The times. [volume] (Richmond, Va.) 1890-1903, 1902-02-14
THE EARLY GAINS
WERE WIPED OUT
Disposition to Realize Profits
When Advances Occurred.
SUPPORT WAS IN EVIDENCE
ii Wax Rather Less Effective and tess Per-
sis;euty Maintained THAI Hereto
fore-Arnaie ama,sd Cop.
per Was Weak.
~ Associated i,ress.l

e4sSy YORK. feb. 1S.-To-day's stock
market was similar in character 10 that
OF Tuesday, but showed a disposition 20
realize profits where conslderaple aq-
yanees Ind occurred. The buying and bid
ding TN OF other stocks 10 make fresh
POINTS of strength to cover tire rcalizinG
was i'm evidence, but rather less eHectlse
and was less persistentiy maintained, the
earlier gains being larEciS wiped out III
the late reaction The local Traction
stocks were under decided pressure and
notwithstanding the support accorded
To them. they made n depressing influence
on thcrest Of the marlSes. In the same way
Amalgamated Copper, which sagsed away ~
made it's influence felt There was no
news 10 account for tho weakness.
Tho depression of the local fractions
WAC, OF course. due 10 the proposition OF
the Brooklyn Rapid Transit directors TO
ISSUE bonds TO the extent or $3.50, e90. 900.
The argument That this abundant capiiai
would check tho diversion Of current earn
ings into the DettcrTncntS and extensions
and would thus hasacn the period of diNi-
dend disbursements, apparently falled TO
reassure speculative sentiment, and the
open buying of the stocks by inside inter
tsts was equally uilaNailing. Tho news OF
the bond issue also upset calculations of
e coming merger of all traction interests
OF New York. The Nctropolitans new
financial plan. which was made public to-
day. also caused distrust and doubt:
There WIS no apparent cause for the
depression i'll prices III the news OF the
day beyond this natural disposition TO sell
at n profit what mad been bought at lower
prices. Reports OF renewed rate cutting
among the far Western railroads may
has-e emphasized the desire to sell their
stocks The reports received OF gross
earnings for the first week in February
also showed II rather prevalent tendency
10 decreases compared with last year. This
was notably true of the Southwestern
railroads. but there was marked strength
IN iliRt group. led by Texas and Pacific
with rise of ~ on limitations of very
largo earnings. There were unusually
large dealings in the Colorado and South
"rn stocks. which were supposed 10 be due
10 expectations of increased dividend dis
burScmcnts.
Money continued easy asld did not enter
into consideration. The steel stocks show
ed some carly response to the Very fav-
orabie conditions reported in the trade,
but relapSed with tie rest OF the market
The market closed slightly irregular, bat
generally easy.
There WAS a very large business done in
bonds, but the movement of prices was
irregular Total sales. par value. S. Sf0-
coo. United States bonds were all un-
changed on the last call.
The total sales Of stocks for The day
were SS2, 400 shares.
MONEY AND EXC1ANGE-Noucy on call
steady nj 2ilN2L2 per cont; prime mercantile
paper, amss& per cent. Stcrling exchange firm
viii, actunl business IN bankers bills Mt S4.SI4
for demand and al Si.Si*s for sixty days: posted
rates. So SILL and Sass; commercial bills
lars, 437a. Government bonds steady; State
rail