The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-02-26
UnfavOrable Bank Statement Was
One of the Causes.
DECREASE in RESERVES
WHILE THE LOANS EXPANDED
NEARLY THIRTEEN MILLIONS
Philippine Situation Was Used Effec-
lively By the Bears-Wide Fluc-
tuations In Some of the Special
ties-Heavy Realizing In the
High-priced Stocks.

New York Feb. 25.-The stock market
worked fractionally lower today on deal
ings of half d million shares during the
short session. The Philippine situation
continued TO be used as a bear argu-
ment with the professional element, which
was largely in control of the market.
There were various rumors aflOat favor
able to the SpecialtieS. including Tobacco,
Sugar, American Steel & Wire Interna-
tional Paper and Third avenue railroad,
but lacking of confirmation. Outsiders
were said TO have given assurances that
the regular dividend disbursement might
be expected in Sugar, and forthwith the
stock rose over u point from the lowest.
II was asserted that Tobacco earnings
were large. and that the company was
backing those securing. control of the
Cuban cigar making plants, but this was
in 4 measure offset by denials from Union
Tobacco company sources that there
would be consolidation with the American
Tobacco company which made only
fractional gain.
Reports of the acquisition of other con-
Germs and earnings gossip were reSDOn-
sible for a sharp rise in American Steel
q Wire, only fraction of which was
regained.
Favorable trade advices lent strength to
international stocks. The feature of the
dealings both here and abroad was the
large demand for New York. Ontario x
Western on the expectation that because
of its new acquisition in the coal lands the
company would profit by any improve
ment in the antracite trade. The stock
gained points on transactions OF almost
Is 900 shares. In the general market the
opinion was hesitating. but a pronounced
tone soon developed and prices ran off
sharply on liquidation in the specialties
and successful drives against the grahg
ers. AtchisOn preferred and Northern Pa
cific. Renewed buying of Sugar and like
properties rallied the market. but the
bank statement fulfilled bear eXpecta-
lions, showing another decrease in reserve
OF over 81 600 90. and an increase in loans
of nearly S13000,0 600. 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 extreme
" conservative in its movement until of
late. assumed a commanding position
among the cratic speCialties. rising today
1917 points to 23S. The rise was attended
by reiteration of the various reports
the property, which. as yet.
lack authenticity. The market closed
firm, with a general rise in progress. L; 5.
new As coupon advanced 4 in the bid
price.
The total sales of stocks today were
500 100 shares including $3.50 Atchison.
81. $50 AtchisOn preferred, $50 Central
Pacific .. eco Burlington. 1870 MetroDoli-
tan. 727O Northern Pacific 1850 Rock
Island. S723 Union Pacific. 1910 Union Pa
cific preferred 1850 St. Paul. 900 Texas
& Pacific II 295 Tobs Geo. 11.690 Steel 4.O54
Steel preferred Ass Consolidated Gas, |
Is 100 Brooklyn Transit. 1866 Pacific Mail
=. 40 Sugar. 3100 Leather preferred, 4,2oo
Rubber.