Virginian-pilot. (Norfolk, Va.) 1898-1911, 1900-02-27
REVIEW OF MARKETS.
FINANCIAL and COMMERCIAL
Stocks, Money, Exchange. Bonds, Grain,
Cotton, Provisions. Etc.

New York, Feb. 2G.-The most nota-
bile feature of to-day's feverish and
excited stock market was the fact that
the railroad department apparently
succeeded in breaking away from the
influence of the industrials and spe-
cialties and In differentiating the UNI
deniable elements of strength in that
department from the decentralization
and weakness in the other. The rail-
roads succumbed i'll the early dealings
to the sympathetic influence of the vIo-
lent declines amongst the induStrialS,
but during the day II confident demand
sprang UP for q number of railroad
stocks. which lifted the whole level of
that department materially above Sat
urday's close. So far as the news of
the day went, it shed little light on
the extreme weakness of n number of
the industrials. The movement had all
the appearance Of n sort of duel be-
tween powerful contending interests,
and there are circumstances tending
to confirm the explanation Of the move
ment.
A report finds credence that the in
terests long of Third Avenue stocks are
thriftily awaiting themselves of the I'M
settling influence of the weakness in
this stock to make bear turn in other
stocks. That bitter animosities and ri
VARIES are involved is also current
rumor in the street, the same potential
entities coming into play as during
the panic of last December. The bat
tie ragged most fiercely about the stocks
Of the New York public utilities, for
the centralized control OF which n
long standing contest has been waged.
The notorious financial difficulties of
Third Avenue played continuing part
to-day. and there was added to this
rumors that the companies would be
severely dealt with in the approaching
application OF the new State fran
chlse taxation law. The extreme de-
clines in the New York traction and
gas stocks ran from two TO nearly
nine points, the latter in Third Ave
nue. Sugar was another storm centre
the furious speculation in that stock
hinging upon the doubts regarding the
next quarterly dividend, action upon
which Is imminent. A reduction In the
existing rate is taken for granted. hut
opinion differs as to the amount of the
reduction, extending all the way to to-
tai suspension. Sugars total fall was
Use, and 1T closed practically at the
lowest. Tennessee coal and the tobac-
co stocks also showed notable weak
ness. Except In sugar there were VIC
lent rallies from time to time, reflect
Ing the demand from the bears TO cover
shorts. The strength of the railroad
stocks was based upon the substantial
~
number OF returns were made during
the day. all showing very striking
gains over the corresponding period of
last year. For the last week in Feb
ruary the most notable examples were
Norfolk and Western, Ontario and
Western, Louisville and Nashville, and
Chicago, indianapolis and Louisville.
There is an impression in speculative
circles that some part of the recent
large extension Of loans is designed for
future use in the stock market. Sterl-
Ing Exchange was weak on increasing
offerings Of cotton bills The actual
rate for demand sterling declined Il
per cent, and for long sterling e per
cent.
The bond market was rather dull and
irregular. Total sales, par value, 81 $780,
600.
Government bonds were buoyant un-
der the influence Of the refundinG bill
now In conference. United States new
As and old As, coupon, advanced 1Ih
per cent, and do. registered, the 3s
and 5's Il point in the bid price.
New York, Feb. 26.-Standard Oil,
S5.S2@535.