New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-01-31
THE FINANCIAL MARKETS.
SECURITIES VALUES HIGHER.
CONDITION OF THE FEDERAL TREASURY
RAILROAD EARNINGS.
Sunday. January 3O-p. m

Sunday. January Bop. m.
Stock exchange operators who work for de-
cline in prices found little comfort in last weeks
securities markets Following & heavy down
ward movement Monday prices made rapid
recoveries throughout the list ard advanced
toward d higher level until the close yesterday.
The advance naturally created bull sentiments.
Commission-house SPECTATORS were attracted.
and they Immediately began to figure out hand
some profits Bull manipulators encouraged the
belief that a big boom In stocks had begun.
while enthusiastic commission houses sent out
the most persuasive kind of market letters 10
hesiiating customers. The week began in gloom
ana despair. but ended In cheer and confidence.
The bears declared war WHY Spain on Monday.
ana the bulls restored peace before Tuesday
AFTERNOON Bear operators expected 4 crash in
values and were punished tor their temerty.
me public always follows the bulls, and when
pronounced indications Of Duli manipulation
are furnished the speculative public r.sncs in
10 take the stocks sold By cheerful professionals
Sun manipulation may succeed in attracting an
extraordinary demand for stocks. prices may be
CARED 10 Inflated levels and the speculative
appeute may reach larger proportions than ever
before In the history Of Wall street All Of
these are within the range u possibility but IL
viii be just we'll not 10 nut absolute conf
dence IN their development at present. Stock
market operators are evidently proceeding on
the theory that there are no possible disturbing
"'N'i'plltHNs III slgnt from the investment
pom, or view there appears an absolutely clear
horizon, but this cannot be said OF the purely
speculative market Investors 10 We'll 10 buy
securities az current values. The actual worth
OF hgh-grade investments will not be lessened
10y possible cuban deN el0pmcnts by adverse
legislation in Washington or by bear pressure
on market prices. The investment field never
before presented so favorable position
The speculative stock market is az unreason-
able affair Ii Is nighty ana erratic. and II Is
likely TO De especially erratic at this season Of
the year. The occasion for The break IN prices
on MONDAY was the same as that which led 70 an
advance on Tuesday. Stock market traders who
recently Insisted that the absence % an Ameri-
can WaisniD nom Cuban waters was the proof
Of friendship between Spain and the United
states have suddenly discovered that the only
rea! proof Of that friendship Is furnished by the
presence OF the Maine al Havana and the re-
ported determination Of Spain 20 concentrate
It's entire naval force in close proximity 10 the
United States. Sentiment as " as prices is
manipulated in Wall street. Everybody believes
that the Cuban situation presents an encourage
ing ana peaccaole aspect so lar as the United
states Is concerned. and Wall street specuators.
while az present expressing this sentiment, may
wake up tomorrow with an exactly opposite
view II their fancies are bearish and they see
any diminution OF important support in the
market they will probably be Frustrated from
fear over Cuba. silver, the magimum-rate case
before the Supreme Court and various other
manufactured features OF the current situation.
The fact that prices do not 90 IN one direction
at all times also that there has been an almost
continuous advance since November >. should
serve 10 make operators on margin cautious.
The factors that can be brought into use by bear
operators are not all hurried. bull market
has been f0stered by the Rock Island refundng
plan, the NewYork Central-Lake Shore deal
and the splendid speech made by the President
Thursday night. The market bid mp in
pectatlon OF these DEVELOPMENTS. and il may he
that the insiders are now ready TO sell 10 the
outsiders, nasmuch the factors just men,
toned have become matters Of public knowi-
edge
l.
was more pronounced last week The character
Of the London buying was not believed 10 be,
however, the kind that furnishes continuous
support. the majority Of purchases being. most
likely, for quick speculative turns only. The
London discount market hardened al the close
of the week carrying with il a falling of in for
eign speculative enthusiasm. The local money
market Is in condition OF extreme ease, and IS
favorable 10 bull speculation In stocks Com
mercial loans are larger. but the great plethora
Of money at this centre prevents any note
worthy change in rates. Bankers do not COM
plain about thu amount Of loars, but they grum-
bic because rates are made so low. New-YOrk
banks have more loans outstanding than ever
before in their history. while their deposit lines
are far above totals of any past seasons Ths
foreign exchange market Is in an abnormal con-
ditiOn, and there appears no prospect OF an I'M
mediate change. The bond market last week
was more active than in any preceding week IN
the history Of the Exchange total sales amount
ing in par value to S25Jl30Do against SID
.BI COO In the week preceding. For the first
twenty nine days Of the month transactions IN
bonds were larger than In any full month in thu
history Of Wall street. II Is 4 good time for in
vestors who desire securities of merit. All con-
ditCns are favorable for the carrying out of
long Ia lked-about financial undertakings. re-
funding plans, consO' idauOns and reOrganlza-
lions This finds expression in the big financial
developments now being perfected a. lnstanced
in the Rock Islam refundng and the proposed
consolidation Of the Ncw-York Central and Lake
Shore properties 50 far "a god Investments
are concerned, higher prices are 10 be expected
throughout the year. but operators on margin
would better bear m nina that accidents often
upset ball speculation, and that bear cNques are
always ready 70 take the public's scalp. People
who can buy securities at present values and
take them out of the Street VIII be able 10 dis
pose Of them al profit some time I'm lsJs.
The following tables show the movements of
the chief active stocks and bonds in the week.