The times. [volume] (Richmond, Va.) 1890-1903, 1900-02-27
STOCK MARKET
WAS .FEYI.lE.RISH.
Railroad Stocks Were Active and.Rose
Considerably.in Price.
NEW YORK PUBLIC UTILITIES [. E
EW YORK PUBLIC UTILITIES.
Tho Battle Ragged Most Fierccly
Around These Stocks. for tho Con
troll Of Whicl, y Long Standing
Conflict Has Wased.

NEW YORK, Feb eG.-The most nota-
bic feature OF to-day's fcverish ana eN-
cited stock market was the fact tlat ,i, u,
railroad department apparently succeeo s.
ed In breaking away from the influence
of the indusIrials and specials and ciller.
entiating the undeniablc clements OF
strength in that department. rom n, me
other The railroads Succumbed IN me
carly dealings to the sympathetic ihiu-
encc of the violent declines amongst inc
industrials, but during the day conf
dent demand sprang up for a number OF
railroad stocks Which lifted the whole
level of that department materialiy
above Saturdays close. So far as me
news of the day went, 1t shed little HSht
on the extreme weakness of number
OF the industrials. The movement hau
aii the appearance of a sort Oh cuei pc
tween powerful coDtendinS interests, ana
there are circumstances tending TO con-
firm this expectation of The movement
- report finds credence that the long
interests Of Third-Avenue stock are
hriitiiN availinG themselves OF the un-.
settling influence OF the weakness in this
stock TO make Il bear turn in other STOCKS.
That bitter animositics and rivalTies are
involved is also a current runor IN IN"
street, the same potential entities coming
into play as during the pane OF last de-
cember. The battle ragged most hercciy
about the stocks of the New York pubic
utilities, for the centralized control OF
which 4 lonE-standinS contest has been
waEed.
The notorious financial difficulties of
Ihird-AEenuc played a continuing part
today. and there was added to this ru-
mors that the companies would be Sc
Nerely dealt with in the approaching APP
plication of the new State franchise tax
alton law. The extreme declines in the
New York traction and gas STOCKS ran
from > to nearly . points, the latter in
i hird-Arenue. Sugar was another storm
centre, the furious speculation III that
stock hinginE upon the doubts regarding
The next quarterly dividend. action upon
which is imminent a reduction in the
existing rate is taken for granted. but
opinion differs to the amount of the
reduction extending an the way to total
suspension. Sugars total fan was rs,
and II closed practically at The lowest.
L ennessee Coal and Iron and the tobacco
stocks also showed notable weakness.
Except in Sugar. there were violent raj
lies from time to time, rejecting the de-
mand from the bears to cover shorts
Ine strength of the railroad stocks was
based upon the substantial growth of
the Increase in the earnings. a large
number of returns We're made during the
day, all showing Very striking gains
over the corresponding period OF last
most notable examples We're Norfolk and
Western, Ontario and Western, Louis
vile and Nashville, and chicago, Indian
apolis and Louisville. There is an inn
part of the recent large extension of
loans is designed for future use III the
stock market.
Sterling exchange was weak on increas-
ing offerings of cotton bills. The rate
Of demand sterling declined x, and for
long sterling u per cent
The bond market was rather dull and
Irregular. Total sales, par value, S1,'So,-
boo. Government bonds were buoyant'
under the influence of the refunding bill
now in conference. United States new
Is an dold As coupon advanced ~, and
the registered, the IS and as point in
the bid price.
The total sales of stocks to-day were
bG2, 500 shares, including the following:
atchison preferred. o0.o.a; Baltimore and
tan. 1G,430; Metropolitan. 1o.IS2; Norfolk
md Western common. 2I,3O6: Ontario
ana Western, 800: Pennsylvania. Co.;
Reading first preferred, li.52o; ST. Paul,
1.110: Southern railway preferred 100:
Union Pacific. 1920: American Steel and
Wire common. 14.S1o; American To-
bacco, 1850 Brooklyn Rapid Transit:
5s.45O; Federal Steel. 6,66o: National
Steel preferred. 500; Gas, 1928; Sugar.
lO1.115: Tennessee Coal and Iron. lO,2lO;
Leather, Hill.
call steady; actual transactions ranging
from > to 2la per cent; last loan at :
per cent: closed offered at per cent;
prime mercantile paper. 41.I5A per cent.
Sterling exchange exchange weak, with
actual business in bankers bills al S4.SGHs
tor sixty days; posted rates, $4.Si4i.Si
and S4.SI1SIi. SIS, commercial bills. S4.S'QD
sS3lh Silver certificates, 5TI@5Sj4;
Mexican dollars, 4I$4. Government bonds
buoyant; State bonds inactive; railroad
bonds irregular.