New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-02-25
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Stock market trading conducted upon a
fair scale OF activity. but It lacked snap and
vigor while possessing every appearance OF
manipulation and uncertainty. II was choppy
market The passing whims of big operators
who bid up or offer down stock as best
suits their own interests were more important
factors in the days business than was confident
public buying. There were. however, no note
worthy declines while in certain Issues such
es American Tobacco Third Avenue and Con-
solidated Gas. striking advances were made.
The last-named stock evidently has friends. as
it marked up twelve points to 2207s, clos
ing at a net gain OF IL points. There is little
actual reason for Consolidated Gas selling AT
so high price. and there is absolutely no egit-
mate cause for American Tobacco to be quoted
al its current level. All the business the To
bacco Company ever handled and all the bust
ness It viii ever do fail to present adequate ex
cuse for the cOmpany's current market value.
It's price is wholly fictitious and utterly out Of
proportion 10 it's intrinsic worth and TO the
market value Of other ndustrials which possess
greater actual merit II is said that the com
pany has made favorable trade arrangements
with its new competitors but that be. even
II It is true good and sufficient cause for an
increase IN the market value Of American To-
bacco from 1922 to 191 in one week? The
manipulation OF American Tobacco stock Is like
~ to have injurious influence upon the
whole market
The anthracite coal stocks and the steel. wire
and iron issues We're strong features on trade
improvement and dividend prospects. or the
coal stocks Ontario and Western was very &C
tive on heavy local and foreign buying without.
however. d material advance in its price This
the present year from the recent acquisition Of
valuable coal lands and it is understood that the
absorption OF the stock by banking interests
foreshadows important financial developments
IN the affairs Of the company that VIII lead 10
the division Of the stock. with dividend dec
laration. The advance in Federal Steel Sc
curties was in expectation Of the coming divi-
dend on the preferred and on the constantly
improving business in the iron and steel indus
try. For similar reasons American Steel and
Wire issues We're strong and active. The gen
eral railroad list was heavy and lower, as a
rule declines rejecting selling by cautious deal
ers who see In current market manipulation
elements Of danger Then the expectation Of
poor bank statement to-day led 10 considerable
speculative liquidation The market looks rs if
big margins might be needed. Actual owners Of
secur!tes. however. have nothing to fear.
Burlington after an opening advance was
again sold by disappointed specuators and the
influence Of the decline in THIS stock was felt
in the rest Of the granger group even St Paul
sharing in the weakness. despite the roads mag
nifcent showing for the third week in February.
Because the burlington directors have decided
not 20 make extensive refuuding operations at
present no Legitimate holder Of Burlington should
sell the stock. According TO the plans Of the