The sun. [volume] (New York [N.Y.]) 1833-1916, 1898-02-22
F1rAro1AE AxD oorrsao11E
MONDAY. Fsh n.

MONDAY, Feb ~.
Reflection over Sunday appeared 70 bring
many speculative holders Of stocks 70 the con
clusion that In the present uncertain condition
Of International Affairs they would prefer TO be
out Of the market or at least miuimiSs their
risku. In other words, there was extensive
liquidation during the first hour OF two Of busI-
nesn to-day. There were really no fresh devel.
opments to stimulate IL, except, perhaps. that
the operators who for = couple OF months past
havo been active In advancing prices have now
either retired from the long side or undertaken an
aggressive campaign for short account Tho
tactics Of one OF these operators was apparently
responsible to-day for further sharp declines in
Sugar Refining. Manhattan Railway, and Met.
ropolItan Street Railway. The hrst named led
the list in respect to activity. and finally showed
. good deal of rallying power. Tho other two.
however. closed very materially lower than on
Saturday.
The market a. q whole was moro active than
q has been for some time past. and the distribu-
tion Of dealings was also noteworthy. This last
n not surprising, In view Of the bullish senti-
mont that has prevailed for n number OF weeks.
and which has encouraged speculative buying
OF many stocks generally described as special
ties. IT Is to DO noted. however. that these stocks
as q rule stood the strain Of liquidation rela-
lively better than others that were prominentin
the recent upward movement. The bond market
was also comparatively hrm, for the reason that
the constant absorption Of high.grade securi-
ties and Tho scarcity OF tho supply had made
investors alert TO improve just such an oppor-
tunity as was presented to-day. At the extreme
decline there was some good buying OF stocks as
well az OF bonds. 1t 10 quite plain that nothing
has occurred as yet to disturb the confidence of
those who possess or control large amounts of
capital. Some OF the selling to-day was doubt
Icss Influenced by tho fact that tomorrow is .
holiday. and there will therefore be no opportu-
nifty to deal in stocks should an accident occur,
except in the London market.
The foreign markets to-day were not unsettled,
as IL was feared they might be in consequence
Of Saturdays news OF friction between Great
Britain ana Franco in Western Africa. As
later advices regarding that situation wero
moro pacific, there was O decided Improvement
In the tone Of both the London and Paris
markets. The foreign arbitraEe houses did very
little here. but their limited operations reflected
no disposition to sell American securities. Some
OF the stocks for which there 10 an international
market, notably St Paul. which was second only
to Sugar Refining with respect to activity. were
exceptionally steady throughout, or showed q
disposition to rally easily when local selling
pressure was relaxed. In the last hour of busl- |
ness the entire list rallied with q good deal of
snap, and. though final prices were invariably
below those OF SATURDAY, the net nuctuationS
were not moro important than those that have
frequently been recorded when the speculative
community has felt that something much less
serious than war with n foreign nation might |
be impending. Neither the money nor
the exchange markets reflected tho slightest
uneasiness. Rates for money. both on call !
and on time, were a little higher. owing to the
decrease in the bank reserve caused by the ship |
ment OF money to the interior. presumably in
connection with the unusual operations in
wheat at Western market centres. Tho closing
Of tho stock market was, in the main, steady. |
and there was an appreciablo diminution Of tho
that characterized tho early deal
inEs.