The times., 1899-02-21
AMERICAN TOBACCO
STILL GOING KlTING
Another Sensational Rise
Scored Yesterday.
Sugar Refining and Manhattan
Railway Also Advance Sharply.
Union Pacific shows Pronounced
Strength ON Heavy DeaIinEs-Thc
General Market Firm.

New York Feb. 2O.-Tcday's stock mar
ket presented all of the same features that
marked the dealings in securities prior
to the reaction of the early part of The
present month. The dealings were in
very large volume. interest was widely dis
tributed and the tone of the market was
eNceedily strong. There was the further
similarity that as regards the trading at
large there was no particular explanation
10 be assigned to il other than the plain
investment considerations that then occu-
pied attention. One point of difference
between the market situation in January
and at the present time. however. may be
noted in the development in the interim
of very considerable short account in
various quarters of the market. The Uun-
ishment meted cut to the short interest in
American Tobacco on Saturday served as
a warning to spectators having commit
ments on the short side OF the market end
several of the more pronounced advances
today were plainly due to the precipitate
retreat of the operators for a fall
There was a further sensational rise in
American Tobacco today. and the move
ment in that stock was repeated under
similar market conditions. though in lesser
degree, in Sugar Refining and Manhattan
Railway. There was actually nothing Lew
in regard TO any of these stocks TO which
their noteworthy strength could be
ascribed. London continued 10 sell on the
local market in considerable volume, tut
in the general prevailing spirit of optim-
ism that circumstance was wholly disre
garded. For the rest il may be said that
aside from the activity of commission
houses on the long side of the account,
the market gave evidence of more aggres-
sive operations by interests of extensive
prestige who have for some time been
standing aloof. There was little news in
the course of the day. and the outside
situation was not essentially changed.
Most OF the railway returns reported for
periods later than the first of the month
reflected very clearly the traffic Interrupt
tion consequent upon the great storm.
The standard railway issues were the
real leaders of the market with the gran
ger shares, the Atchison and the Union
Pacific stocks well in the fore. The pro-
nounced strength in the latter shares
took place on exceedingly heavy dealings.
II also naturally revived the ideas which
have never been discarded by well-in-
formed persons. that closer relations will
ultimately be established between the
Union Pacific and the Vanderbilt lines
There were noteworthy advances scored
by Missouri Pacific and Missouri Kansas,
and Texas. where the buying was based
upon the benefits expected TO accrue to
these roads by the new position of the
Alton Company. The Northern Pacific
shares. Louisville and Nashville, and
Southern Railway preferred participated
moderately in the general tendency of the
market.
Considering the extent of some of the
early advances the market retained its
strong tone remarkably well throughout
the day. The trading at the close was ex-
ceedingiy active, and while some stocks
showed recessions natural after their rapid
advances others closed at the best prices
of fhe day