The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1899-02-26
THE WORLDS MARKETS
Daily Record of Commercial and
Financial Transactions.
NEW YORK STOCK REPORT
Digest OF Exchange News-Mining Stocks.
Metal Quotations. Wool Prices ana
Movem snts 49, Grain and Pro-
ducs - Review of Trade.

New York. Feb. 25.--The stock market
worked fractionaily lower to-day on deal
ings of a million shares during the short
session. The Philippine situation contin-
ued to be used as bear argument with
the professional element. which was large
ly in control of the market Tlere We're
various rumors afioat favorable to the
specialties, including Tobacco, Sugar.
American Steel and Wire. international
paper and Manhattan, but lacking of con
tirmation. Outsiders were said to have
given assurances that the regular divl
dend disbursement might be expected in
Sugar, and forthwith the stock rose over
five points from the lowest. 1t was as
serted that Tobacco earnings were large
and that the company was backing those
securing control of the Cuban cigar mar
ket but this was in a measure offset by
denias from Union Tobacco company
sources that there would be a consolida-
ton with the American Tobacco company
which made only fractional gain.
Reports of the acquisition of other con-
Germs and earnings gossip We're RESPONSE
Bile for sharp rise in American Steel
and Wire, only a fraction of which were
retained Favorable trade advices lent
strength to International Silver The
feature of the dealings both here and
abroad was the large demand for New
York, Ontario < Western on the eXpecta-
ton that because of its new acquisitions
in the coal lands the company would
profit by any Improvement in the anthra-
cite trade The stock gained two points
on transactions of almost 5000 shares,
In the general market the opinion was
hesitating, but a pronounced tone soon
developed and prices ran off sharply on
liquidation in the Speciaties and success
III! drives against the grangers, Atcnlson
preferred and Northern Pacific Renewed
buying of Sugar and like properties raj
lied the market. but the bank statement
fulfilled bear expectations, showing an
other decrease in reserve of over 81 coz, 900
and an increase in loans of nearly sl3-
100000 and brought heavy realizing. par
ticularly among the high priced standard
stocks Toward the close Sugar and To-
bacco started upward again and the gen.
eral market tailed on. Third Avenue,
which has been extremely conservative
in its movement until of. late. assumed q
commanding position among the erratic
sEecialties, rising to-day 1879 points to 23S.
This rise was attended with a Federation
OF the various reports concerning the
property which as yet lacks authenticity
Inc market closed firm. with a general
rise in progress. The movement of stock
prices Tor the week was extremely irreg-
ular, with losses prevailing among the
standard stocks, including Northwestern
4: Burlington, g. New York Central 2s4:
Pennsylvania, 29s and declines of 27s for
Southern Pacific and 2 for Central Pa
cifc There was some very pronounced
gains. however among the local stocks,
including Third Avenue railroad Az;
Consolidated Gas. 13la. and Brooklyn
Union Gas. G. Among the industrials the
maximum gain was that of Tobacco 35I.
while the preferred rose 7. American Steel
and Wire 10's. the preferred and Sugar
33s.
The enhancement of these shares con-
veys an idea of the part professional ma
nipulation has played in the weeks mar
ket.
Other notable advances were New Jer-
sey Central. Az: Ontario & Western, ga
and Chicago Great Western a. o. Gen
orally speaking stocks We're inclined to
advance until London reversed her tao
tics and purchased some stocks on Thurs
day for the fortnightly settlement But
as often happens, stocks were freely sup
piled when there appeared an inclination
to buy abroad, and although the market
was again opened up on Friday. the ten
dency of the general list continued down.
ward. The feVerishness of dealings were
suggestive of renewal of professional
control of the markets operations The
enormous increment in paper values of
~ launched brought cautious realizing
Tobacco's exceptional buoyancy was at
first deemed merely a drive of obstinate
shorts, which may turn to be the case
but 1t is asserted with but feeble denials
that the company was to gain practical
control of the trade by union with rival
companies, the details being withheld
The continued demand for finished iron
products at advancing prices, with many
works running at full capacity served as
tonic to the American Steel and Wire
stocks, while the Federal Steel stocks at
one time sympathized in the movement.
but later lost their advance. The punish
ment of the Tobacco shorts begot appre-
hension among those having outstanding
short commitments in Sugar. resulting in
hasty covering The persistent rumors
that events were shaping themselves to-
ward an arrangement for a uniform con-
troll of anthracite production and prices
were reflected in the rise of New Jersey
Central and New York. Ontario & West
ern. Burlington receded, after the an
nourcement. that the refunding plan
adopted was of much lesser scope than
the bulls had anticipated and that the
issue of more stock was contempia ted
This sympa thetically affected other rail-
ways. The continued expansion of loans
which have increased over $51 0OO,0 900 in
five weeks, and the gradual decrease in
the bank reserves, the former being large
ly attributable to foreigners returning our
securities, were not altogether reassuring.
while on the other hand the enormous in
crease in bank clearings reflected the ac-
tivity of general business, in which, more
over. the failures were the smallest in
years A constantly large excess of eX-
ports over imports and easy money, as
well as favorable wheat crop advices
even after the storm, were features OF
confidence.
The sterling exchange market was
strong for several reasons, the return
from abroad of American securities, a
comparative scarcity of commercial bills
and some discounting of the possible pay
rient of the indemnity to Spain. Pending
4 complete and satisfactory explanation
OF the words political reasons" used by
the commander of the American naval
forces in the Philippines in requesting the
presence of a battleship, a sinister inter-
probation was put forward by some spec
uIative interests, but generally there was
some disposition to be non-committal I'M
til the circumstances We're elucidated
The dealings for the week were