New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-02-15
A FREAK METROPOLITAN.
TUE STOCK COMES DOWN WITH RUN
AMID A GENERAL SLUMP.
CONFESSIONAL OPERATORS GO CUNNING FOR
-AMMANY SPECTATORS AND THE sTOCk
FALLS -. poINTs-wAR RUMoRs CAUSE

-.uN,NY SPECTATORS AND THE STOCK
FALLS 81. PorNTs-wAR RUMoRs CAUSE
DECLINE IN OTHER SECURITIES.
rAore was a general break in the stocks yester-
49,, NM the heaviest drop and the chief interest
IN the stock of the Metropolitan Street Railway
~omnsny This stock, which sold as high az l'l*
"a closed at ls9 on Friday. opened yesterday at
=, From, the opening there was rapid decline 10
- or IA. points below Fridays high price Sub
aouen;iy there was rally to 16a1e. decline 10
Ell and then recovery TO 1884 at the close which
aSe the loss from Fridays closing price 81. points
The rise in Metropolitan dated from October 10,
.ben the stock sold at 9 The high price OF 1891 was
cached on December a. when the stock sold al 1872.
There was decline to i2s12 on January 3. after
nhi,h there was almost uninterrupted rise to
III. last Friday.
The great advance of 7lia points between October
e and February II was due 10 the general oellef
-, under the Tammany administration the COM
,snv would enjoy special favors. 1t has been no.
.orous tina; Tammany politicians have been heavy
purchasers OF the stock. The break In the stock
yesterday was effected by professional Wall Street
ooeraiors who went cunning for the Tammany
sneculators When the stock was go; under way
IN rs downward course stop orders'-that is.
orders to sell when certain price was touched
were released. and the market was Hooded with the
stock Many thinly margned Tammany accounts,
also we're closed out by brokers At the end OF the
DIV there was a sorry lot Of Tammany men. who
we're nguring losses instead OF profits. made in
Wall street.
The total sales OF Metropolitan stock on the Stock
Exchange forty-one thousand shares. Figur-
ing the average difference between Fridays and
yesterdays prices AT per cent. The shrinkage In
the value of the amount OF stock dealt in was $685.,
O0o. Il agreed that the drop In the stock was
not without reason. The price had not only been
pushed up too rapidly. but too high as WELL con-
.he fac hat only 1-ida ndc re-
paid on IT, II Is reported. furthermore. that the
company IS 10 issue 100000 additional stock max
ing TIE total sO0tccO0 1t is said that the stock
Is 70 he allotted to present stockholders at par The
proceeds il is asserted. be used retire $780,
90 scrip now outstanding. leaving $ooo0U for I'M
provemenis and additions to the companls system.
The general decline in stocks yesterday was due
70 reports uat the tension between the United
States and Spain had become so acute that an
early outbreak u hostilities was inevitable For
most Stocks the closing prices were not Tar from
the lowest OF the day. Some of the net losses,
were: Burlington and quincy. Us; Canada South
ern. IA Consolidated Gas. pa. Ere first preferred,
Is; General Electric. i Manhattan, li4: New-York
Pacific preferred. IL; Northwest. 20; Omaha lSs;
Pullman. "a: Reading second preferred. !; Rock
Island, l2s 81. Louis and San Francisco hrst pre-
;erled. "a; ST. Paul, /; Tennessee Coal and Iron,
IL The sales of all stocks were $500 shares.
James Il. Keene said Yesterday: aside from the
Cuban question the situation is practically all that
could oe desired. Railroad earnings are splendid
and general business is excellent General busl-
ness would be better except for the restraints in
luence OF the Cuban matter. 1t is known that
great pressure has been brought TO bear or the
President 70 induce him TO take summary aGt non
lion Of the expectations that exist in many quar-
tiers Of an outbreak between this country and
sna,n the stock market and the whole business
situation y CUld soon right themselves. The con-
SEQUENCES have been fully discounted.
THE cuban question IS different from the Nenez-
lelan matter In the Venezuelan affair TINS coun-
try was dealing with a great and strong nation,
tor lis difference was with England. With the
Cuban question OF the way there VIII be
nothing to interrupt an improvement in STOCK
values and an expansion in pretty nearly all lines
of business The rush &c the KlondiKe is inn
,re!rht traffic for the railroads"