The Washington times., 1902-03-21
General Advance in Many
Quarters Toward Mar
ket'S Close.
MANIPULATION IN SPECIALTIES
Heavy Selling by London
Checks Rise in Atchison.
BOSTON BUYS AMAlGAMATED
Colorado Fuel and Iron and General Elec-
tric Reactionary, But Afterward Rally
Quick Profits Reapcd by Professional
Handling-Steel Issues Dull.

NEW YORK. March 2O.-The main
tendency of the stock market today, dur
ing the greater part of the session. was
toward further price improvement and in
scme quarters there were exhibitions of
decided strength. Many of the most pro-
nounced fluctuations. however, were in
comparatively unimportant stocks of the
class designated spccialties. In that
quarter considerable activity prevailed.
and as rule it was difficult TO account
for the movements other than that they
resulted from more or less skillful manip-
ulation.
Quick Profits Reaped.
1t frequently happened that a group of
market operators would take up partic-
ular stock. move it up sharply and depend
upon outside traders to buy their pur-
chases, when. after reaping quick profit,
they would transfer their work to some
other stock that could be easily manipu-
lated.
News bearing on the market was meagre
in the extreme Weather reports, as far
as they related to the crop situation.
were favorable and Western advices said
that the outlook in that direction was
quite as hopeful as could be expected.
Nothing very definite was received from
the miners convention now in progress in
Shamokin. but an early despatch said that
the delegates who are opposed to a strike
have a controlling majority of thirty-six,
xvb fla 2 ba Loo oF fba ad Work
ers' Union was quoted as counseling cau-
tion. The iron and steel industry furnish
ed reports of increasing business with the
outlook decidedly satisfactory.
London Market Heavy.
Foreign exchange markets were dull
and steady, with the enquiry for bills held
in check by the absence of fast steamers
sailing for Europe this week. The tone
of the London market was heavy and this
tone was ascribed to the check received
from the Kaffir boom. The Bank Of Eng
lands rate of discount remained unchang
ed at per cent. and the weeks returns
of that institution did not exhibit very
important changes.
There was an irregular opening, but the
market soon hardened and developed some
new features of speculative interest. The
improvement in the grangers extended to
the Pacific stocks, notably the St. Louis
and San Francisco issues. The anthracite
shares were slightly lower on feeling
of apprehension among room traders re-
garding the labor situation.
fractions Quiet, but Firm.
Later in the session, however, the tone
Of uncertainty gave way TO one of moder-
ate strength. Relatively little trading
took place in the members of the traction
group, with the undertone firm.
The litigation instituted against the pro-
posed Metropolitan lease was not taken
seriously. Traders, however, were dis
posed to await the results of the Metro
politan and Brooklyn Rapid Transit stock
holders meetings. which were in progress
today.
Boston Buys Copper.
Among the industrials Amalgamated
Copper was quite active and higher on
buying, which came largely from Boston,
and which represented a substantial short
interest. The Steel issues were inclined
10 be dull, and sold off fractionally, but
the dealings were not especially signili-
cant.
This was the first day for transactions
in the common and preferred shares of
the Corn Products Company, which have
of the stock exchange.
This company is the successor OF the
National Starch and Glucose Companies.
Both issues were moderately active, i'd
Tancing fractionally.
Loss in Sugar Recovered.
In the early dealings American Sugar
was reactionary apparently on the
liquidation OF considerable long stock
just before the closing last night. The
loss was subsequently recovered, how
ever. and there was some talk to the
effect that the Senate will favor reduc-
tion of 80 1-3 per cent in the duties on
Cuban raw sugars and that a Senate
amendment may yet be adopted by the
House.
Colorado Fuel and Iron, General Elec-
trio and North American were reaction
airy on the desire to obtain profits. but
later they also joined in the improve
ment, which had become general. Peo-
pies Gas advanced on the execution OF
few inside buying orders.
Active Specialties.
Among the specialties which attracted
temporary attention were Chicago Union
Traction, Tennessee Coal and Iron, Con-
tinental Tobacco preferred, Columbus
and Hooking Coal and Iron. International
Paper, the Colorado Southerns. Evans
willie and Terre Haute, the Wabash is
sues, Chicago, indianapolis, and Louis
willie, and others.
In all, London sold about 10000 shares.
The selling for this account checked the
advance in Atchison.
Foreign houses also sold the Readings,
Baltimore and Ohio and the Steel issues.
New York Stock Exchange, March 20.