The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1900-02-27

NEW YORK, Feb 26.0-The most nota-
BILE feature of todays feverish and ex-
cited stock market was the fact that the
railroad department apparently succeed
f1uence Of the industrials and specialties
and in differentiating the undeniable ele--
ments of strength In that department
from the Decentralization and weakness in
the other The railroads succumbed in
the early dealings to the sympathetic in
fluence of the violent declines amongst
the industrials. but during the day con-
fident demand sprang up for a number
of railroad stocks, which lifted the whole
level Of that department materially above
Saturdays close.
So far as the news OF the day Went, 1t
shed little light on. the extreme weakness
of a number of the industrials. The
movement had all the appearance of
sort Of duel between powerful contendlnS
interests and there are circumstances &C
tending to confirm this explanation of the
movement A report finds credence that
the interests long of Third Avenue stock
are thriftily awaiting themselves of the
unsettled influence OF the weakness IN
stocks. That bitter animosities and rival
ries are involved is also a current rumor
in the street, the same potential entities
coming into play as during the panic of
last December The battle ragged most
fiercely about the stocks of the New
York public utilities, for the centralized
control of which long standing contest
has been Waged.
The notorious financial difficulties OF
Third Avenue played q continuing part
today and there was added to this rumors
that the companies would be severely
dealt with in the approaching application
of the new state franchise taxation law.
The extreme declines in the New York
Traction and Gas stocks ran from to
nearly points. the latter In Third Ave
the furious speculation in that stock
Ringing upon the doubfs regarding the
next quarterly dividend, action upon
which is imminents A reduction in the
opinion differs as to the amount Of the
reduction, extending all the way to total
suspension. Sugars total fall was 7ss
and it closed practically at the lowest.
also showed notable weakness. Except
in Sugar there We're violent rallies from
time to time, rejecting the demand from
the bears to cover shorts.
The strength of the railroad stocks was
based upon the substantial ground of in
creased earnings. A large number of re-
turns were made during the day. all
showing very striking gains over the cor tn
last week in February. the most notable
examples were Norfolk & Western. On
tario 8, Western, Louisville & Nashville
and Chicago, Indianapolis & Louisville.
For January handsome showing of net
earnings was made by Wabash, Chicago
& Eastern Illinois, and Hooking Valley
Saturdays weak bank statement had
some continued effect in the early deal
ings, but there is an Impression held in
speculative circles that some part of the
recent large extension of loans Is de-
signed for future use in the stock market
Sterling exchange was weak on increas-
ing offerings of cotton bills. The actual
rate for demand sterling declined %, and
for long sterling X per cent.
The bond market was rather dull and
irregular Total sales par value 81, $50, 900.
Government bonds were buoyant under
the influence Of the refunding bill now in
conferences. United States new 4s and old
As coupon advanced ~, and do registered
the IS and bs point IN the bid price.
STOCK QUOTATIONS.
Furnished by Charles H f.. Smith 6
Co., members of the New York Stock ex-
change. Pioneer Press building, who have
direct wires to Chicago and New York.
Closing prices are bid: