The daily morning journal and courier., 1902-02-26
EtmumrtaI.
THE STOCK MARK E1.
Devoted Yesterday to Obscure speciaE-
 ties.

Devoted Yesterday to Obscure Special
 New York, Feb 25.---To- days stock market was again largely devoted to
 obscure specialties, both in the railroad
 and industrial list Most of these show l ed advances, and the entire lack of ex-
 planation of the movements pointed to 1 manipulation by speculative pools. i Some of those which have advanced i heretofore were undergoing process 1 of protit-taking, and the relapses thus caused were sometimes exceedingly
 sharp Thus an advance of 2& in St.
 Joseph and Grand Island was abruptly wiped out by two or three sales at the last, which carried the stock fraction
 below last night, and the first preferred,
 after rising 1A, relapsed 3A. A similar
 abrupt dip was made last night by Chi cago, Indianapolis and Louisville, and
 that stock moved up this morning 3A,
 but lost. most of it. The minor stocks
 which were strong to-day included the
 
 stocks, the Ann Arhor stocks, Fort
 Worth and Denver City Stamped the Chicago Terminal stocks, Chicago Great
 Western, Kansas City Southern pre- ferred, the American Linseed stocks Glucose, Rubber Goods, American Grass Twine, Twin City Rapid Transit, Wes- tinghouse Electric, common and first prefred, and General Electric. Gains in this group ran from 1 to 5 points There were losses of from 1 to points on profit taking in a number of similar stocks, and National Salt sold down points from it's last sale. Among the more prominent stocks there was de- sutory speculation here and there among the high priced ndustrials and in one or two groups as a whole But the movements were of little signifi- canoe and the tone of the market was at all times mixed and irregular. Anal gamated Copper and Sugar were incin- ed to heavness, the first on reports that the purchase of a mine, reported yes terday had been given undue signih- | canoe, and the latter on the shading of prices on refined sugar Amalgamated | rose a point over last night suddenly al the last. Brooklyn Rapid Transit was strong. The short interests seemed to be intimidated by the large l borrowing demand for the stock, which | has been supposed to be for voting pur- | poses a the coming meeting.
 The iron and steel industrials were In | good demand on 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 movement of the day | was in Lackawanna which was lifted | s points as result of the very strong showing in the annual report. Other coalers responded moderately. Tn the Readings the speculative pool was buy ing the second preferred, while selling the common. The basis of the specula- ton in the stocks Is the supposition that the second preferred is to be con- verted, one-half into the common and one-half into the first preferred. which would fix the value of the second pre- ferred midway between those of the | common and first preferred.
 The strength of the specia1ties kept the general undertone firm but the dealings in the stocks of the great rail- road companies reflected convinced opinion on the prospect of any great changes in future conditions
 The bond market was fairly active and firm. Total sales, par value $2- AZ, GOO.
 United States new fours advanced k 1n the last call.