New-York tribune., 1898-01-23
Sa:--.ay. January 22-p. m


Outside Q. srsc.a, movements in a few stocks
there were 10 :rrrc-:ar; fluctuations in to-day's
securities market. Ire tendency Of prices in
the general list was toward lower level. but
recessions as a rule. w=re Insignificant. Metro
politan Street Railway and Consolidated Gas
were again strong features al 3Qi per cent ad-
vances. and Manhattan was firm. with its final
price unchanged from last nights closing Z se-
where final changes were generally small net
losses The falling of in commission-houss
business, which has been feature of the mar
ket throughout the week. was pronounced again
to-day. while bear apprehension over the Cuban
and silver questions. and the situation in CHI
nese waters became more marked. The room
talent" has been thinking the situation over,
and apparently believes that It is justified in
taking a very pessmistic view Of the local and
foreign position. 1t is even beginning 70 ds-
count the dim future which. according TO is
notions. is surrounded with little save si.very
Populistic clouds. discomfort among men and
war between nations.
II the Nebraska maximum rate case IS not
handed down on Monday the professional ele-
ment will be still more perturi ed, and. IN me
absence of outside supl IT, II Will doubtless
figure on a considerable decline in prices. This
depression Of spirits-that generally results in
hear pronts-may be cast aside any minute
but probably not unit. more cEeerns news 1e-
velops respecting cuba. silver ana emma. As
Europe has no large supply or American Sc
curities TO throw on this market. IN case or
war over China, and as the demand ior Aineri-
can food products would then ne heaNy' ho.I-
ers Of investment stocks need ieel 40 u"e1S.
ness over the effect OF possible foreign war On
the actual worth OF American securities. Iho
public does well. however. 70 reira.n from
speculation when traders are in sucA gloomy
state OF mind. The public generally operates
on the long side Of the account knowing I'ue
about the short side and AZ present outside ouy-
ers FOR a rise have little chance for success
owing to the fact that the majority Of the pro-
fessiona element is working for lower prices
The public is exercising caution, and the trans.
parent maneuvres Of manlpulators 10 attract
commission house buying by forcing sudden au,
vances in such stocks as Consolidated Gas anu
Metropolitan Street Railway have little erect.
Investors are not frightened over the silver
show in the Senate shown by the steady ac-
cumulation Of good bonds.
The market for commercial loans shows
marked increase I'm activity. with new pape,,
coming forward from all the large trades ahu
from small manufacturers Interior oanAs. a, 80
well as the city institutions are IN the H"aHs,
for commercial paper and absorb a large pa'
Of the attractive names in their own loca".''
Reports from the leading New-fork bahns -.
dicate for the week about ~ per cent "l - -,
loans in commercial paper, against ~ Per -
a week ago Another feature ot the lodl "'" ~
ket is the continued investment III sNei.'I'", 80
change collateral loans on contracts ior o'n, .oe
sterling being made at 2ig per cent 1ess 'oans
mission FOR ninety days. Ine rate I'i az. ~.
defined in the week To > per cent. WIN , ~
cepuons under that figure. while tine n mosyt cen,
ruled at 2ig per cent Tor sixty Gays ., iooser
FOR ninety days and -. per cent III Ior, .'7 ~
.,as I, is estimated that the amount -
Sterling exchange held as investment is oetw,s" T re-
$50 0o 600 and S4OOO0ooo The demand 10, 1sh,
mittance In the foreign eXchahse ma no ~. inquiry
and rates remain steady. OWING 10 49,. ,me ex-
Sar a,n ,nvss,ment purchases. The domesuc ,n.
f change market shows continued srenTss Tb move. m
terror points for New-Y York exchanSe aary result
msht tor ci ,b week closed yesterday in ne, the shs
Of of over 100000 The banks gainsa sr 5000
week on Sub-Treasury operations ~ holdlngs
600. and the increase In ac'uai '"'