The sun. [volume] (New York [N.Y.]) 1833-1916, 1898-02-10
rMAxo1zL AND ooMMRRoIAL.
"WEDNESDAY, Feb. O.

transactions in both stocks and bonds. 1t was
most pronounced In the last named. There was
also in many cases n further reaction In prices,
in spite Of an advancing market carly in the
day, which resulted largely from n renewal OF
yesterdays support from London. Wall street
takes such a lively interest In the Cuban
situation. with its possibilities of n rupture of
diplomatic relations between this country and
Spain. that IL seems inclined to ignore other
circumstance affecting the course Of prices.
At the moment tho authenticity of the De
Lomo letter, tho debates in the Senate
relative TO tho Cuban insurgents. and the
dev% elopments from day to day at Havana en-.
gross the attention OF tho speculative commu.
nifty to such an extent that comparatively little
is said about what has taken place In the secu-
rity market within the last six weeks. In that
period large amounts OF bonds and Of high
grade stocks have boon absorbed by rich In
vestors. and campaigns that presumably
have bcen successful have boon conducted
In q comparatively small number Of stocks
affected by specific considerations. Conspicuous
among these are Metropolitan Street Railway.
New York Central. Manhattan Railway, North.
ern Pacific and Union Pacific Issues. Tho
market has boen far from q general one. for a
very large percentage of tho securities listed on
the Stock Exchange have not participated In
tho movement. 1t seems fair to infer. thoro-
fore, that easy money and satisfactory railway
traffic returns have not brought the general
public into the market. Tho most encouraging
development 80 far this weck is tho appearance
of London as a buyer. Should the demandf from
that quarter continue, q revival Of local interest
in O number Of stocks that have heretofore been
speculative favorites might reasonably be ex-
pectcd and might counteract tho extensive re-
alizing Of profits that has unquestionably taken
place.
The first hour of business was enlivened by o
rise of nearly 9 points in Metropolitan Street
Railway. Although there was q sharp reaction
from the highest figure, tho stock retained
at tho close of business all but one point
OF tho extreme advance. Tho movement
was attended by rumors Of an impend.
ing scrip dividend of SO . cent. and
also by reports Of a moro complete alliance than
at present between tho company and its only
competitor in operating surface railways, name
ly, tho Third Avenue Railroad Company. Mel
ther OF these reports has yet been confirmed.
but there arc indications that there 10 q good
deal of foundation for the first IL not for the
second. Sugar Refining showed q little moro
vitality than it has of late, and the Granger
ntocks were very firm under the influence of q
recovery In tho price of Northwestern. Union
Pacific issues were better. on advices from
Washington of an impending compromise DO.
tween tho Reorganization Committee and
tho Government in the Kansas Pacific mat
ter. Tho Government has. according to all
accounts. made its final preparations for bid
ding in the subsidized portion of the Kansas
Pacific eystem at tho foreclosure sale next Tues.
day. But It ia significant that tho special
counsel Of the Government goes to the sale
with authority to treat with the Reorganization
1t Is also interesting to note that tho
price of Kansas Pacific consols. which are q lien
upon the entire system, but subordinate to that
Of the Government upon the Eastern and mid
die divisions, have advanced rapidly In price
within the last week or more, and the mar
for them to-day was not adversely
by evidence that the Government
Intends to carry out its programme re-
garding tho subsidized portion Of tho road.
Manhattan Railway was c~onspicuously heavy
throughout, and, as 1t ranked second in respect
to activity, It's course had quite a little effect
upon speculative sentiment. New York Gem
trail was also ono Of tho fairly active
stocks that closed lower than yesterday.
although 1t 10 positively asserted that the
collateral trust mortgage which tho COM
pany Is now about to execute to secure
absolute control of tho Lake Shore Railroad is
being drawn in a manner that will secure to tho
purchasing company all of tho net earnings of
tho Lake Shore system in excess of 2 o cent.
upon Lake Shore stock. In other words,
the mortgage will not contain q sinking
fund provision. After selling Off sharply
during tho afternoon hours. the market
rallied fractionally Just at tho close. on
private advices from Washington, which proved
to be incorrect, that the Administration would
take no notice of the De LONE letter and would
be satisfied with a denial Of its authenticity by
the alleged writer of 1t.
New York Stock R1chnnge-saIes Fob. o.
UNITED STATES AND STATE BONDS uy 81. oOos).