The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1902-02-26
THE MARKETS
Wall Street Review.

New York, Feb. 25.-Today's stock market was
again largely devoted to obscure speciaties, peth
in the railroad and industrial list. Most OF these
showed advances and the entire lack OF eXplana-
tion OF the movements pointed to manipulation
by speculative pools. Some OF those which have
advanced heretofore were undergoing process Of
profit taking, and the relapses thus caused were
sometimes exceedingly sharp. Thus, an advance
OF 2& in ST. Joseph and Grand lslard was abb
ruptly wiped out by two or three sales at the
last, which carried the stock 4 fraction below
last night, and the first preferred, after rising
IA, reapsed 3A. \ similar abrupt dip was made
last night by Chicago, indianapolis and Louis
vile and that stock moved up this morning ~,
but lost most OF it. The minor stocks. which
were strong today included the Duluth, South
Shore and Atlantic stocks the Ann Arbor stocks,
Fort Worth and Denver City Stamped, the chi
Kansas City Southern preferred the American
Linseed stocks Glucose, Rubber Goods, American
Grass Twine, Twin City Rapid Transit, West
inghouse Electric common, and first preferred,
and General Electric. Gains in the group ran
from to . points. There were losses OF from /
to points on profit taking in number of sim
liar stocks, and National Salt sold down points
from its last sale. Amongst the more prominent
stocks there a desultory speculation amongst
the high priced industrials and in one or two
groups a whole, but the movements OF
little significance and the tone OF the market
was at all times mixed and irregular. Anal
gaInated Copper and Sugar were inclined to
heaviness, the first on reports that the purchase
OF mine reported yesterday had been given un'
of prices refined sugar. Amalgamated Cop.
per rose suddenly point over last night at the
last Brooklyn Transit was notably strong. The
short interest seemed to be ntimidated by the
large borrowing demand OF the stock which has
been supposed TO be for voting purposes at the
coming meeting. The iron and steel industrials
were in good demand in trade conditions but an
abrupt reaction in Tennessee Coal at the last
which carried it below last night, affected the
Others in the group. The most notable move.
nent OF the day WAS in lHckawanna, which was
lifted points as result of the very strong
showing in the annual report. Other Coalers re,
Sponded moderately. In the Readings the specu.
latiye pool was buying the second preferred,
while selling the common. The basis of the
speculation in these stocks is the slippositon
that the second preferred is TO be converted one
half into the common and one-haf into the first
preferred, which would iiy the value Of the sec
Ond preferred midway between those OF the com.
mon and first preferred, The strength of the
specialtes kept the general undertona firm, but
the dealings in the stocks OF the great railroad
companies reflected no convinced opinion on the
prospect OF any great changes in future condi.
tions Total sales stocks $4,000 shares.
The following quotations are furnished The Trib.
une by NJ, $. Jordan Il Company, rooms 7Oj.7O6,
Maa hntl1 Gpra ~,