New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-02-20
financial.
The Financial World.

II r. not rissing much to venture the orx..
that the market would not have closed yests...'
much above the level II did. even II thar. -,
been no Maine disaster. In other words. tah,.s
the wh lie week through. the net decline wa. !,
much greater than 1t would have been had tn.
been news from Havana What hurt IN.
market most yesterday. when the decline VA.
sharpest, was the selling from London s,o,
which point there had previously been good hu,
Ing: and the cause Of this selling was Euron..,
complications. That the market was xetti,,
into position for A reaction was plain week a,
ten days ago. for the evidence of large r.al,,
Ing had become patent; and the pressure TO .su
was getting beyond the capacity to absorA
This always forces the market Into at lean +.
waiting period. 70 ALLOW II TO digest the stock.
sold. These waiting periods are usually period,
Of more or less decline, hence IL was intima,ss
I'm this column last week that the market woun
most likely work of. II will not be forgotten
that IT required no Cuban affair. and no m.
tional disaster. TO give us pronounced reaction
last October. after the high level Of prices mad.
in September.
This is q bull year. 1t - a bull year. or all
signs fail The market viii go higher than 1, /,
lit will exceed It's best 6,sures u last year
There will be as Dig or bigger business done On
the EXcndDSr IMAM tltf bsSlra- III - Dul fneru
are bear spells in all bull years Some time be.
tween January and the end % May We ar.
bound to have such A spell. II comes some.
where in the Winter or Spring months. generally
in the Spring There are never wanting cause.
for IL. We are told this year that the cau,.
Is Cuba. Perhaps II is. But It Will not be Dc.
MED that the very handsome profits which hav.
recently been converted from paper into cash
may also be a contributing cause. IL looks AIT
we should have n dull spell following decline
which is bad for the commission houses We
have 20 accept the inevitable however. assi
mere talking don't change facts. The price d
wheat not talk. gave us last summers bull
market That bull fact is good now.
Probably there will not be much more declr.
in the market as whole. because condtas
are against II always barring political compL
cattons); but theIe will be considerable irregu-
larity The way speculation has run the las.
week is a good forecast Last Monday we had
a gentle surprise after Mr.. Kecnes most ap.
proved style. in a fourteen point drop In Metro.
politan. which fell all In heap as II were and
gave the general list n shaking on Tuesday
there was bracng up. and evident prepare
lions 10 utilize to the utmost the bull Influence
of the increase in Burngtons dividend rata
fixed for early the next morning. over night
came the frightful news from Havana, which
OF course knocked out all calculations To pre-
vent q bad break, the big capitalists and the
representatives Of the international syndicates
came in and supported their specialties. keeping
the market steady through Wednesday and
Thursday: but late on Friday 1t began 10 grow
heavy again, and yesterday came disturbing
news from London with large selling orders
which Knocked away all international support
and the whole list fell off.
Previous to this there had been much irregu.
larity in prices, but no pronounced and general
decline Stocks like ST. Paul. Rock Island.
Union Pacific, Northern Pacific Lake Shore, and
New-York Central had been well supported;
ST. Paul had risen sharply. Where, however.
there was no inside support, as In Sugar and
some other stocks. prices broke away on selling
for both long and short account. At one time
when the general list was weakening. oregon
Short Line stock rose seven or eight points,
because certain interests had TO buy 1t for con-
troll: and Brooklyn Traction was bought as II
the buyers wanted TO get stock without unduly
advancing the price. The general result was to
give the list spotty look, and this was ~
aspect until yesterday, when London turned
seller and then nearly everything went. sugar
wa. the leader on the way down. indicating
that insiders there are willing 1t should 90
IT shows how strong has been the support OF
the market when 1t could stand as II ala IN
shock Of the Havana news. In itself this news
was terrible enough. with all the possioiiiues
it flashed on the mind Of every thinking nan
Add 70 il that Wall Street and the public weS
bombarded hour after hour with delirium ire
mems extras. in which the outgivings OF the
most intlamed imagination were set forth -
ascertained facts and you have enough TO upset
,arlyat
above. 1t is not rash to assume that the mar
ket did not close much lower Yesterday tnan
IL would have done if none OF these things had
happened.
The remark made in this column last week
that while Cuba disturbed the spectators. there
would be opportunities 10 pick up bargains N
the bond list holds good. and has even more
force now The second class bonds. or oonos
which must still be classed in the speculative
list like Atchison adjustments. Texas SECONDS
and others. may be picked up on declining
market with surety that there Will be gooa
profit on them before the Summer comes Ihefe
is no need to jump for them. because there W."
be enough late buyers getting uneasy al 'n'
present aspect OF things to drop their purcnas"
at small concessions and that makes the or
portunity for other people with more courage
The Atcfison adjustments are as good specu'
lative purchase any. since they VIII certain"
pay not less than three per cent, and the longer
they are held the nearer they come to the '"'
when the per cent becomes compulsory.
In the investment class OF bonds, the ouh
card will be the Union Pacific As. They viii see
par beyond doubt The last step has oeeh
taken. in the selling OF the Kansas Pacific. ana
the Government will not oppose the confirmation
of the sale TO which 1t had formally consented
Any buyer Of these bonds around present prices
may feel easy his investment. wars WIN
Spain or d. I. extras TO the contrary notwi'n'
standing.
After such a rafting as that OF yesterday
rally should not be far off, but an unsettled mar
ket must be expected for a while The big csp''
talists and the international syndicates will give