New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-02-25
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Stock market trading was dull. narrow and
professional. After a fatnt show of strength at
the opening. prices sold Gown on bear pressure,
and after the publication of the bank statement
went still lower, although the declines not
important, save in the case of the industrial and
traction issues. The bank statement made a
poorer exhibit than expected, but it did not re-
feet any adverse change in the situation or pres
ent adequate reason for selling stocks. Its re-
view is fully given elsewhere on this page.
Third Avenue stock suffered further decline of
eight points to 7414, a decline of 1914 points
since February % a year ago, when it sold at
242 fits highest price on record. Tennessee Coal
and Iron under bear pressure, declining
three points. Weakness in this issue and in
Third Avenue affected the market unfavorably.
the most conspicuous exception of the active
issues being Norfolk and Western common
which closed at a net gain of one-half point on
buying of a most substantial character. This
stock has had a considerable advance from it's
December level. but the wonderful earnings of
the company and the good prospects for divi-
dends the common this year Justify the ad-
vance and warrant the expectation of still
further Improvement. The iron and steel stocks
were weak, and bear traders attacked Brooklyn
Rapid Transit and Manhattan, both of which
suffered material declines. Reading first pre-
ferred was a firm feature, and the railroad list
in general did not suffer important losses.
Trade reports for the week uniformly ia
vorable Perhaps the best feature of the
rent situation is the yielding in prices of
terials. Industrial prosperity will be made more
secure by A reaction from the extreme prices
that have prevailed, and the railroads in par
ticular will be benefited by a cheaper cost of
materials at a time when gross earnings are so
heavy. Lower prices for materials viii not
cause a reaction in the country's business. but
on the other hand they ought TO result in in
Sn6culatOrS
business will not. 1t may be truthfully said
that the only apprehension in the business
uncertainty over the effects Of continued high
prices for materials. and now that doubt mas
been removed there ought to be general salts
faction and contentInent in all circles OF trade
and on the Stock Exchange. Payments through
banks railroad earnings and general production
ere heavier than in any preceding February on
record. Bank exchanges in this city are under
last years record. but the loss is due to the
dulness in stock market speculation.
The railroads in the South are doing won
derfully good business, and the higher price
FOR cotton will increase their profits. The roads
throughout the country enjoying a larger
business than in any other February earnings
being swollen by increased tonnage and higher
rates. In the last week exports from New
York amounted in value to S14,521,06S, the
heaviest for any week on record, and in the
three weeks of the month to $50 1874 $50, against
SOS 1S3 105 in the same time last year. Exports
of cotton and breadstuffs are increasing. The
sterling exchange market is easier and there Is
now little prospect of early gold exports, either
as regular special exchange market trans
actions Bank holdings have been reduced by
interior shipments and Sub-Treasury withdraw
ais but misgivings over the future money mar
ket should be relieved by the agreement reached
on the finance bill. The bill will doubtless
become law this week, and Its refunding meas
ure and banknote provisions will add a large
amount of money to local supplies. Stocks look
cheap at the current level, and many important
interests carrying big lines for higher prices
The usual weekly table of price changes Tor the
more active stocks follows: