The times. [volume] (Washington [D.C.]) 1897-1901, 1900-02-27
4 BREAK IN IHDUSTRIhLS
Tennessee Coal and Iron, Sugar,
and Tobacco Heavy Losers.
Large Selling the Feature of the
Markct-Tbc Railway List Strong
to the Banks-BocnI Traction Issues
Decline - London Market Hopeful.

NEW YORK, Feb 26.-Todays stock
market was very much unsettled chiefly
because of the violent declines that took
place in a number of tie industrials and
specialties. the movement in the latter ap-
parently creating no little nervousness.
Aside from the effect of the course of these
stocks, speculative sentiment was evidently
perturbed by reason of the showing the
banks made in their statement on Satur-
day last, and further on account of the fact
that today's figures show that the banks
have suffered further loss in their trans
actions with the sub Treasury since Fri
day of more than 1890, GOO.
The influence Of these several matters
resulted in an almost complete withdrawal
of outside interest from the market, and
in consequence the heavy selling that ap-
peared in the quarters above indicated pro
duced some very noteworthy declines.
There was, as matter of fact, no similar,
or even approximate, pressure upon the
standard railway issues, and while they
were naturally sympathetically affected by
the wide fluctuations in the instance noted
the net price changes in the railway list
were remarkably limited. A few of these
stocks indeed slowed a noteworthy de-
gree Of strength, conspicuous instances
being Pennsylvania. Norfolk aad Western,
Baltimore and Ohio common. Southern
Railway preferred, and all of the anthra-
cite and bituminous coal issues.
Active speculative interest was. how
ever almost wholly engrossed by the local
traction issues. Sugar Refining, American
Tobacco and Tennessee Coal and Iron. All
of the local traction issues and Consolidated
Gas were especially depressed on account
of the pending fixing of the valuation OF
those properties under the franchise tax
law. The declines in all of these stocks
were very sharp. and Third Avenue which
has additional and peculiar troubles of its
own, broke with particular rapidity. Moth
ing that was new bearing on the par
ticular affairs of the Third Avenue Com
pany came to light, but the stock con-
tinued under heavy and effective pressure
Sugar Refining was also notably weak
the selling in that instance being plainly
attributable 10 the uneasiness in regard
to the rate of dividend on the stock which
will be fixed next week. The very sharp
declines that took place in Tennessee Coal
and Iron and other industriais were want
Ing In direct explanation.
The London market was again sustained
by hopeful expectations regarding the
South African situation. and foreign
houses were fairly liberal buyers of stocks
in this market, but this circumstance was
virtually without any effect upon prices |
Ii was, however, reflected in further de
cline in sterling exchange, although the |
course of the latter was furthered by the (
increasing supply of commercial and nota- |
bly, cotton bills. Despite the showing made /
by the banks on Saturday and the expec-
tations CT similar results TO appear in the /
statement for the current week. money I
market conditions were not perceptibly |
altered. A very large number of traffic re- |
turns for various periods were made pub
lie today.
II needs only TO be pointed out that |
the roads in the Southern States continue |
70 report Ike heaviest ratio of gains, with
the exception CT the bituminous coal prop
les, in which instances the net returns
are fully double those of last year. The /
statement of Tennessee Coal and Iron for
the month of January was very definite
reflection of the changed conditions under
which iron-prodrcing companies are now
operating, in contrast with those prevail
ing last year. Apart from the noted de-
velopments, the day was barren of any
news calculated to affect the market.
As noted. the general drift OF prices was
almost wholly governed by the course of
the few stocks cited, and it is apparently
idle TO look for substantial Improvement
until affairs of the Third Avenue are set
tied one way or another and until the
years dividends Of Sugar Refining have
been fixed and announced by the manage
ment- Thereafter more reasonable in
fuences may determine general move
ments in the stock market but in the
mean tine the matters in question appear
TO be pre- eminent in speculative cakula-
tons