The San Francisco call., 1899-02-26
EASTERN MARKETS.
NEW YORK STOCK MARKET.


NEW YORK, Feb 25,-The stock market
worked fractonally lower to-day on dealings
of million shares during the short session
The Philippine situation continued to be used
as a bear argument with the professional ele-
ment. which was largely in control OF the
market. There were various rumors atoat
favorable TO the specialties. but lack
ing of confirmation Outsiders were
said to have given assurances that
p the regular dividend disbursement might
: be expected in Sugar and forthwith the stock
rose over five points from the lowest 1t was
asserted that Tobacco earnings were large and
that the company backing those securing
control of the Cuban cigarmaking plants, but
this was in a measure offset by denials from
Union Tobacco Company sources that there
would be a consolidation with the American
Tobacco Company, which made only frac-
tonal gain.
Reports of the acquisition of other concerns
and earnings gossip responsible for
sharp rise in American Steel ana WIRE, oiiiy
q traction of which retained. Favorable
trade adyices lent strength to International sill
yer. The feature OF the dealings both here ana
abroad was the large demand for New York.
Ontario and Western the expectation that
because of its new acquisitions in the coal
IliIus, the company wUUtu pront 10y any INA
provement in the anthracite trade. Inc STOCK
gained two points transactions of almost
IL, eco shares. In the general market the optn-
ion was hesitating, but pronounced tone soon
developed and prices ran on Sharply on hquidd-
tion in the specialties ana successful drives
against the grangerS, AtChlSOn preferred ana
Northern Pacific Renewed buying OF sugar
and like properties rallied the market, bpt the
bank statement fulfilled bear expectations.
showing another decrease IN reserve OF Si,UO0-
coo and increase in loans OF nearly 3,0o1-
O00 and brought heavy realizing, particularly
among the high priced standard stocks. Toward
The close Sugar and Tobacco started upward
again, and the general market tailed on. Third
Avenue, which has been extremely conserva-
tive in its movement until of late, assumed
a commanding position among the erratic spe-
cialties, rising to-day 1872 points to 23S The
rfG was At rTaTf fa1 nv ter 10 RI
reports concerning the property which as
yet lacks authenticity. The market closed
firm with general rise in progress
The movement OF stock prices for the week
was extremely irregular. with losses prevail
Nerthwest Mo- niligs burlington 3 New York Central
pa, Pennsylvania 25s, and declines of rs for
Southern Pacihc and Tor Centra! racine.
There was some very pronounced gains now,
ever. among the local stocks, including Third
Avenue Railroad. 49, Consolidated Gas, 1875,
and Brooklyn Union Gas, .. Among the IN
dustrials the maximum gain was that of To-
bacco, 35i4 while the preferred rose 4; Ameri-
can Steel and Wire. lU7s; the preferred s. and
Sugar, S94. The enhancement of these shares
ulation PLAYED in the weeks market
Other notable advances were New Jersey Cen
trail Az; Ontario and Western, 3A, and Chi
cago Great Western, a. s. Generally speak
ing stocks inclined to advance until Lon
don reversed her tactics and purchased some
stocks on Thursday for the fortnightly settle
ment. But, as often happens, stocks were
freely supplied when there appears an inclina-
tion to buy abroad, and although the mar
dency of the general list continued downward.
The feverishness of dealings were suggestive
markets operations The enormous increment
in paper values of trust stocks, including
some but recently launched, brought cautious
realizing elsewhere. TobaccQs exceptional
buoyancy was at first thought to be
which may turn out to be the case,
but 1t is asserted with but feeble denials
that the company was to gain practical
troll of the trade by union with rival COM
tinued demand for the finished iron products
at advancing prices with many works
the American Steel and Wire stocks, while the
Federal Steel stocks at one time sympathized
The punishment of the Tobacco shorts begot
apprehension among those having outstanding
short commitments in Sugar, resulting in hasty
covering. The persistent rumors that events
were shaping themselves toward arrange
ment for a uniform control of anthracite pro-
duction mad their effect on the mar
ket, and the prices were reflected in the rise
Of New Jersey Central and New York, On
tarlo and western Bunmgron receded after
the announcement that the refunding plan
adopted was of much lesser scope than the
bulls had anticipated, and that the issue Of
more stock contemplated. This sympa-
thetically affected other railways. The con-
tinued expansion of loans which have increased
over sol, 100000 in five weeks and the gradual
decrease in the bank reserves, the former be-
ing largely attributable to foreigners returning
securities, was not altogether rea ssuring
while on the other hand. the enormous In
crease in bank clearings reflected the activity
failures were the smallest in years. con-
stantly large excess of exports over imports
and easy money well as favorable wheat
crop advices, even after the storm were feat
OF confidence. The sterling exchange
market was strong for several reasons the re-
turn from abroad of American securities, a
comparative scarcity of commercial bills and
some diseounting of the possible payment of
the indemnity to Spain. Pending q complete
and satisfactory explanation of the words
political reasons used by the comma nder
of the American naval forces in the Philip
pines III requesting the presence of a battle
ship, sinister Interpretation was put forward
by some speculative interests but generally
there was some disposition to be non-comn1itta ai
until the circumstances elucdated The
dealings for the week were about 1 00O 600 in
excess of last week 80
The weeks bond market while somewhat ir
regular showed a good undertone Striking
gains were made in many issues which here7
tofore moved narrowly. United States nau,
fours coupon advanced 4 in the bid price
Total sales Of stocks to-day 500 100 shares
including 9670 Atchison $3.50 do preferred .
$3.50 Central Pacific; 25, 900 Burlington: 425o
METROPOLITAN; 1927 Northern Pacific; 10 $50 Rocls
Island; S723 Union Pacific; 7340 do preferred |:
Tobacco; IL $40 Steel; 4064 do preferred; 44S5
Consolidated Gas; II. 120 Brooklyn Transit; 1856
Pacific Mail; 81, 140 Sugar; 3100 Leather pre-
ferred; 1850 Rubber.
CLOSING STOCKS.
Atchfson ........ 23ss lSt Louis & S F.. 121
Do prefd. d........ 64s4 DO prefd. .......... 72j2
Baltimore & Ohio. 73 Do I'd prefd...... 40
Canada Pacific. s0M st Paul. 1876
Canada Southern. 5S1ai Do prefd. ........ .l6Sa4
Cent Pac........... 53ss st z & Om........ 9s1a
Cras g. Ohio........ 2S1al Do prefd. d.........170