The herald., 1896-03-01
TIE MARKETS BY TELEGRAPH
Money, Stock, Bond and Pro-
duce Quotations
WALL STREET SPECULATION
Heavy Selling Follows Action on the
Cuban Question
Favorable Conditions Prevailing During the
EARLY Days Of the Weck-YisId
to Bear Raids
WALL STREET SPECULATION

NEW 1ORk, FeD. Z3.-A renewal OF the
heavy selling movement inaugurated yes
terday in anticipation of a vote in the sem
ate favoring the recognition of the inde-
pendence and belligerency of the Cubans,
marked the resumption of trading today.
London prices for Americans were shaded
and foreign sales in this market were fairly
large. The early declines extended to q
point or thereabouts, and were most i'm
portant in sugar, B. & o.. l.. & N, Chicago
Gas and Leather preferred. The reaction
was soon stemmed by the execution of
fairly large purchasing orders for both ac-
counts, resulting in smart advances in
number Of cases. Sugar recovered u per
cent. The disturbing reports and assump-
tions regarding the outlook of the Balti-
more and Ohio resulted in an outpouring
OF stock under pressing prices. There was
renewed pressure against the market in
the final hour and nearly all of the
early improvement was lost. Speculation
left off active and weak in tone at
net general losses of fractional extent.
A decidedly bullish tone prevailed at the
outset, based upon liberal purchases of our
securities for foreign account. The cheer
ful sentiment was heightened by the large
bringing the figures up to $l23, ,522, 1878.
Confidence was also derived from the
easier tendency of the money and COM
mercial paper markets, the good showing
of railroad earnings and from predictions
that the treasury operations for February
would show small gain in revenue apart
from the results on bond account. Another
favorable factor was the opinion that suf-
fcient improvement will occur in our
foreign trade movement this spring to ap-
preciably lessen the outflow of gold. Some
stress was also laid upon rise in bullion.
An upward movement was started, which
attained considerable proportions in the
Vanderbilts, prominent International
stocks and some of the industrials. Com
mission houses bought literally and the
distribution OF trade was unusually good.
Owing to a series of important disturbing
ing developments, the favorable in.
fluences noted were overcast and
prices began downward trend
which toward the end of the week
gained such force in certain securities as to
arouse considerable apprehension regard
ing the possible sympathetic effect upon
general speculation. The annual report of
the Unit I'd States Leather company
brought a storm of hostile comment and
the publication precipitated flood of SELL
ing orders. Apprehension as to the possi-
bic effect of the practically unanimous
vote in the United States senate in favor of
the recognition of Cuban belligerency and
independence provoked Wholesale liuuida-
ton and persistent and effective raids by
the hears. One leading commission house
was credited with sales Friday and Satur-
day of between $4,000 and 75,0OC shares.
The breaks in Is. & o. and Leather Pre-
ferred were sensational. The first named
fell to 26, as against SO last weeks final
sales. sold to 30 and eventually receded to
and closed at 22A. Leather slumped to
5OH, as against 6S, the top price of the
week. The total sales were l,476,l77
was affected by. the depression
in. stocks. with the more import
ant business in the speculative is
sues. The volume of business was
above the usual aggregate and was we'll
distributed. The dealings amounted to
$1,O3O,O0O. Among the leading net de-
clines were: Northern Pacific consol
Texas and Pacific f1rsts and do seconds,
~, and Atchison adjustment fours, per
cent. Governments were slightly easier In
tone and sales were made of $1Ol 800.
The railway bond market for the week
responded to the course of stock prices
and decided movements were noted in
some instances. particularly in Baltimore
were also conspicuous in the dealings and
advanced materially on expectations of
active steps in the near future looking to
the rehabilitation of the property. The ag-
gregate sales were $9,939,O The final
figures show concessions as a rule. declines
in the speculative issues extending to
per cent in Kansas and Texas seconds.
Governments for the week were less active.
Fractional concessions occurred on deal
inRs of $94O.5OO. Slight advances were
noted on state issues on transactions of
$4,000.