The Washington times., 1902-02-20
RISES WITHOUT EXPLANATION
Steel Comes in for a Fair
Share of Days Attention.
RALLY IN COPPER ALSO
Intention To Maintain Dividend Rnte
Thought 10 he Respon>ibic-SuG"r
Refining Opens Weak and Under
goes Many Fluctuations.

NEW YORK. Feb. 19.-The stock mar
ket continued extremely dull today, and
was. in fact. even wanting in such oc-
casional spasms of activity in particular
stocks as were noted in yesterdays deal
ings. The bulk of the transactions fur
thermore. was furnished by the dealings
in very few stocks, notably Amalgamated
Copper, Sugar Refining. and the United
States Steel issues.
Railway List Dead.
Little or nothing of interest resulted
from the trading in the railway list. There
were few movements there which we're in
excess of fractional limits, and no we'll
defined tendency appeared. The anthra-
cite coal group was neglected.
The only pronounced movements in this
quarter were in such usually inactive
stocks as Evansville and Terre Haute, the
Wheeling and Lake Erie issues, Chicago,
Indianapolis and Louisville. and St. Je-
seph and Grand Island. The operations
of the various pools active in these stocks
accounted for such activity as appeared
there.
London Absorbed in KnGirs.
London reported a further low range
for American stocks, but the transactions
here for foreign account were only nomi-
nal in proportion, speculative interest in
London being absorbed in the movements
of the Kafiir stocks.
There was no gold ordered for export
tomorrow. The particularly heavy deal
ings in United States Steel stocks were
plainly enough melted by this mornings
suggestion in regard to the mooted con
version of a part of the preferred stock
issue into bonds bearing a lower rate of
interest.
Official Word Wanting.
Official information respecting the plans
of the management in this respect was
not forthcoming, but it was commonly I'M
derstood that measures to thas end were
being seriously considered.
1t was further understood also that the
management likewise contemplated the
feasibility Of an additional issue of bonds
for the purpose of providing for certain
financial arrangements entered into by the
subsidiary companies prior to their union
with the United States Steel Corporation.
Discussion of the Steel Corporation affairs
was quite general in view Of which il is
quite likely that the management will
soon see fit TO furnish some authoritative
announcement of its intentions.
Copper Rally Unexplained.
The sharp rally in Amalgamated Copper
was not explained by any definite de-
velopments bearing upon the stock or the
trade.
The metal and Copper securities We're
weak in London, but the opinion seemed
to prevail today that the management of
the Amalgamated Copper Company had
decided upon maintaining dividends upon
the stock at the rate paid at the last
period. and the acceptance of this notion
was of itself sufficient to cause a general
covering of short contracts.
Sugar Refining Rallies.
Sugar Refining opened weak, but later
rallied, and subsequently fiuctrated ire
gularly. The movements in the stock we're
governed altogether by the varyirg re-
ports and consequent notions current as
10 the likelihood of Congressional action
upon the revision of the Cuban tariff. The
days advices from Washington in this
respect were unusually conflicting.
Heavy Buying of Union Pacific.
In the last hour of business heavy buy
ing orders appeared in Union Pacific, I'M
der which that stock advanced smartly.
and the rise in this case was attended by
rapid advances in some other directions.
Tennessee Coal and Iron rose with spe-
cial rapidty, and, indeed, increasing ami
nation appeared throughout the market.
There were no Developments OF conse-
quence TO be noticed in connection with
The sudden strength the market showed,
and trading in general was no less pro-
fessional than il had been throughout the
day.