The times. [volume] (Washington [D.C.]) 1897-1901, 1900-02-21
Higher PRICES THE RULE.
The New York Stock Market Opens
Auspieiousiy.
Encouraging Reports From London
Cause n Material Advance in Vail
ues-A Reactionary Tendency Fol-
lows-strong Fepturcs in the Rail-
way List-Industrfn1 Quarter Firm.

NEW YORK. Feb. 29.-The dealings in
;odays stock market began somewhat
auspiciously and higher prices were the
common rule in the initial dealings. Lon
don furnished material advance in prices
there. on account OF the very encouraging
advices from South Africa respecting the
movements Of the various British Army
corps, but while foreign houses dealt quite
extensively in this market their net trans
actions were only slightly upon the buying
side. OF local news of Importance there
was very little to influence the speculation.
apart from the magnificent statements OF
railway traffic on the one hand, and the
foreshadowing OF closer money market
conditions on the other. by reason of the
continual heavy absorption of money from
the local banks by the subtreasury. Since
Friday the banks have lost in this way
over 81, 600 GOO already.
OF todays statements of railway traffic.
by far the most notable were those OF the
Southern Railway Company and OF the
Delaware Lackawanna and Western. The
first reflected clearly the tremendous de
yelopment and expansion OF trade and
manufactures in the South. the extent OF
Ii.
few persons not familiar with the facts
appreciate. while the Lackawannas annual
statement shows for the most part the
regeneration In anthracite coal trade OF
the past year.
After opening strong and fairly active
the market Developed a rather reactionary
tendency. chiefly because Of the appearances
Of decided pressure in Third Avenue Rail
road and in Sugar Refining. For reasons
o., %, laVOtfuU even
cursory attention TO Wall Street affairs,
these stocks must be regarded as the weak
links in TIE market chain. The break
I'm Third Avenue after the opening was
really violent. The course of the stock vas
perhaps specifically due TO the disclaimers
made public yesterday and this morning
by Metropolitan Street. Railway interests
that they had not already, or purposed 20
have. anything to do with the fortunes OF
the Third Avenue Company and the ex-
plosion of the exploited fiction 10 the con-
trary was evidently disconcerting TO hold
ers of the stock. Third Avenue recovered
part of its early loss in the subsequent
dealings, but the trading in the stock was
characterized by great feverishness
throughout the day.
The early decline In Sugar Refining was
perhaps furthered by the rather remote
possibilities contained in the resolutions
introduced in the House OF Representatives
yesterday respecting the transportation OF
the eompany's products under the Interstate
Commerce act. II seems more reasonable.
however, to ascribe the course OF the stock
TO the fact that within a fortnight or a
little more. the management will fix the
dividends for the coming year
The market as whole, was almost as
irregular as il was yesterday. Strong fea-
lures of the railway list in addition TO
those cited. were Norfolk and Western,
Pennsylvania Railroad, and New York,
Ontario and Western.
The movements in the granger shares
ana in the Pacific stocks were extremely
limited, probably on account OF the uncer-
tainty regarding the agricultural outlook.
The announcement this morning that the
Tennessee Coal and Iron Company would
issue 30 600 shares additional common
stock, three-ffths of which would be util-
ized for the retirement of the preferred
stock and accumulated dividends thereon,
ana the remainder for the payment of the
floating debt resulted in a rather uncer-
tain speculation in that stock.
The industrial quarter was generally
firm, particularly as regarded the shares
funded on the steel and iron industry. The
railway earnings reported were the most
substantial addition to the actual news
OF the ssy. Sterling exchange conditions
were not essentially altered. and while a
elightly hardening tendency was TO be OBJ
served in the money market that circum-
stance hardly appeared TO engage the at
tention of the professional element, whose
operations made up the bulk Of the day s
transactions