Evening star. [volume] (Washington, D.C.) 1854-1972, 1900-02-23
Weakness of Third Avenue Influenced
Entire Stock List.
COMPLAINT OF OUTSIDE HOLDERS
They Condemn the Policy of
New York Exchange.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK. February 23.-The heavi-
ness noted at the close of Wednesdays
market was apparent again this morning.
no public demand coming in to offset the
depressing tactics of the room. London
sent over a slightly higher range Of prices,
but the demand for stocks at that center is
restricted, pending more definite news from
South Africa
Locally there was little effort made to
change the course OF prices, repeated disap-
pointments having discouraged confidence
IN the immediate future of the market
In some instances supporting orders have
been withdrawn and the street argues that
the larger interests are willing to see prices
decline still further.
The weakness of Third Avenue was the
cause of the markets action in the opin-
ion OF majority of traders. A decline
OF per cent early in the day encountered
little resistance and forced a sympathetic
decline in all parts OF the list
There Is a tendency in certain quarters
to resent the influence OF local stocks upon
market representing the investments of
the entire country
such chatting is the natural outcome OF q
nervous waiting for profits upon securitisS
which were bought upon individual merit
and which show earnings quite I'D to the
rather high standard set for them 1t must
be remembered that loans are made by the
local banks upon all the securities traded
in, and brokers have accounts containing
a miscellaneous line of stocks What hap
pens to local gas or traction stock would
be of small concern to a holder of a VEST
ern railroad stock for example We're II NOT
Tor the fact that the strong must suffer to
protect the weak.
When one of several mixed holdings
comes to grief the good stocks are ol,ita
as often sold to protect the weak as is the
weak property eliminated to preserve the
more deserving. Such a condition of things
Is now reflected in the daily course OF
prices.
Influential interests, of a kind which
make markets, have made unfortunate in
Restments In overrated local concerns and
thsy are protecting the market at a time
Wneh general conditions would seem to
offer Inducements for advancing IL during
the balance of the season
Believing that a prominent onerator .s
largely committed to both mrd avenue and
Leather the latter sock was depressed IN iu
me nope OF forcing liquidation The out
come OF next weeks meeting is less eenar-
any relied upon as an inducemcnt for new
bgyine of the latter.
Peoples Gas was sold down under n lib-
eral volume of business, based on vague r1I-
mors of hostile legislation and the revival
OK charter selling enterprises in Chicago.
ne me s.sei stocks We're also sold on the
theory that the selling of Peoples Gas
would cause q general selling movement
flom Chicago.
Tennessee Coal and Iron was offered down
without any special attempt TO explain the
movement During the final hour traders
solq the entire list With more confidence
making an attack upon the soft coal roads
which until that time had been the one ex-
eepuon TO the weakness
The strength of the bond market, partic-
uiariy the government department, was q
feature Of the day.