The Washington times. (Washington [D.C.]) 1901-1902, 1902-02-19
Slight Outburstsof Activity
the Exception to
the Rule.
CHECKS EXERCISED on TRADING
Wabash Debenture B Bonds
Score a Further Advance.
POSITION OF ST. PAUL
Sugar Has a Brief Period OF Activity
Supreme Court Action on the
Northern Securities Depressing
GRctor-Gouids Firm.

NEW YORK. Feb. 1S.-Except for oc-
casional outbursts of activity in certain
groups of Steels and in some specialties
the days stock market was eAtremely
dull and featureless.
To a large extent purely professional
operations determined such price move
ments as were of sufficient proportions as
to attract attention. Apparently the i'm
petus the market received from the pas
sage by the House of Representatives OF
the bill repeating the internal revenue
war taxes spent its force in the early
trading.
Sugar Briefly Active.
AS it was believed that the passage b.
the lower house Of the tax repeal meas
ure opened the way for the debate on the
Cuban tariff reduction bill. there was a
renewal at the opening Of business of
animated speculation in Sugar Refining,
but even in that instance the trading sub
sequently fell away materially.
To some extent, perhaps, trading was
restricted by the suggestions of a re-
sumption of exports Of gold, furnished in
today's strength in the foreign exchange
market, and at all events the business
OF commission houses was at low ebb.
according to the reports OF number of
representative firms.
An Absence OF News.
Actual rates for money for various peri
DDS showed no material change, but.
broadly speaking. a firmer tendency was
distinctly apparent. Only a few returns
Of railway traffic were reported, and there
was otherwise total absence of real
news bearing on particular sureties.
Probably the near approach of the lime
when the Supreme Court at Washington
will render its decision in the Northern
Securities case was a further factor in
checking active trading but on the other
hand the strength of Great Northern pre-
ferred and. in the Curb market, of North
ern Securities stock. indicated that there
was no abatement in confidence that the
legality of the organization of the North
ern Securities Company would be upheld
Gould stocks Strong.
The views in this regard were addition
ally reflected in the strength of all the
Gould stocks, which, it is believed. will
be the next group of securities TO be dealt
with under a similar plan.
Active dealings continued today in all
the Wabash securities. Texas and Pacific
and Missouri Pacific, and these stocks
were all steady to strong. Texas and Pa
cifc was exceptionally strong and the
recent payment Of the full interest on
the company's second income bonds di-
rected attention to the dividend posi-
bilities of the stock.
wabash Debeuture rs Rise.
In the bond market Wabash Debenture
BIS scored further rise, which was
largely based upon the belief that the
holders of that security would be offered
an obligation OF the company bearing &
fixed but somewhat lower rate of interest
than that to which the Debenture bonds
are entitled.
The anthracite coal stocks were again
extremely strong. with very heavy deal
ings in the Reading issues, and with
characteristic advance showing in Lacka-
wanna.
Other pronounced movements in the
railway list were in Minneapolis St Paul
and Sault Ste. Marie. the Wheeling and
Lake Erie stocks, and Chicago and Al
ton. The ordinarily active railroad stocks
continued extremely dull.
Outlook for st. Paul.
In view Of the fact that the St. Paul
dividend will be declared in less than
three weeks, the tendency of that stock
suggests that all ideas of any advance in
the rate at this season have been aban-
doned, although it should be said that
such possibility has not been seriously
mooted.
ST. Paul common stock occupies sin
gular position in the present market The
merits of the security are familiar to
every one. and it is recognized that its
market value. considered in relation to
those quoted for the other granger shares,
seems remarkably lower The independent
position OF the stock however, coupled
with the noted recognition of its merits,
may be said to account for its compare
tive weakness, paradoXical as that may
seem.
No Pool Active.
In other words, the stock is very ely
held, and it is always favortc with the
ordinary Spectator in commission houses.
but as against this no pool is active in
the stock, and in the present circum-
stances OF the market manipulation seems
10 be an essential element in activity.
Price movements in the local traction
stocks and among the Industrial and mis-
eellaneous issues were comparatively
small. Copper was somewhat lower in the
London metal market, and perhaps in
consequence Amalgamatod Copper was the
weakest feature in the LEGAL dealings.
London Prices Lower.
The approach OF the dividend period ca
the stock was doubtless another factor in
its course. London furnished a lower
range of prices for American stocks, and
about 10 000 shares were sold in this mar
het for foreign account.
New York stock Exchange, Feb. Is.