New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-02-24
BONDS
THE DAYS OPERATIONS IN STOCKS.

Strength and activity marked the early course
Of trading in yesterdays stock market AT the
opening the buying demand from local ana out
Of town operators was heavy. and this In con
nection with higher prices on the London FIX
change caused marked advances in many or the
more active issues A good part of the gam
was subsequently lost. however, and at the close
the greater number OF stocks showed net de-
clines az compared with Tuesday tinal hgures'
London was a buyer in the market In connec-
ton with he regular fortnightly settlement
which disclosed a big short account in "Ameri-
cans" MANY Of the leading railway shares
made prominent advances in the morning on
buying that appeared to be good; hut IN the
later dealings conservative commission houses
were sellers. while feeling of Insecurity was
apparent owing 10 the rapid advance in Amer-
can Tobacco stock and the sharp break In sugar
Refining In the last few minutes selling
movement was in progress throughout the list
The manipulated speciality, American TOBACCO
stock again attracted attention by reason or
further startling advance Of eighteen points 10
$50 Much injury may accrue to the general
market from speculation Of this sort. and II any
one takes the trouble to recall the market his
tory Of American Tobacco stock it will be seen
that distinct harm has resulted from the violent
N
stance sympathy with traders who lose money
in American Tobacco may be given. but it is not
deserved. The ostensble cause of the advance
Yesterday was the report that the company had
entered into harmonious trade relations with
the neW Union Tobacco Company, the chief in
terests in which 1t is said are the principal
losers in the advance I'm American Tobacco. The
shorts i'm Sugar Refining have greater advan-
tage I'm that stock than the shorts in Tobacco
have for the simple reason that Sugar stock Is
widely distributed while Tobacco stock Is prac-
ficaUy held by one Wall Street banking house.
II the stockholders In Sugar should suddenly
become frightened over the dividend prospect OF
the company there would doubtless he heaNy
slump I'm Sugar. and a. may be that the break
in tho nrice Of the stock yesterday foreshadows
a general campaign against IT, The actual
uosition OF the Sugar Company as regards lis
financial condition is not known outside N the
sugar office. but it must be assumed. however
that the sugar trade war has made an hroau
upon the companys earnings and reported sur
plus. and that before the hsht Is ended the
question Of sIspendiug dividends may be seri-
ouslv considered. When manipulators IN 10
bacco and other stocks. who are as INSCRIPTIONS
as they are cunning. show their hand in the
stock market legitimate interests and pubic
traders who are accustomed to exercise caution
in market operations. may properly decrease
their holdings and refrain from further trans
actions Of the long account.
Strength in the anthracite coal shares was
feature Of the days business. and there was
decided frmness i'm the steel wire ana IRON
stocks Advancing prices IN the securities ol
iron and steel companies arc not surprising
when the actual position OF the trade j. con
sidared The last week and the last few days
in thc iron market have been almost sensational
I'm activity. Steel billets have Jumped - ION
,,ithin q week Bcssemer has gone to 81, ana
Indications are that AT the opening OF the active
..,son tn. 4, mand for finished products VIII be
greater than actual work can supply