The times. [volume] (Washington [D.C.]) 1897-1901, 1900-02-28

NEW YORK. Feb. EFT was the general
opinion today that. in view Of the incidents
in other quarters OF the market. the rail
way share list showed a wonderful and
significant degree OF strength. Indeed. the
pronounced hrmness Of that quarter Of the
market was really the chief feature OF the
dealings. for it might have been expected
that the decentralization that appeared in
other quarters Of the market would have
caused no little perturbation on the part
even OF persons whose speculative com
mitments were wholly in the standard
railway issues
The fact. however, that the railway list
not only held its own, but in number Of
instances advanced. was striking testimony
Of the intrinsic strength Of that quarter Of
the market. There was little that was
new in the situation today 10 sustain these
stocks. aside from the days returns Of rail
way traffic and this made their stubborn
strength all the more noteworthy.
Foreign houses bought literally Of the
railway list and to some extent their tend
ency was owing 10 this circumstance and &c
the substantial gains reported in the Lon
don market The strength there was, Of
course, a reflection Of the substantial
achievement OF Lord Roberts forces, but
the local buying for foreign account was
by no means extensive enough 10 account
for the frmness of the railway list Con
spicuous features Of that quarter Of the
market were the granger shares the AT
Gibson issues. and the Southern Railway
stocks. The latter rose in anticipation Of
the declaration of the dividend on the pre-
ferred early next month. which will un-
doubtedly be at an increased rate
While the strength Of the railway quar-
ter OF the market was significant, the more
striking incidents Of the day were in other
directions Third Avenue Railway scored
another decline which, in the absence Of
any authoritative information was as
sumed to indicate that recently under
taken efforts to rehabilitate the company
financially had been abandoned. The other
local traction issues also declined sharply,
the selling in their instances being partly
in sympathy with Third Avenue and partly
because of the apprehensions as to the
effect Of the workings Of the new fran
chiso taxing law.
There was a very severe decline in
Western Union, which was attended by ru-
mors that a reduction in the dividend 10
be acted upon next month was not improb-
able. The street again found some rela-
tion between the weakness OF Third Ave
nue. and a decline in United States Leather
common. on account Of speculative theories
sufficiently satisfactory TO itself
The industrial quarter was generally
heavy, with little that was IN any way
new bearing upon any Of these stocks com
ing to light Sugar Refining was the con-
spicuous feature in that quarter, with
very wide fluctuations appearing IN the
stock Although there was no change In
the opinions generally held that a redue-
tion in the dividend to be declared next
week was assured. il was worthy Of note
that Sugar Refining stock was much bet
ter supported than it was yesterday, per
haps on account Of the willingness OF the
short interest TO realize a part OF the
handsome profits resulting from the re-
cent course of the stock.
The sinister influence upon the general
market of both Third Avenue and Sugar
Refining was a subject OF general discus
sion throughout the day. and the hope was
fervenuy expressed that there might soon
be definite issue to the particular af-
fairs OF both stocks. Il seemed to be the
opinion also that much more satisfactory
conditions will be looked for in the general
market so soon as there shall be a definite
issue to the financial affairs Of the Third
Avenue company and the rate Of dividend
on Sugar Refining stocks.