The sun. [volume] (New York [N.Y.]) 1833-1916, 1898-02-03
IIxASo1l1 AND ooMMrno1AE,
wRprrspAY. Feb. 2


"WEDNESDAY. Feb. 2.
Dealings and fluctuations on the Stock Ex-
change continue to reflect conflicting views as
to the Immediate future Of tho market. It has
been plain for somc time past that invest
mont interests and Tho speculative, pub
lilo have not entertained identical views
regarding the market for securities. 1t
may be that the opinions OF the last named have
been Influenced to an extent by a pauoity of
means with which 70 speculate on tho Stock Ex-
change. On tho other hand, the amount Of
money seeking Investment has been and still 10
sbnormslly large. q circumstance that accounts
for the strong and active market for interest
paying bonds and dividend paying stocks. In
vestors arc influenced by considerations which
they believe will DO Continuous, while spocu-
iative buyers are looking entirely for immediate
results, whether caused by substantial develop
monts affecting values or by temporary manipu-
latlon. There has OF course been extensive
speculative buying In the market for some time
mast. but it has for tho most part been Of .
character that 10 promptly susceptible to every
unfayorable incident. y
Among the untoward influences that held the
market in check to-day were suggestions az 70
the amount Of money that will be required to
place the railroads In satisfactory condition
after the present severe storm. Tho irrogu-
III III u Se1AhOA VA OhO VA s"S
largest Of the local banks helped to UNI
rettlo tho market until tho fact regard
ing tho matter disposed Of exaggerated
reports Of the bank's losses. Tho heaviest
trading WAS In new Union Pacific preferred
stock, which. together with the now bonds,
were quoted in the unlisted department Of the
Stock Exchange to-day for tho frst time. 1t
closed only slightly higher than yesterday. and
the market for It rs we'll as for other Union
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to secure profits. Baltimore and Ohio ad.
ysnccd sharply, on reports that O plan OF
reorganization 10 being formulated. 30 far as
can be learned tho only basis for this rumor 10
the fact that several Of the larger banking
houses arc studying Baltimore and Ohio affairs
with the view Of determining whether they will
participate in o comprehensive movement for
the rehabilitation Of the company's affairs. 1t
IN dihicult to SEQ how q reorganization
can DO Effected without o heavy assess
ment upon the stock, as tho property
and asssts Of the company arc already
pledged for nearly their full value. The advance
in the stock tho last day or two appears to have
been due chiefly to tho covering Of shorts, who
may possibly have become alarmed becauso of
the excellent market showing Of several re-
Gently reorganised companies, notably North
ern Pacific, Union Pacific. 'Atchison. Reading.
Missouri, Kansas and Texas and Norfolk ana
Western. : ''
An exceptional net advance in Reading first
preferred mayhave resulted from the announce
meut that the syndicate that underworld the
plan Of reorganization has Just sold $4,000 900
of tho company's bonds abroad. Various con-
lectures regarding tho future control of
the Ontario and +. Western Company are
still being. made. and in consequence the |
stock has become . speculative favor
ite, both here and In the London market. The
best information obtainable IL that there Is no |
basis whatever for current reports that the
property may be Transferred to the so-called
Vanderbilt system. The Granger stocks were
again heavy and closed fractionally lower
than yesterday. OF the usually less active
stocks Great Northern preferred, Chicago Ter
minal'and Transfer Company, and o few others
that were dealt in less extensively closed mate
rally higher than yesterday. Tho closing was
in the main steady. though the majority Of
stocks sustained fractional net declines.
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