The sun. [volume] (New York [N.Y.]) 1833-1916, 1898-02-12
F1xAxorA1 AND ooxMrnO11I.
FRIDAY. Feb. IL.

III p0It bCCoEuOu ~ 49,
nameiy, London. Foreign purchases Of stock
for tho Ave business days ending tonight ar
couSeryativoly estimateda at fully 100, 900 shares
In addition 10000 shares Of Northern
Pacific preferred have been sold abroad through
the fiscal agcnts Of tho company. the proceedi
Of which will DO used in paying for the contro
of tho Lake Shore. Seattle and Eastern Railroad
recently acquired by purchase OF the first
MORTGAGE trust receipts. Trustworthy advico'
from London are that a pool has beer
formed there to buy practically all Of tho Eric
nrst preferred stock that may como upon the
market in connection with tho issuing OF that
stock In exchange for Susquehnnna and West
ern preferred. In view Of the foregoing It may
safely DO assumed that other transactions in
securities between this country and Europe less
public in their character hive taken place
within tho last week or ten days.
Tho foreign exchange market Is beginning to
show the effect of this revival on q fairly large
scale OF a European demand for American secur-
tiles. Should that demand continue, the OK.
change market may move In an abnormal
direction during the spring months, for. In
addition TO paying for whatever secur-
files It may buy, Europe will have to'pay for the
large amounts of wheat, cotton. and other
staples that are still going forward. Upon this
point Il 10 to be noted that tho exports of tho
i've principal staples in January were $9,627,.
OUU lhTR6T tnhn " II bhiho "ohbh Va '@''
year. This increase was entirely In breadstuh
and provisions. there being n noticeable falling
of In cotton and q slight decrease In tho other
two articles. Tho exports OF breadstuffs last
week, including corn, were fully up to the largo
figures Of tho previous week. The movement
will doubtless be larger in tho near future, now
that some Of tho cash wheat held at Chicago 10
beginning to move out Of the country. In fore
casting the probable course Of the exchange mar
l-..ll .~N h~ ~rrasvnnHnd Tim Nj.
ropo 10 still borrowing a large amount Of money
hero on long sterling bills. This item. which
amounts to many millions, is really deferred
pnyments for breadstuffs and merchandise pur-
chased months ago. AS 10 we'll European
bankers, particularly those in London, have
made determined efforts for months to induce
their constituents to avert or postpone q trade
balance in favor Of the United States by infu-
encing them to sell securities. This plan was
moderately successful for q time, but present
indications are that the speculative and invest.
mont public abroad will break away from load
dership that has proved 90 Improbable.
Tho trade reports that have just como to hand
summarize and emphasize conditions that the
public has known about in a general way for
some little time past. The mostsignifcant facts
stated relate to the iron industry. Tho produc-
tion Of pig iron has become the largest re-
corded; at the same time the demand from
the great manufacturing OnCeEub COntiuucb
brisk at advancing prices. Largo orders for
rails have been placed, and the inquiry has be-
como 30 active that the principal manufacturers
are again endeavoring to act in concert regard
ing prices. The rise In the price OF cotton has
had or encouraging influence both upon
manufacturer and spectators. 1t has resulted
from improved prospects abroad and slightly
higher prices for manufactured goods. Mer-
chandiso of all kinds appears to BIO moving
freely, and no complaints are heard as to col
~lections. The greatest activity appears to BIO in
the boot and shoe trade. Railway traffic returns
and bank olearances continue to confirm all
that 10 said regarding tho volume of business
throughout the country. As a matter Of fact,
all of tho statistics and reports relating to both
foreign and domestic trade are about as salts
factory as could be imagined.
On tho Stock Exchange this week the feature
has been the sharp rise In two or three special
stocks, notably Metropolitan Street Railway.
Pullman's Palace Car and Third Avenue Rail-
road. Persistent rumors, for which There APP
pears to be no foundation whatever. Of a consol-
idation of tho Chicago and Northwestern and
tho Omaha companies, and which doubtless
have obtained color from the New York Central
Lake Shore alliance, have resulted In higher
prices for tho stocks of the two companies
FIRST named. The remainder of the list. with
comparatively few exceptions, closes lower than
on last Saturday. None OF tho declines. how
ever, can be regarded as important. Creator
net losses might reasonably have been expected
under the influence of the Cuban debate in Con-
gress and the De Lome incident. and also be-
cause of the extensive realizing of profits in
duced by the January rise in prices. A good
many stocks have been sold for both!accounts,
because professional operators have regarded
tho recent further advance in Metropolitan
Railway with apprehension. That stock was the
leader with respect to activity to-day. and at a
reaction Of GA . cent. from the best price.
closed 4 points higher than yesterday. Thelatest
report explanatory of tho movement in Metro
politan Railway is that the company contem-
plates leasing tho Third Avenue Railroad and
guaranteeing 10 . cent. upon its stock. Cir
cumstantial corroboration of this rumor may be
found in the unusual activity in Third Avenue
stock to-day at a net advance of gig points.
The market opened strong this morning. ow.
ing chiefly to the influence exerted by London.