The Washington times., 1902-08-05
Dull and Irregular.

Notwithstanding this improvement in
the local financial situation the market
for stocks was dull and irregular, con-
dition that is not surprising in view of
the unusual activity and sharp advance
that is not surprising in view of the
unusual activity and sharp advance in
many stocks last month.
Thirty DAYS is a fairly long time for
the stock market TO move in one direc-
tion, particularly toward higher level,
when the activity is confined very large
". as 1t was last month, TO professional
operators. 1t is not safe to assume that
a similar period of reaction will fol-
low since stocks are apparently well
held and the substantial developments
affecting values are in the main favor
able
The dealings were the smallest in
many weeks. In only five stocks did the
transactions exceed 10000 shares. These
were St. Louis Southwestern common.
Reading. Atchison, Missouri Pacific. and
Tennessee Coal and Iron. Missouri Pa
cific. which was quite active, was firm
in the early dealings but subsequently
declined more than liz per cent, and
closed nearly point lower than on
Saturday.
The program of those who are hand
ling this stock apears to be to advance
it five or six points and then engineer
a reaction of half of that amount pre-
paratory to a fresh upward movement.
Reaches High Price.
Coincident with the retrograde move
ment in Missouri Pacific, Southwestern
sold at the highest price recorded for 1t
and at a slight reaction scored a net
advance of 15s. The preferred stock
was comparatively neglected, from
which 1t may reasonably be inferred
that the movement in the common was
a purely speculative one.
On light transactions Texas Pacific
gained IL per cent. There has recently
been some selling of this stock on re-
ports of damage to cotton crop In Texas
by the flood, but trustworthy advices
are that for every acre damaged by the
excessive moisture a thousand acres
have improved by the destruction of
parasites that injure the maturing crop.
The revival of interest in Reading
was based ostensibly upon prospects
that the strike of the anthracite coal
miners will collapse before the end of
the present month, but as Reading com
mon was the only one Of the so-called
anthracite stocks that received note
worthy attention it is possible that
the demand for 1t was stimulated by
some other reason than the one men
toned.
Atchison common was strong in the
early dealings. and despite the general
reaction, thai was caused largely by the
manipulation in Missouri Pacific, re-
tained part OF Its Improvement. The
only explanation advanced regarding rhe
rise in Tennessee Coal and Iron was the
generally satisfactory condition Of the
iron and steel industry.
Less Active Issues.
OF the less active issues Western Tn
ion was a feature. at net gain of a
point. resulting largely from the cover
ing of shorts. American Ice preferred and
ST. Louis and San Francisco.
The bond market was in the main
quiet. About the only feature was
sharp advance in Georgia Central in
comes, particularly in the seconds. which
was popularity attributed to the closing
of short contract.
In the outside market the more i'm
portant dealings were ia Oregon Short
Line fours, Rock Island fours, United
States Steel ives, Manhattan Transit,
Montreal and Boston Copper. New Eng