The times. [volume] (Washington [D.C.]) 1897-1901, 1901-02-20
THE MARKET AT AN EBB
Downward Tendencies Continue
With Unchanged Reasons.
Rallies Weaker Thnn on the Day he
fore-Thc Russian Tariff War
Feature OF the Depression-SteeI
stocks Continue Contradictory
The Traffic Returns without Effect

NEW YORK, Feb. 19.-The declining
tendency of today's stock market was
probably owing most directly to the same
erratic movements. The market was en-
tirely wanting in yesterdays occasional
spasmodic rallies, today's occasional re-
coveries being exceedingly feeble.
The dealings continued active and well
diversified, asd the general swing of
prices a fairly uniform one. The
causes referred to as instrumental in
both yesterdays and today's markets were
the increased discussion regarding the re-
taliatGry tariff policy of the Russian Gov
ernment and the wider recognition of the
gravity of that incident, the increased con-
Germ as 10 the future of the money mar
ket the uncertainty as to the upshot Of
the steel amalgamation, and tine appre-
haHsiOns that the threatened labor troubles
in the anthracite regions might become
widespread
In addition, local professional sentiment
was again unfavorahly Influenced by the
tendency Of the London market for Amer
lean stocks, a depression in prices there
being followed up by moderate selling or
ders here, which, while in small volume,
received some attention by reason of the
tendencies in the local market
The days. actual developments of novelty
were very few. aside from the traffic re-
turns submitted which. while exceedingly
favorable received little or no attention
IN view of the general condition of specu-
lative sentiment. The traffic returns noted
were exceedingly favorable showings, par
ticularly as regarded the Southern road,
Lake Shore, and st. Paul.
Definite information in regard to the
announcement of the details of the ANAL
gamation of the steel interests was again
wanting, but those stocks retained the
general characteristics which marked the
dealings in them yesterday: that is TO say
the common stocks continued under pres
sure, while the preferred issues were firm.
At the same time the movements insboth
classes were more restricted than they
were then. National Tube common in
deed, scored quite sharp rise on gener-
ally credited reports that that stock would
be taken into the combination on an ex-
ceptionally high valuation.
According to nther reports current to-
day, the next most favored property in
the new deal would be American Bridge.
The dealings in this stock. however. in the
curb market. did not tend to confirm the
rumors in question Apart from National
Tube the feature of the industrial quarter
of the market was Sugar Refining. There
was very rapid advance in the stock
IN the forenoon, which was not, however,
retained Win lne course OF the uay ueai-
ings.
The movement may have been in part
induced by the imposition of the counter
yailing duty on Russian sugar, but at the
same time, there was renewed discussion
of the chances for an advance in the divi-
dend rate in March. Among the special
ties. Western Union and Tennessee Coal
and Iron were particularly weak Con-
solidated Gas and the copper stocks again
showed comparative slowness. The local
traction issues moved in line with the
remainder of the market, although in the
early dealings Manhattan and Metropoli-
tan Street Railway were comparatively
firm.
In the railway list, weakness WAS pro-
nounced in Texas and Pacific. Denver and
Rio Grand, and the Reading shares. Union
Pacific was comparatively firm, as were
Pennsylvania and Burlington ana Quincy.
. There were wide fluctuations in Della
ware and Hudson, but the dealings N that
stock, notwithstanding the persistence of
the rumors that it viii be leased by the
New York Central were generally in sym
patty with the remainder of the market.