The Washington times., 1902-02-08
RAILROADS SHOW some STRENGTH
Illinois Central Stocks Make
a Steady Advance.
THE INDUSTRIALS FIRM
London Cuts Small F;S2rc ia Market
-Trsnsacticns Limited TO Sale of
Ja.900 Shares-Gotham Traction
Heavy.

NEW YORK, Feb. 7.-Superfc:ally re-
farded, todays stock market did not re-
tain any definite tendency for protracted
periods. Rapid and extensive swings in
prices in both. directions followed one on
the other.
Beneath the surface, trading, however,
had firm tone and the quiet absorption
OF the higher grade dividend-paying
stocks which has been the feature of the
weeks dealings continued.
Weakness in Copper.
To some extent the renewed weakness
in AnRlgamated Copper had its ordinary
effect in shaping professional sentiment
inasmuch as the course OF that stock has
now come to be regarded as indicative CT
the attitude toward the market at large
of the conspicuous personalities in its
management.
AS a matter OF fact, nothing that was
novel bearing upon the copper trade came
to light today. The trade authorities
again threw doubt upon the inherent mer-
its OF the recent advance in the metal
and in this regard it is understood that
the increased exports OF copper to Eu-
rope, so far from being il response to any
enlarged demand for the metal from that
quarter, represented nothing more than
the shipment of a part of the Amalga
mated's surplus holdings to be carr |
abroad until the hopcd-for demand for :
metal actually shows itself
Current Margin Inndcquate.
Trade authorities are also OF the opinion
that the current margin between the cos.
of production and the selling prices Tor
copper is inadequate to ensure the main
tenance of the present rate OF dividends
on Amalgamated stock.
The expectations that the bank state
ment would make a poor showing were.
OF course, based upon the losses in cash
to the banks by reason OF the weeks gold
exports.
The loss in this way, however, appears
to have been counterbalanced by the ex-
ocssive receipts from other directions,
and at all eysSs the preliminary esti-
mates of the weeks money movement in
dicated that the banks had just about
held their own.
Ne Changes in Money.
No material changes today were noted
in the money market or foreign ex-
change conditions. Apart from the days
returns OF railway traffic, there was moth
nection with the movements in particu--
lar stocks.
In the general railway list pronounced
strength was shown by Louisville and
Nashville the Southern Railway shares,
Atchison. the Wabash stocks, Texas Pa
cific, and the Vanderbilt group.
The strength of Louisville and Nash
vile was believed to foreshadow the re-
sumption of dividends on Nashville. Chat
c. o,rfC at.I Cfn ha
recently had a notable rise, and the ma
jority of which is held by the Louisville
and Nashville.
Illinois Central Advances.
Among the less active issues the Iowa
Central stocks were conspicuous, and fur
ther advances We're scored in Illinois
Central. Omaha, the 800" stocks, and
Texas Pacific. Lackawanna, on the other
hand, was reactionary on the emphatic
deniels regarding the transfer OF the con-
troll of that property.
The local traction stocks were heavy.
but advanced rapidly with the course of
the day. The industrial quarter and tho
miscellaneous stocks generally were
steady with particular strength showing
in Sugar Refining, which was bought on
the same considerations which have been
effective in the stock for a fortnight.
Tennessee Coal and Iron. Peoples Gas
and Electric were also active.
London was not a factor of Importance
in this market, the total transactions for
foreign account being limited TO sales OF
about 10, 600 shares.