The times. [volume] (Richmond, Va.) 1890-1903, 1902-02-26
MARKETS TONE
WAS IRREGULAR
Dealings Were Mostly in Obscure
SpeciaIties.
SPECULATIVE MANIPULATION
THIS Was Only Explanation OF the Advances
snd Sudden Reispses in Some of
These Siocks--Bonts Fairly
Active and firm.
SPECULATIVE MANIPULATION

NEW YORK. Feb g5.--To-day's stock
market was again largely devoted 70 OBJ
scurc spectalties. both lIa the railroad
and Industrial list. Most of these showed
advances. and the entire lack of eXplana-
ton OF the movements pointed 10 manipu-
lation by speculative pools. Some OF
those which advanced heretofore We're
undergoing, n process OF profit-talSing. and
the relapses thus caused were sometimes
exceedingly sharp. thus an advance of
~ in St Joseph and Grand Island was
abruptly wiped out by two or three sales
~ the last. which carried the stock n frac-
ton below last night and the first pre-
felrcd, after rising ia, relapsed 3$a. a
similar abrupt dip was made last night
by Chicago, Indianapolis and Louisville
and the stock moved up this morning ga,
but lost AL OF it,
The minor stocks which were strong
to-day included the Duluth. South Shore
and Atlantic stocks. the Ann ArDor stocks
Forth Worth and Denver City Stamped.
the Chicago Terminal stocks, Chicago
Great Western Kansas City Southern pre-
ferTed. the American LinSeed stock. Glu-
cose. Rubber Goods. American Grass
Twine, Twin City Rapid Transit. Wcsting-
house Electric common and first preferred
and General Electric. Gains in this group
ran. from one 10 five points. There We're
losses of from one to two points on profit
taking in a number Of similar stocks, and
National Salt sold down seven points from
its last sale. There was "A desultory spec
uiHtion mere and there among the high
priced 1nduStiialS. 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
irrcf ular.
Aynslgamated Copper and Sugar were
inclined to heavineSs, the first on re-
ports CT the purchase of a mine reported
yesterday had been given undue siSnIti-
canoe. and the latter on the changing of
prices on refined sugar. AmalEamated
rose suddenly n point over last night at
the last. Brooklyn Transit was notably
strong. The short interest seemed TO be
intitnidated by the large borrowing de-
1nand for The stock which has been sup
posed TO be for voting purposes at the
coming meeting. The Iron and Steel in
dastrials were in good demand on trade
conditions, but an abrupt reaction in
Tennessee coal AT the last, which carried
ii below last night, affected the others
in the group. The most notable movement
of the day was in Lacliawanna- which
very strong showing III the annual report
Ia the Readings the speculative pool was
buying the second preferred. while sell
ing the common. The basis of the Specu-
latfou in these stocks is the supposition
that the second preferred is to be con-
vertcd onc-half into the common and one
half into the first preferred, which would
fix the value of the second preferred mid
way between those of tn" pommon and
first preferred.
The strength of the specalties kept the
general undcrtone firm. but the dealings
i'm the stocks of the great railroad COM
pallies reflected no convicted opinion on
The prospect of any great changes i'll
future conditions
The bond market was fairly active and
firm. Total sales. par value, $24+9,Wo
United States new As advanced Is per
cent on the last call
The total sales Of stocks for the day