New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-04-14
BONDS.
THE DAYS OPERATIONS IN STOCKS.

The more serious aspect Of Spanish American
affairs was reflected in decline in the local STOCK
market yesterday serious break In spanish
securities on the London Stock Exchange ana
Continental bourses and a material depreciation
IN market values OF American stocks in London
The selling pressure here was not heavy. nut
there was no important support TO prices, and
there was no disposition among prominent spec
ulative interests to engage in market operations
Sentiment in the STICK Exchange community Is
beginning to be less cheerful Traders are grad
ually realizing that war may not be averted
while SYMPTOMS Of uneasness in the higher CIR
cles OF finance are developing. an indication or
which is seen in the unwill.nsness TO make time
loans except al figures TOO high for TIE or
binary borrower 10 consider
The banks have made wise precautions FOR a
possible outbreak Of hostilitics. and the actual
dec.arati ton of war will not cause the hardsh'PS
of an emergency unprepared for. Al the same
time however. rates higher than the current
level must he looked for in the event 81 war
and &, &C. noteworthy tina, in yesterdays mar
ket expectation Of ar immedia'a rise in rates
was prevalent while predictions IF stringency
we're made As far as can De learned the with
drawal Of currency tor the Interior Is heavy.
and in the local lNan mark. few loans are be-
ing made except TO regular customers OF the
banks In both the tirnc and cali departments
of the money marke' rates eXhlnheG an 40
vancing tendency
Recon, optimism in the stock market was
caused hv the artificial strength Of securlt'es'
pricts rather than ny actual Improvement IN th'
international situation To peop'" HcQualn'oN
with the eharlc;er Of speculation in the last Ten
DAYS yes,erdayS operations and deciintS "er"
easily accounted Tor. Ths idea that war had peen
discounted in he stock market diligently
,'a.i ,.ad do oTS
weeks market The course 81 prices. as ind
Gated by the stock ticker. induced many persons
20 believe. that leading Wall Street interests
knew more than The rest of the country about
the p-oba bilities If hos:l'ies. and. as oohse
ouence the unovcma,i: Of ne market took
stronger hold upon some peoples convictions
than the KIN OWN progress 1T Cuban develop
ments The market reflected strength which L
did no: possess !, therefore not surprising
that values sold OF in the face Of real "arhko
news nor was II illogical that sentiment sud
denly changed from optimism TO gloom.
There has been too Ynucn manipulation in tho
stock market TO make safe predict ons as TO its
Immediate course possible. hut if the news from
Washington to-day is unfavorabIe. a further de-
cline Is rot considered improbable Tho course
Of prices at yeselday's close showed lit;,c rally
ing power last quotations being near the lowest
Of the day The mrVeMents " tho foreign mar
kets were distinctly UnfaVorah,a 70 higher prices
In this market and ;he declines in London both
IN American serlrtts and Spanish ! Pc cents.
and In French reates ~ Paris. f)uud immediate
response IN local quotations VI professional
support nO;.ccatie In ihe as, few days vas
Withdrawn. and throughout tho morning liGu-
dalton Of small accounts vas Gene.a! Dunes
was the LEADING feature in tho afternoon. with
renewed selling rIoveme7t in ihs las i'f
hous. resulting in rei l,ssos of lT;' -: cent
IN the more imporian; issues