The times. [volume] (Washington [D.C.]) 1897-1901, 1900-02-24
an UNCERTAIN MARKET
Shares Advance at the Opening But
a Reaction Follows.
A strong London Market Fails 10
Keen Price. Up-An Unfavorabic
Bank Statement Anticfpatcd-Norc
Rumors Affect Third tycnuc-A
Break I'm steel and Iron industries.

NEW YORK. Feb 23.-The stock mar
ket. upon resumption OF business this
morning. showed general advances. mainly
in sympathy with the tendency of the Lon
don market. but it almost Immediately de-
veloped a reactionary tendency. LIS course
was in part due to the apprehension that
tomorrow's bank statement would show a
further substantial curtailment in the
banks reserves, and also TO disquietnde
as to the issue of the affairs of the Third
Avenue Railroad Company.
Probably the latter Was the most eff
fective among the days circumstances, and
the stock in question was the conspicuous
feature of the dealings. The appointment
of stockholders committee to confer with
the committee representing the company $
creditors was announced today without eN-
citing much interest. For the most part,
people are now asking what the creditors
committee will do rather than what the
stockholders will undertake. owing to the
several abortive movements already made
by the latter
Rumors of various kinds bearing upon
the upshot Of Third Avenue affairs were
current, but they were without any other
confirmation than was furnished by the
course of the stock in the market.
The buoyancy reported in the London
market was. of course. owing to the very
encouraging news received from South
Africa Advances were common in all
quarters of the market there. and Ameri-
can stocks participated notably in the rise,
but the dealings here for foreign account
were limited to the purchase of about TO-
600 shares of various issues.
The favorable disposition of the London
market was reflected in decided strength
In the railway list at the opening of bust
ness. but this tone disappeared with the
development OF the pronounced weakness
in Third Avenue and in other OF the spe-
cialties and industrials. The latter quarter
Of the market was uniformly weak, without
any particular or general explanations ap-
plying to the course of those stocks out
side of few instances.
All of the so-called steel and iron indus
trials broke badly. while Peoples Gas,
Tennessee Coal and Iron, United States
Leather common. and the Tobacco shares
reflected pronounced pressure. The de-
cline In Sugar Refining was. of course
referable to the early approach of the day
on which the directors are expected to fix
the dividend rate Ger the current year. but
elsewhere little that was definite could be
assigned in connection with the movements
in special std cks.
The weakness in the local traction issues
WIS also devoid OF definite explanation. ex-
cept in SO far as il may have been SYM
pathetically induced by the course of Third
Avenue. The declines in the railway list
were usually within fractional limits
few interesting and gratifying state
ments OF railway traffic were submitted
today, but perhaps the most important
feature of the situation was the weakness
in sterling exchange. The latter develop
ment was the reflection chiefly of the
foreign purchase of stocks in a rather lin
tied exchange market and also Of the i'm
proving supply Of commercial and notably
OF cottor bills. There was the usual
an.icipa,ory discussion regarding the
showing expected OF the banks tomorrow.
and as noted the general expectations
that a further reduction in reserves would
appear, served 10 unsettle the market
The only definitely known factor which
will enter into the composition Of the
statement is the loss of something over
81, oo0. 600 which the banks have incurred
since last week in their operations with
the Sub Treasury.