New-York tribune., 1898-01-17
THE FINANCIAL MARKETS
STOCKS DECLINE AT THE CLOSE.
CONDITION OF THE FEDERAL TREASURY
RAILROAD EARNINGS.

Sunday January 1G-p. m
puh,,c interest IN the stock market showed
an encouraging expansion last week III '"e
hond department investment buying WAS
heavier than 1t was In the active period last
summer. and high grade stocks were IN rs
pood demand as they were at any time IN 'o'''
Whether or not this demand will continue 'his
week Is question which admits Oh se'''u
doubt for the simple reason that e'ioen0o VI
uneasiness is seen IN some quarters rs W ,i0
D.. Cuban outlook and the decision OF inc w
braska maximum freight rate case no" oeio'
the Supreme Court of the United States II"
,,as.ors ore not worried over the prospects for
tho future. In fact they regard the business
future of this country with hope ana coniiueii.e'
Investors however, like SPECTATORS are io' u
nosed TO buy securities at q time Wheh 0o'iu
t,ons seem TO indicate that opportunities ~
purchase at lower prices VIII pe preseh'ou
corrss ~ the stock market at the close OF the
week gave well-denned symptoms 'ha' '0"..
quotations might be expected and whiie 'he
more enthusiastic market observers were "o'
disposed 70 admit that a material recession III
,.o,ues vas q possibility, there were not Few
nercons who believed that the time hau dilNON
for caution on the part of buyers anu a. ~.
ton in tho price or stocks: ~ . ne he the
peocef,Il our relations with Spain may pe'
Sac, remains that market values are susCep.i,
ble TO the slightest variation IN ihtel s 49,, ~
affairs and subject TO appreciapl9 ,,o e.
Sror, 1yell-dlrected efforts Of operators VINO Ia
vor a lower range Of quotations. Moreover .no NY
wide expansion IN securities prices s'l.o Nnt o
early part OF last November makes ,a ,ne =, .han
market an easier target for bear att - -
it would be II the advance were only d 'ii"''''
Of the last few days. ,...o-. ca
curities is excellent in character, pul .'lo
with which the market sells on on lhe IeaSt
bear pressure reflects the fact that sPtVu'a,,n
buying is not made up or suHlcieiIt p,e,,onces
nort to nrotect prices against certain lniluehcts
Tho rand Welding Of the market on frluaN d'Iu
Yesterday was disappointing TO peops ions 81 T.,
stocks But the decline was not SUI pI iei'e, M g. ~ 80
,,ievv or tho almost continuous advance s,lV1
%ove,,her : Every prudent man ought 10 loon
for a reaction after period Of arpreciaths Nui-
Ces. Prudent men by on reactlons. i,, Noms
tive bankers expect grauuaiN eAPaIo P"l. -.
.oo,, ,oarI,et IN 1SqS They even believe that at
some time in the year there will be moNeNen'
larger in proportion than ,ha' VA m,iiCn Cn,tember
Al the same time, however, they are WiSe
enough TO caution their friends to snow patleHce
until the uncertainty over the CUBAN queStIon
nrd Cunren,e Court railroad decisions mas peen
removed The broader facts affecting lhe IN
,rinsic worth Of investment securities are ul "
,otura 70 inspire hopeful confidence IN the tut
ure Of real and market values frospectL,IS
6evelopments in the finencial and oonhercia
situation progress already made IN the Coun-
trv's activities and the growth or commence III
,Ss;rass circles are factors which will tend 10
Increase investment values and give the iaihet @
sustained motion. wider view OF AiileiIsa"
Investments is gradually appearing IN the lot
nign markets That English investors are pc
ginning 10 regard this market with iFeSh law,
ts not surprising I'm view OF the improVeileiie
;n actual values based upon the country
transportation industry. In the last year the
Increase in gross earnings of 2UI raliroadS CO
o~inp 1861 miles Of road. amounted 10 s'o'-
ool -c1 as compared with the preceding year
and the greater part Of this gain was mace IN
tha last half Of the year Whlle l-ohuoh sHoW D
more interest in American railway STOCKS IL ~
roteworthy that the most pronounced reVlNal
Of foreign buying is in Continental clues' Pilh-
cipaly Berlin and Amsterdam
The movement OF money toward thls centre is
heavy and bank holdings show large gains III
all items The movement Of money from the IN
ter,or &c a nurelv normal operation. For years
The reserves of the city institutions have been
Increased from January we'll into the spring by
interior remittance and there IS little reason to
s,,rpose that the current movement VIII not
continue as in former years. The present mon
eta1v situation indicates a period Of ease. and
tt is interesting TO note that the foreign money
markets are following the same course. The de-
inand for commercial loans is heavier. torelgn
trade continces in this countrys favor. COM
nercial bills, however, are scarce owing TO thelr
steady absorption in connection with the Iend-
ing Of money upon sterling collateral Accord
Ing 20 THE Financial Chronicle IT Is estl-
mated that from SJ000C,0O 10 S15.0OoVoO IS
being employed by the large banks in sterling
leans.
The following tables show the movements OF
the chief active stocks and bonds in the week:
STOCKS