The times. [volume] (Richmond, Va.) 1890-1903, 1902-02-08
MARKET DULL,
BUT VERY FIRM
Illinois Central Makes an Ad-
vance Of Three Points.
LOUISVILLE. AND SOUTHERN
Some Interesting Rumors Concerning Rail-
road Observation-Disclosures
Condition Ia the lrcn
Market.
AND SOUTHERN

The stock market yesterday was dull,
but the tone was firm from oeSinnHts, "
end. and towards the close OF tas sess'G IN
Il few stocks. The most conspicuous OF
these WAS Illinois Central, which gained aes
three points. Iowa Central was also very
strong, and this caused i. revival OF rum
ors OF the acquisition of this road by the
Illinois Central. New York Central was
company 70 take in all the controlled
roads, including the Northwest
INTERESTING RUMORS.
Speaking OF consolidation. the New OK
News sent out the following:
Union Pacific. Northwest, Rock Island
pany shall issue bonds to stockholders,
whose holdings will be then taken up ut
the ratio OF $500 for Northwest and 500
each OF the Union Pacific Rock Island
and st. Paul Enough bonds will be is
sued Immediately TO Keep the outstanding
stocks OF the four companies and secure
lines
After the market opened there was
proft-talzing all around the room traders
! selling on the idea that the bank state
mcrt would be affected by the gold ex-
| ports, but there seems TO be no good
ground for that. According to New
! York broker the principal movements of
currency this week indicate that in spite
| of the large gold exports the banks lost
| The banks received from the interior
| $500, 0G0 and shipped TO the interior s.
1890 The gain on the interior move
ment was s3,3n2.900
amount of S767G0o. of which $751; 100 was
on Now York Assay office checks: slo,oo0
on San Francisco mint checks and $1,000
on Seattle Assay office checks. The
banks gained SS49,5oo from Treasury pur-
chases of United States bonds and s.. 400
| from the redemption OF Hawaiian bonds
Gold exports were Si.265Soo, all In bars to
Ladenbure. Thalnan & Co.., who are
among the most conservative brokers IN
New York. are more bullish than they
have been for some time past. There Is
evidence" they say. that our market has
been taken in hand by bull interest with
tain stocks higher. and although very
professional in character. there were IN
dlcations. yesterday of increase in com.
! mission house business. If this holds It
means the forerunner of Il bull market.
| The iron situation is very encouraging.
! This will probably encourage many to he
terests arc largely responsible for activity
! which we have seen in certain stocks. and
we would be watchful to take profits on
COPPER IS WEAK.
| Amalsnmated Copper WINS weak in yes
terdays trading. and lost about two
points between the highest and the clos
| ing sale. Southern Pacific sold higher at
| the opening than at any other time, dur.
| ing tho session. and was considerably or
at tho close. Southern Railway preferred
and Louisville and Nashville, however,
! were strong the former selling at 9o;a
| and the latter ut 103$s, which is equiva-
lent. with the dividend. TO about los. This
| is the highest price AT which Louisville
| and Nashville has sold for several weeks.
Atchison gained one point. and tn!oi,
| Pacific was active and strong. Norfolk
| and Western and Chesapeake and Ohio
were little changed. Norfolk and West
ern preferred sold at 9o!a. ex-interest.
more active than usual but was inclined
to sell off. Most of the transactions were
between 81 and 81.
Tho New York Evening Post says:
! Bearing upon the remarkable situation OF
| supply and demand in the steel and iron
| trade, the Iron Age makes note of the fact
that a leading Southern road has found il
| impossible to secure the required delivery
| on Il block of about 1900 tons of steel
| rails. and is now looking seriously into
the question Of importing at least 10000
| tons of foreign rails.
It further appears that there has been
some talk of bringing back from Europe,
duty free foundry iron sold last year. So
far as we can learn tho quantities avala-
bio of American iron in stock III Europe
are very small.
The Iron Age further remarks:
1t is true that the leading interests have
been looking into the question of import
ing steel, but we cannot learn that any
| thing has been done Further sales of for
| negotiations for additional quantities are
pending. The markets abroad have hard
ened and German billets are now being
quoted at s. to s. shillings. +: O. b. An
! twcrp. the price here having been CORE
spondirSly advanced to $3.50. ex-ship
One point is worthy of consideration in
only Il moderate further advance abroad
to cause higher duty TO be placed or
foreign steel. rhcn the valuation is
per pound. Above that it rises to o.4 cent
per pound.