New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-02-13
THE STOCK MARKET.

Sunday, February Up m
To-day being holiday. all the exchanges ana
banking houses were closed. Fridays last prices
on the Stock Exchange are reprinted further Oh
in this column An examination OF the table In
comparison with the closing week ago VIII
show that the majority OF stocks are lower. IN"
only important exceptions being Metropolitan
Street Railway, Pullman Palace Car and Ihird
Avenue stocks None Of the declines In the week
can be considered material In view or the eN-
tensive realizing scales. the Cuban debate in the
Senate and the De LONE incident IL ~ saie
to saw. however. that the market would have
suffered n serious setback this week had IL not
been for the support given by substantial finan-
cial interests and by London operators Inc
foreign buying for the Ave days was estimated
M 100 600 shares exclusive OF purchases known
to have taken place through private channeis'
A large block Of Northern Pacific preferred was
sold abroad by the company's bankers, ana IL
was reported from trustworthy sources that
pool had been formed In London 10 take ali vi
the Erie first preferred stock offered In connec-
ton with the exchange OF that STOCK lot ous
1uehanna preferred Whether or not the TOT
eign buying In the open market VIII be ioIio"eu
by more extensive purchases next week II
question many operators would like 20 have
answered In the affirmative. IT may be. now
ever that any advance in the local market wiz
induce heavy profit taking sales by Lohooh
spectators. London has repeatedly given e.i-
dence OF a desire to acquire American STOCKS
only to sell out on the first profitable oppor-
tunity.
The foreign exchange market began toward
the close OF the week to show the effects OF FOR
e,rn buving The trade balance already stand
ing against Europe and the continued heaVy
exports Of breaGstuTs will keep the exchange
market wholly in this country's favor for long
time TO come. and this balance may be Increased
by a heavy revival OF foreign interest in Ameri-
can securities The trade reports for the week
are encouraging. especially Of the iron industry'
Bank clearings are 81 per cent larger than IN
the same week last year Commerclal loans ar
larger business failures smaller and rahroau
earnings heavier An encouraging feature OF
the week an advance In the price or cotton
There are many good reasons for pun specu'a
ton I'm stocks but opinion is not at all decided as
to the immediate course Of values. In the purely
Investment field the demand for good securltiss
has been enormous, and transactions IN Dohds
this week again show surprising totals But IN
the speculative market the public Is not an I'M
portant factor. Prices have been held up ny
certain powerful financial interests, and as lohg
they continue in contro niue less .ndh a. Ia
war with Spain will send values lower: III the
big men are ready to take their profits the pears
will have no trouble in forcing lower level de-
spite the strength Of general conditions Al I'M
close of business yesterday there was no lndl-
cation however. that the bull leaders were
ready 10 retire. The course OF values this week
should be interesting. Many. In fact the ma
ioritv Of the commission houses predict higher
prices and advise purchases on all reactions IL
seems as IL a little more caution ought to be IN
duged in when bull operators may take their
nroHts OF any minute. leaving the market and
the public to the mercy of bear operators Inc
bears are counting war scares. The volume
Of business in stocks does not indicate a large
pubi, support but that may be forthcoming
next week IL prices are put ngner