The times. [volume] (Richmond, Va.) 1890-1903, 1902-02-27
OBSCURE STOCKS
WERE PROMINENT |: \
Prominent Issues Were Allowed
to sIumber Yesterday.
BEARS MADE SHARP RAID R. ID
This Came During Last Hour, aud 0stenslble
Reason for IT Was the Announces
meut OF Engagement of
Gold for Export.
nv Associated !. Press

NEW YORK, Feb. 2s.-The proceedings
in to-day's stock market were practically
a. repetition Of those Of the last few days:
That is to say, the important railroad
and industrial stocks Of the largest CAPT
talization, which usually take the lead in
market movements, were allowed to SUM
Der while various obscure and rarely &C
tive stocks were taken up one after an
other and pushed upward in more or less
sensational movements. This order OF
things was varied In the last hour by a
bears. The ostensible reason for their
selling and offering down prices was the
announcement of engagements Of gold for
amount of S2,450,000. The persistent dull
ness Of the whole market and it's refusal
to advance under the efforts to stimulate
1t by marking up individual stocks, I'M
pressed the professionals with its Vulner. .
able position. and the announcement OF
the gold exports was rather a signal than
d motive for the attack. Reports of dam
resulting stiffening in the winter wheat
market were used to advantage by the
bears In their raid. Missouri Pacific was
for this reason especially vu lI a1G pie, and
it's report of a decrease of S190 600 in gross
earnings for the third week in February
also added to its weakness. It was notice,
increases for the same period. and espec-
lilly Atchison, with its January increase
Of s22o.S75 net, were not able to resist the
decline. No other stock vas SO acutely
The announcement of gold exports was
hardly a surprise, as sterling. exchange
has lowered about the export point all the
week. Foreigners have been heavy sell
ers of stocks since the news OF the Gov
erhment's procedure against the Northern
Securities Company, and the supply OF
commercial exchange bills in the market
Is very scanty.
The money market In New York has
not shown the slightest reflection OF any
coming stringency. vet the sub-Treasury
~ DIV DIV toll y
a million dollars since the last bank state
ment, and with New York exchange at
Chicago down to IS cents discount the in
terror movement of currency is probably
away from New York. An early response
in the local money market is highly prob
able The advances. in tO-dayS market
wero almost universally without eNplana-
ton In the case of the minor railroads,
they were based on a general Assumption
that absorption of these by the larger
systems is manifest destiny. OF the more
prominent stocks there was strength IN
Pennsylvania. the Fries, Wabash pre-,
ferrcd and Illinois Central. Amalgamated
Copper was active and irregular. There
was very large buying of Wabash deben-
ture BIS, and the general bond martet
was firm. Total sales. par value, 81 S00.0oo;
United States bonds were all unchanged
on the last call.
The total sales of stocks for the day
were 614,S00 shares.
MONEY AND ExCHANGE--Moncy on call
2M2lG per cent: prime mercantile paper, OAK
per cent. Sterling exchange firm with actual
business in bankers bills at $4.STI for demand
and at s4.s54s@4: s5145 for, sixty days; posted