The sun. [volume] (New York [N.Y.]) 1833-1916, 1898-02-18
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THURSDAY, Feh. IL.
To-dsy's STOCK marke proved superior TO vigor-
oia effortn TO depress prices, which Included the
circulation Of numerous disturbing reports rc-
rardinr tho disaster to tho battleship Maine.
I, Many OF the statements published by sensa-
Z tionai newspapers and promptly circulated In
wal rtreet were no Illogical and obviously I'M
true that II IL surprising that they had even n
temporary effect upon prices. The speoula-
I, live community, particularly traders on tho
floor OF the Stock Exchange. IL 90 sensi-
tive even 10 the idlest rumor that IL was
influenced by the hysterical extras" OF the
leader in sensational journalism. During tho
~ middle Of the day aggressive operations. accom-
panied by tho publications referred TO. democrat
lied the market for n time. The decline. how
ever, attracted buying through commission
houses that appeared to DO Of q substantial
character. It was Of sufficient volume to turn
p the course Of prices. and in consequence the
list, with but few exceptions, closed higher than
yosterday. In a number OF cases material net
gains were reported.
The market az q whole was nervous. In the
early dealings the believers In higher prices be-
trayed some anxiety in spite OF q slightly higher
market for American securities in London. The
demand for stocks at the midday decline in
spired q degree Of confidence, and, in the late
transactions, the advocates Of lower prices were
90 uncertain regarding their position ms their
opponents had boon earlier in the day. Az
stated in this column at the beginning Of the
week, tho market for securities 10 likely
to DO fovorish and unsettled until all
questions regarding Cuba are finally disposed
of. 1t 10 plain, however, that except for
tho unfortunate condition of affairs In that
island, and the possibility OF international com.
plications growing out Of them. the market for
securities would work naturally toward a higher
level. Tho condition of domestic and foreign
trade, railway traffic returns, and the abnor-
mally low rates for money warrant the enter
tainment Of this view. The free expansion OF
% enterprise and speculation Is held In check
solely by the possibility of friction between the
United States and Spain. growing out Of tho
fight of the Cubans for independence.
Although tho dealings in stocks were loss e1-
tensive than yesterday, the market was fairly
active and the transactions wero vol distrib-
uted. The Granger stocks regained first place
In respect to activity, and under the leadership
OF st. Paul all OF them closed higher than yes
terday. Other strong features were Brooklyn
Rapid Transit, Northern Pacific preferred, Now
York Central, Union Pacific. and Louisville
and Nashville. Sugar Refining received q little
moro attention than IL has of late. but with the
70 result Of further lowering the price. or the less
active stocks Pullman's Palace Car. Illinois Cen
trail, and Minneapolis and st. Louis common
wore exceptionally strong. The last named closed
2as y cent. higher than yesterday on persistent
buying. which. It is currently reported, is for the
purpose of securing control of the company. The
closing was in the main firm.