The times. [volume] (Washington [D.C.]) 1897-1901, 1900-02-27

NEW YORK. Feb 2G-Todays stock
market was very much unsettled chiefly
because Of the violent declines that toOa
place in number Of the nIustrials and
specialties. the movement in the latter ap-
parently creating no little nervousness.
Aside from the effect OF the course Of thsse
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-Tressury since Fri
day Of more than S43Go 600.
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-
pesred in the quarters above indicated pro
duced some very noteworthy declines
There was. as a matter OF fact, no similar.
or even approximate, pressure upon the
standard railway issues. and while they
were naturally sympathetCally affected by
the wide fluctuations in The instance noted
the net price changes in the railway list
were remarkably limited. few Of these
stocks, indeed showed a noteworthy de
gree Of strength. conspicuous instances
being Pennsylvania. Norfolk and 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 eagrossed 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 rapidly. Moth
ing that was new bearing on the par
ucular 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 I
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 industrials were want
ing in direct explanation.
The London market was again sustained I
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 a further de-
cline in sterling exchange although the
course Of the latter was furthered by the
increasing supply Of commercial and uota-
bly, cotton bills. Despite the showing made
by the banks on Saturday and the expec-
Ia Of fu1fi 20 in, h.
statement for the current week money
market conditions were not percepjibly
altered 4 very large number of traffic re-
turns for various periods were made pub
lie today
4 needs only to be pointed out that
the roads in the southern States continue
10 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 a very definite
reflection Of The changed conditions under
which iron producing companies are now
operating. in contrast with those prevail
ing last year. Apart from the noted de-
yelopments 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 il 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
fuenCcs may determine general move ,
ments in the stock market but in the : I
mean tilne the matters in question appear ,
TO be pre- eminent in speculative casula-
tons.