New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-03-26
sFx-dfvidend.
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Securities values made further progress tow
ard lower level In yesterdays market Inc
pressure 10 sell was heavier than on any DAY
this week. and although covering OF shorts
caused occasional rallies. the general course or
values was downward. with a rapid crumblns
away Of prices In the last half hour
The current movement Of securities prices
presents however. no indication OF fright or
panic on the part OF investors or large specu-
lators The attitude OF these interests is one
Of indifference. They do not care TO extend any
support to the market. but on the other hand
they exhibit no desire to sell their holdings; nor
have they lost confidence in their belief that
diplomacy rather than war will settle the Cuban
question They admit that the situation is
grave but they cannot persuade themselves TO
believe that the Spanish Government will not
and some satisfactory way Of keeping out OF
war with the United States. The danger 10 the
stock market situation lies in a possible nnal
fright by the interests named II they are sud
denly forced to realize that war cannot he pre-
vented. they may in moment OF undue alarm
rush into heavy liquidation. 1t is not likely.
however that Wall Street will experience a
panic Its precauton. have been so we'll taken
and underlying conditions are so strong that a
genuine panic seems practically out 81 the ques-
ton
II Is not unlikely. however. that prices will
decline further In times OF doubt and uncer
tainty the natural tendency OF securities values
is toward a lower level abundant evidence Of
which is given in the present market. Until the
Street knows whether or not the country is to
engage in war declining values must be ex-
pected Technical conditions are such that any
favorable development in the diplomatic situa-
ton would cause a temporary sharp rally. and
the extreme caution Of the shorts leaves little
doubt about the markets ability to respond to
encouraging circumstances. The only support
ct present comes from proflt-takns by the bear
element The market looks as II II had dis
counted everything save an actual declaration
Of war.
Prices for American stocks in London were
lower. but the wide difference between local and
London quotations prevented foreign selling
there The general character Of speculation was
similar to that which has prevailed all week.
and. as usual. the heaviest losses were made by
the issues under the influence Of professional
attention. Manhattan. Metropolitan and Sugar
Refining in the active list were especially weak
at net losses Of 2as94A per cent while Burling-
ton. Rock Island, Peoples Gas. American To-
bacco and Northern Pacific preferred sustained
net declines Of over ! per cent On smaller
transactions Consolidated Gas lost nearly per
cent and Third Avenue stock 10 per cent. The
apprehension in local financial circles was re-
hected In a further decline in Government bonds
and in the foreign markets by a sharp break in
Spanish securities. Outside Of the Cuban stua-
ton there was no development accounting for
the days liquidation. In the London market the
situation was aggravated by uneasiness over the
published accounts of renewed Russian aggres-
sion in the Far East and by the indications OF
further gold shipments TO this country
The tendency to restrict time loans was more
marked rates for all periods advancing This
was probably due 10 expectation Of heavy with
drawals for the interior. but II this were the
case II Is Interesting TO note that the currency
movement in the week closing last night was
smaller than in the preceding week. and heavily
onset by receipts Of gold from abroad Accord
Ing to the known movement OF money this week
to-day's bank statement ought TO show a ma
terial increase in surplus reserve. Foreign ex-
change was easier. and additional gold imports.
amounting to S775OOO were announced