The times. [volume] (Washington [D.C.]) 1897-1901, 1900-02-22

NEW YORK. Feb. 2i.-The main char
acteristic of today's stock market was Its
irregularity of movement Little that was
new bearing upon the general situation
was disclosed in this mornings news or
in the days developments. aside from the
confirmation of yesterdays report Of the
decisive progress of the British forces IN
the South African campaign. On TINS ae-
count. the London market was reported
strong and active, and while foreign houses
seemed to have few orders at the opening
of business, their total purchases with the
course of the morning aggregated iuliy
Is 600 shares Notwithstanding this orci-
parily effective circumstance. the trading
was sluggish. and resulted in few material
price changes, and the more pronounced Oh
these were in varying directions.
The strongest features OF the railway
list were Southern Railway preferred and
Norfolk and Western common. In the IN
stance of the first named the noteworthy
strength and activity shown appeared 10
reflect the expectations that at the meet
ing of the directors early in March divl-
dend of j IL per cent. an advance oil L.
per cent from the previous rate, VIII be
declared.
II is said not TO be unlikely that in Sep
tember the dividend rate will be further
advanced. and it is certain that earnings
of the company will fully warrant such
action Norfolk and Western was heavily
bought for foreign account, but nothing
particularly new developed in regard TO
the stock. Considerable activity and ad-
yeucjng r-.ces marked the dealings in the
Chicago. indianapolis and Louisville
stocks. the movements In that instance
being attended by reports that some close
arrangement with the Southern Railway
Company is likely, but these rumors were
not credited in well Informed quarters.
Both the anthracite and bituminous coal
shares were also unusually strong anu
active substantial gains being reported In
the Reading issues. Delaware and Hudson,
Hooking Valley. ard Wheeling and Lake
Erie The rise in this quarter of the mar
ket is adequately explained by the greater
prosperity and increased stability in the
coal trade at large. as is fully evidenced in
the tren, ndous increases In earnings
shown in recently published statements OF
both the anthracite and bituminous prop
critics.
The granger shares, the Pacific stocks.
the Atchisons. and. indeed, all the securi-
ties likely TO be affected by the year s
agricultural uncertainties, were all dull
and rather heavy, foreshadowing OF what
will probably. within short time, engage
speculative attention.
The local traction issues were neglected,
with the exception of Third Avenue. in
which the price movements were again
wide and erratic. The market for the stock
was not helped by the rather vague and
ambiguous statements published this
morning. which. indeed. only served 10
deepen the general uncertainty regarding
the company's affairs.
Efforts we're in progress today looking
TO the formation of a new underwriting
syndicate, @ rather novel feature of which
was that public subscriptions were asked
for an undertaking which has already been
declined. after thorough Investigation, by
a banking house. although the ihforma-
ton at lis disposal and which caused 1t to
refuse the undertaking was not furnished
to those invited TO enter the syndicate. As
has been properly and truihfully stated al
ready. II would be a good thing for the
whole market as well as for those directly
concerned with Third Avenue affairs when
the best or the worst regarding the latter
becomes definitely known.