The times. [volume] (Richmond, Va.) 1890-1903, 1902-02-21
MARKET IS HIT
BY ROOSEVELT
There Was a Slump at the
Opening,
BUT A REACTION CAME.
Aud the clese Was No. as Low as Might
Have Been Experimentation
Corn Was Higher
Than Usual.
BUT A REACTION CAME

This market has had another blow be-
tween the eyes, ard while 1t staggered
for 4 while, it was not utterly cast down.
IT is market OF splendid endurance. Less
tnan year ago It had {. panic, and while
the whole market was demoralized for a
while, 1T recovered and prices were soon
as nigh as ever. Then 1t was hit by the
steel strike, and again by the shooting OF
the PRESIDENT; and again by the death OF
the PRESIDENT, and again by the assault
upon the Northern Pacific merger by the
Governor of Minnesota, and finally, when
it had practically recovered from this,
the President Of the United States in
suit against this company with a view to
disSolving it
This blow came as a complete surprise
to the street, and naturally there was
considerable liquidation. London began
to sell before our market opened, and our
opening was at from one to three points
below the close Of. the day before. The
stocks, and largo orders were said to have
been sent by SPECTATORS who 90 not fire.
Quent the Exchange:
y WALL STREET VIEW.
Edward Sweet & Co. make the follow
ing report of the transactions OF the day
to Messrs. Scott & Stringfellow;
Tho heaviest selling seemed to be In
Southern Pacific, Union Pacific, St. Paul,
the Steel stocks and Tennessee Coal and
Iron. On the declines there seemed to be
Steel stocks, of which Keene, brokers,
We're quite heavy buyers. In Southern
Pacific it was believed that the pool which
is reported to have been formed by Mr.
Keenc sold some 10000 shares, and con-
sidering the heaviness OF the selling and
the selling by London houses, the stock
showed a good deal of strength After the
first hour the liquidating movement d.
mnished there was considerable covering
of shorts. resulting in a moderate rally.
During the afternoon the movement In
prices was extremely irregular, and the
market closed generally somewhat above
the lowest prices of the day, but In al
most every instance well below the clos
ing of yesterday.
"copper" was notably firm, the extended
short interest In it selecting the oppor-
tunity presented by the weakness in the
rest Of the market to diminish their con-
tracts. Comment in regard to the Presi-
dents action was naturally OF an adverse
nature, but in some quarters it Is main
tanned that it is just as well to have q
test case of the scope of the Sherman an
THRUST law, and should the decision be in
favor of Northern Securities case it will
| remove once and for all time apprehen-
Sions in regard to attacks on corporations
under this law.
IN the meantime until the decision is
| reached it is not likely that there can be
| any active speculation. and the dizziness
that will probably ensue may be expect
ed to bring about gradual liquidation.
1.-The bank statement, which will be pub
| lished at about half-paSt eleven to-mor-
row, is expected to make an unfaVorabie
showing. According to the preliminary
estimates, the banks have lost over $l0Oo,-
| 600 in cash, and some of the larger institu-
| tons are reported to have increased their
| loans.
Sterling exchange was again strong:
| and bankers believe that shipments OF
| gold Will be made. next week and there
! is a possibility that some win go on Sat
SOME Low PRICES.
Union Pacific and ST. Paul suffered
most, and the former went down to 1oi.
about three points under the closing OF
| the day before. Pennsylvania went down
| to 1872. and the Colorado and Southern
| issues went off about half point. South
ern Railway preferred sold as low as 94ss,
but afterwards sold up to 95ls. Louisville
and Nashville lost something more than
a point and Wabash debentures. which
| sold on Wednesday at l3l2 went down TO
| 7lE but rallied. The Steel stocks lost
very little. and Sloss was nearly as high
as on the day before. Tennessee Coal and
Iron went down to 66ts and up to 6s. clos
| ing at 675s. The whole market rallied
| somewhat after the opening slump. sold
off again and rallied again, the close be
naturally the most affected among the
outside securities, but did rot lose more
'Aa'' Two pV CAN IS STRONG.
/! Strangely enough. American Can was
| stronger than it has been for some time
past. The following with reference, to
that stock was received by Messrs. Thos.
American Can Company has reduced
| prices on practically every grade or ITS
| OUTPUT. Inc organization mas DeeH lOEEeu
| to this action by the asSress!veness OF the
outside plants thot were not taken into Tt5o
the coordination originally because Of the
! high value rut upon then: by their owners.
The result has been n heavy escrsase d IN
! Company. But at the same time the
business of the Independent plants 81 has =;
I; in q position where they are willing to
max. every concession for a truce It is !:
| sail. that most OF them have indicated
! wish TO be taken over at the terms orig
'naily proposed by the promoters and I'll, that
| polcy Of belliger-ncv is said to have been
outlined By the Moores, who intend to
+! have the trade absolutely under their con
| troll"
The following railroad earnings for the
second week in February were reported;
| st. Louis and San francisco. Increase
s;Ss3 IA: Kanawfa and Michigan. Increase,
! sl64: Colorado and Southern. Increase
] s10.206.
The sales of stocks for the day amounte7
to OBJ, 500 shares; sales OF bonds. So,6a9,ooo
! EFAT EsTATE-AT PRIVATE SALES.