Evening star. [volume] (Washington, D.C.) 1854-1972, 1899-02-18
FINANCE AND TRADE
American Tobacco Makes a Sensa-
tional Advance Today.
SHORTS WERE FORCED TO COVER
Granger Shares Also Showed Con-
siderabIy improved Demand.
GENERAL MARKET REPORT
Special Dispatch to The Evening Star.

Special Dispatch to The Evening star
NEW YORK, February Is-violent nuc-
tuations in a few Instances resulted I'm
rather wild opening IN today's stock mar
ket. Newspaper reports Of a peremptory
demand TO remove the Manhattan elevated
structure from Battery Park within the
next six months forced a sharp decline Of
per cent from a low opening level. This
selling was mostly for the short account
ana later buying gave support TO the price
and forced an equally sharp recovery OF the
early loss.
American tobacco was the sensational
feature Of the day, advancing over eigh-
teen points on the covering of short con-
tracts and experienced manipulation In
several instances fluctuations I'm these
shares varied from TO per cent between
sales. The campaign against the short in
terest has been contemplated for several
weeks, the idea that the Continental COM
pany was an active rival being zealolsIv
circulated 10 insure a venturesome short
interest.
The rapid advance today gave rise to ru-
mofs that the American company was
largely interested in the Continental and
was IN no position to be hurt by cornpeti-
ioh- The general list is fortunately 50
thoroughly grounded on merit that rnanfrt,-
iation OF this character in the pooled hold
lhSs OF the industrial shares has Tom
porarlly at least no evil influence I, i
unfortunate. however, at any time and
einphaslzes the fear that over speculation
in industrial properties may vet tern1insts
d naturally improving market
Inc granger issues We're again prominent
features in the railway list Burlington
ana st Paul leading in the activity at fur
ther substantial gains. Earnings are relied
upon TO enter upon season of Increases
IN the very near future and this OF itself
Is good explanation of the present prices.
burlington is not considered high from
an investment standpoint when IL is con-
Sldered that the road must take action
IN comparatively short while to reduce
IT'S hNed charges to an extent equivalent TO
112 or per cent on the stock
The Iow-priced shares such as Union and
Northern Pacific and Southern and Central
Facihc' were inclined to some irregularfty,
with a tendency to recede from the best
price, OF the week. Southern Pacific WAS
weak al decline of per cent from the
opening bid.
The street is convinced that trade reports
on IRON and iron products will bring the
stocks OF the larger combinations into early
prominence On an advancing scale. The
prospect serves to keep steady shares which
have lately suffered from the absence OF in
side support
The bank statement again reflects a con-
siderable increase in loans, the exact
amount being SN.j61 300, and an increas,. OF
81, l+n,nU0 in lawful money. ali in specie
IheSe increases are reflected by a gain of
Sll5,2p In the deposits. The increase in
the latter item calls for a larger reserve.
thereby decreasing the total reserve hold
lngs TO the extent of 81, 3S!l.000.
The statement, as a whole, is about up 10
yesterdays predictions, and had small in
III euce on prices. Traders were disposed
to regard the exhibit as showing an in
creased volume of stocks in the hands of
Wall street interests.
The same argument was applied 10 last
weeks statement. but prices have NOT been
sensitive to such conclusions