The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-02-25
r1xAxcrAL AND ConrzrERn1L.


f. L.. FRIDAY E0Us 81
In several respectk to-day'st stock market
was q duplicate OF Yesterdays. The opening
was strong, but, as was the case yesterday. the
demand for stocks was not entirely genuine.
Itnppeared to be stimulated with the view OF
establishing a level from which sales could be
made adyantageously. This view was enter
tanned and acted upon by q large proportion OF
the professional element. In consequence the
majority OF the list closed fractionally
than yesterday. On the other hand. the
stocks that received the most attention
showed anything but q reactionary tendency.
They were American Steel and Wire, which on
sales OF over loo. 900 shares closed moro than
o points higher than yesterday; Federal Steel
issues. American Tobacco. Ontario and West
srn. Tennessee Coal and Iron and the local
traction issues. The sharp upward movement
in stocks based upon the iron industry is
amply explained by the extraordinary demand
for iron and finished products OF the same. 1t
was currently reported to-day that the busi-
ness and profits OF the American Steel and
Wire Company will warrant the payment OF
quarterly dividends at the rate OF 8 y cent. in
the near future. The company is gradually
advancing the prices of It's products, and also
reducing competition by acquiring competitive
plants.
American Tobacco enjoyed a further ad-
vance OF 9 points In the early dealings and re-
tnln00 n quarter OF IL az LH0 ClOSo, III bpltO VI
comparatively heavy sales to realize profits. 1t
10 now pretty we'll understood that the COM
pany will take over the Union Tobacco enter
prise and divide the business Of that company
with the Continental Tobacco Company, re-
tanning the cigarette and smoking tobacco
business OF its former competitor and turning
the plug tobacco business over to its ally.
the Continental Company. The strong
market for the coal stocks under the
81 n-A-r - -A- -
noted in this column several days ago.
due to the progress that is being made by
those interested in the larger anthracite pro-
dueing and carrying companies toward &C.
auiring the mines and trade OF the so-called
individual operator. Another feature OF the
market was the unusual activity In Console
dated Gas at q net advance OF nearly II points.
Other local gas securities dealt in on the curb
were also exceptionally strong. The move
ment In these securities extended to Brooklyn
Union Gas. lifting the price Of that stock 8
points.
In the late dealings the professional element
professed to attach Importance to the oondi-
ton OF affairs in Manila and also revived yes
terday's report OF o contemplated issue OF
bonds BY the Government. The compromise
between the Administration and Congress rela-
tive to the Army bill. which would seem to
remove the possibility OF an extra ses-
sion OF Congress, was not accorded the i'm
p~ortance it deserves by the Street. The pos
slbility OF a further decrease in cash and
an increase in loans in to-morrow's
bank statement was another disconcerting
factor. Notwithstanding the views entertained
by the purely speculative community and the
efforts made to depress prices. the closing was
In the main fairly steady. and the net declines.
except in the cases Of a few specialties. were
unimportant.
Naw York Stock Exchanpe-SaIea Fab. pa.