New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-03-31
sEx iivifeN
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Operations for higher prices controlled ycster-
days stock market. People who sold short
Tuesday were forced 10 cover at higher prices.
and. Incidentally were confronted with a prac
teal demonstration Of the markets susceptible
fly 10 the influence q powerful manipUla-
tors Buying Of stocks not based upon an
actual known change for the better In Spanish
American affairs Perhaps the advancing values
induced many commissioner customers to
buy for the long account on the theory that the
men in control Of the market had received off,
cal Information ntimating a peaceful solution
OF the Cuban question. The publication OF
report tina; Spain would recognize the indie
pendence 81 Cuba for S2O0.oO0.oO0 cash created
a favorable impression among operators in
stocks. and. although this report was mere
repetition Of similar rumors which have fire.
ouently been used for market purposes 1t served
10 offset the startling headlines in certain papers
which furnished the important Information that
Spain sees its finish.
The theory that the President has communi-
Gated with stock market interests 10 the effect
that he is assured q: peace does very we'll for
those who must find "A justification for operating
in securities at present In Wall Street specula-
ton the circulation of any sort of rumor In order
10 influence stocks is considered legitimate by
professional spectators; but II is absurd for the
public to bell I'VE that an advancing price move
ment reflects 4 sound basis for such rumors.
The President would doubtless like to know
whether or not he will be successful in settling
the Cuban problem through diplomatic chan
nels but TO buy stocks in the belief that he will
he successful and has SO informed prominent
stock market operators involves great risk
1t may be that some conservative interests are
buying securities in the confident BELIEF that
current negotiations with Madrid will end In
MI, far
the chief support in yesterdays arket as we'll
as In that Of Monday came from powerful
speculative interests which recognized In tech
meal conditions opportunities for profits.
The advance yesterday was not so sensational
as Monday. but In some cases extreme gains
reached Gas per cent. London prices came In
higher at the opening and cable advices report
ed pronounced improvement in foreign senti-
ment over the Cuban outlook. London prices
ere frequently manipulated from NewYork 70,
effect upon the local market. and In view Of the
circumstances surrounding current speculation
It is not unlikely that the foreign enthusiasm
ond advancing values were created on this side |
of the ocean The early advance attracted con. |
siderable good commission house buying and. |
in this respect the market furnished a stronger |
appearance than on Monday. The covering by |
the shorts and the active pressure from power |
full bulls were the principal elements OF strength. |
but the fact that the buoyancy and advancing |
tendency were practically uninterrupted until |
the close indicated increased confidence among |
substantial houses in favorable settlement Of !
the Cuban trouble by diplomatic negotiations |
II seems wiser. however. to refrain from specu-
lation until this result is assured Caution un. |
fortunately. is seldom observed by small traders
when the market begins a rapid upward move
ment
London traded on both sides Of the account
but was a seller on balance Government bonds
were higher; also Spanish securities in London.
or the total dealings-663 90 shares-Sugar Re-
fning, American Tobacco. Brooklyn Rapid Tran
sit. Rock Island. Burlington, st. Paul. Louisville
and Nashville. Manhattan, Metropolitan. North
ern Pacific issues. Peoples Gas and Union Pa
oifc TT ferrs furnished 800 800 shares.