New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-05-07
BONDS.
THE DAYS OPERATIONS IN STOCKS


A cheeful indication Of the change in Wall
Street sentiment from the pessmism prevail
ing few weeks ago IS an increasing dsposi-
ZION to consider as market influences factors
which have bearing upon the intrinsic worth
of securities War will doubtless occupy the
first place in importance until hostilites are
over but It is encouraging TO note the willing
ness Of the Street to entertain other subjects
for consideration The buying in the stock mar
ket Yesterday as well as on Thursday. re-
flecteG a broadening demand from the public
The character OF the dealings was especially
good in the bond department, where investors
were prominent buyers. but in tho share de-
partrnent in Yesterdays market heavy selling FOR
profits and foreign liquidation caused an IT.
regular price movement with pronounced weak
ness at the close.
In view Of the heavy foreign and local selling
the result Of the days price changes was ex-
trenlely gratifying TO the advocates OF higher
nrices The course Of values, while showing a
large public interest in the market. also re-
Elected difference of opinion among speculative
dealers as 10 the prospects for an early ending
Of the war and the chance Of the advance haV-
ing reached a point at which x would ne sa1er
to take profits and sell short London specu-
lators doubtless considered the market better
one for selling than buying but the influence
Of the foreign selling upon local sentiment was
not apparent until the last hour when traders
decided that foreign operations were the result
Of information abroad OF possible unfavorablc
developments in the Chinese question. The
seizure OF the French steamer Lafayette was
thought likely 10 become matter OF unpleas-
antness with France At least operators for
the decline endeavored TO make people believe
this to be probable The game OF war is fuD
of unexpected incidents. and. while the Lafay-
cite seizure may not amount to anything seri-
ous Il suggests possibilities tina: stock market
traders must take into their calculations Leav-
Ing the chance Of adverse war news out OF &C
count. the practically uninterrupted advance or
the last ten days warrants reaction IN the
stock market and the belief that prominent
speculative interests may before long desire to
accumulate stocks at lower pricee For this
reason small operators who have been attracted
by the current upward movement should exer-
else caution in coming into the market
A further relaxation took place IN the money
market yesterday. In commercial paper the de-
mand from local and out-of town banks was
better and rates appreciably lower. This
easing in the money market is the most i'm
pcrtant development Of the week for II not only
shows a splendid condition Of affairs among
the New-York banks. but confidence in the
higher circles Of finance that the war with
Spain will not be long one or result In any
damage 10 American INDUSTRIAL ACTIVITY III
terror banks have ceased 10 show uneasiness
over the situation. and. barring accidents. there
should be no further emergency Withdrawals
for interior account. The easier money market
was accompanied by a frmer tone in the for
etgn exchange market and distinctly stronger
money rates abroad
Last operations in stocks showed a rather
heavy pressure to sell and prices. which at mid
day gave net gains over Thursday closed In
the more active issues at fractional net losses
Rock Island and some Of the low priced issues
were strong features. The wheat market was
also reactionary.