The herald., 1897-02-14
Local, Eastern and Foreign
Commercial Dealings
WALL STREET SPECULATION
Very Little Business Done and at Very
Low Prices
The Week Hss Belonged to the Bears, With
Prices Of Nearly All Securities
Tending Downward

NEW YORK, Feb. 12.-The stock market
was characterized by still further declines
as close to a week that has shown an al
most uninterrupted fall of prices in stocks.
The shares of the iron and steel companies
were rather more conspicuous than any of
the others, and fell off materially, though
on rather light dealings through apprehen-
sion caused by the depression in the stee.
rail industry. Tennessee Coal and Iron
fell off 2% under the influence and Illinois
Steel showed "a decline with subsequent
recovery of a point and Colorado Fuel 2.
The slump in these shares had its influence
in depressing the whole market in which
number of other discouraging factors
united to cause prices to fall away. AS
usual of late the lndustrials were marked
card, and were subjected to the usual pro-
cesses by traders to continue their effect
to the general list. Liquidation in some of
these properties was manifest. The re-
sumption of the hearings by the legislative
trust investigation committee, though it
was not in progress when the market
closed. had notable effect as usual on the
industrials, in which little support was
forthcoming TO Withstand the bears. The
week thus closed has belonged practi-
cally to the bears, the course of prices be-
ing almost uninterruptedly downward. The
railway list showed good resistance to the
downward tendency, but being compelled
TO yield In the closing of the week today.
The outbreak of disorders in Crete, touch
ing as it does the eastern question and car
rying threat of embroiling all the Euro
pean powers, has caused widespread uneas-
mess in financial circles abroad, which had
been reflected here. The bears in the New
York stock market have an ever ready re.
source for depressing prices as long as the
legis lative investigation Of trusts is
pending. The industrial stocks were SUBJ
ject to bear influence without intermission
during the whole week. The complication
fr the steel rail industry affected the iron
and steel companies. though the number of
shares dealt in was small. The fall in
prices in steel rails is regarded as an i'm
portant influence upon the revival of bus
iness. The lowered prices have invited
increased business and the contracts made
which, 1t Is believed, are not all at the
lowest level, are expected to work off the
product and remove the inertia in the
print cloth sale. where the price is reported
to have been below the average cost of
production. and the effect on the trade is
most advantageous. The railroads are
many of them having been practicing rigid
economies in repairs, and, 1t Is said, hold
ing OIL their purchases of rails for some
such break as this. The week closed weak
ana sluggish, with railways sustaining
losses averaging point. The concessions
IN the break in specialties were not i'm
portant. The total sales for the week
were 544 shares. The bond market dur
ing the week was somewhat Irregular,
with decided undertone. which was re-
tiected in higher values for the principal
investment lines. Purchases by foreign
interests were on a large scale, with At
chison and Northern Pacific issues most
prominent. The sales were IS, ,1O7 900 The
government bond market was genera,lv
firm and higher on moderate inquiry for
investment account. Sales were 1851, 200.