the Duluth, South Shore & Atlantic stocks,
the Ann Arbor stocks. Fort Worth & Den
yer City stamped, the Chicago Terminal
stocks, Chicago Great Western, Kansas
City Southern preferred. the American Lin
seed stocks, Glucose, the Rubbers, Twin
City Rapid Transit, Westinghouse Electric
common and first preferred and General
Electric. Gains in this group ran from l
to 5 points. There were losses Of from 1 to
2 points on profit-taking in a number OF
similar stocks, and National Salt is down
z points from it's last sale. There was a
desultory speculation here and there among
the high-priced industrials, and in one or
two groups as a whole, but the movements
were of little significance and the tone of
the market was at all times mixed and
irregular. Amalgamated Copper and Sugar
were inclined to heaviness, the first on re-
ports that the purchase of a mine reported
yesterday had been given undue signifi-
canoe and the latter on the shading of
prices on refined sugar. Amalgamated rose
suddenly a point over last night at the last.
Brooklyn Transit was notably strong. The
short interest seemed to be intimidated by
the large borrowing demand for the stock,
which has been supposed to be for voting
purposes at the coming meeting. The iron
and steel industrials were in good demand
ON trade conditions. but an abrupt re-
action in Tennessee Coal at the last, which
carried 1t below last night, affected the
others in the group. The most notable
movement of the day was In L~ackawanna,
which was lifted s points as a result of the
very strong showing in the annual report.
Other coalers responded moderately. In
the Readings the speculative pool was buy
ing the second preferred, while selling the
common. The basis of the speculation in
these stocks is the supposition that the
second preferred is to be converted, one
half into the common and one-half into
the first preferred, which would fix the
value of the second preferred midway be-
tween those of the common and first pre-
ferred. The strength of the specialties
kept the general undertone firm, but the
dealings In the stocks Of the great rail-
road companies reflected no convinced
opinion on the prospect of any great
changes in future conditions.
The o market was fairly active and
firm. Total sales at par value were ~
$4,000. United States new fours advanced
Ia per cent. on the last call.
Following are the days share sales and
the recorded price changes: