New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-04-30
BONDS.
THE DAYS OPERATIONS IN STOCKS.

The ,rnuinence OF naval battle in Asiatic
waters is proving an element Of strength In the
current stock market In speculative circles
Il Is considered practically certain that the
American fleet vii, be victorious, and wall
Street gossps declare that the market shouio
enjoy FIVE point rally. at least upon the an
nouncement OF the expected engagement De
tween the two squadrOns. Including yester-
days advance. prices have made subordinate
gain since the beginning OF the week Ins is
q factor that must be considered in measuring
the probable influence Of naval victory upon
securities values. for II the market fohows
precedents the actual news Of a favorable out
come Of the impending battle will be FOUND 10
be considerably discounted. 1t is not improo-
able that yesterdays strength rehecteo the
belief among traders that the superb marks
manship Of the American gunners IN the bonn
bardment Of Matanzas will be equaiied oy tha'
Of the men on board Asiatic fleet IN Its
coming encounter with Spanish vessels at the
Philippines
Almost without exception the entire list ad-
vanced 10 figures we'll above Thursdays final
nr,ces Transactions however. remained prln-
c,nallv nrofessonal and while heavier than IN
several DAYS they were poorly distributed ana
without significance as indicating the future
course Of values. striking upward move
ment. based upon encouraging war news is
not unlikely but a sustained bull! progress
seems practically impossible. The money mar
ket will no; permit Of heavy bull speculation
An immediate ending Of the war; or the as
surance that hostiliues Will not be prolonged
for any length Of time. Will afford instant re-
lief in the money market: but as neither OF
these factors is within the province OF man
70 determine Il is unwise and unsafe TO operate
IN stocks upon the theory that money rates
have reached their maximum advance In the
week closed last night the loss to the New
York banks interior WITHDRAWALS was
moderately heavy, and as the go!d received
from abroad was considerably less than week
aeo 4. is not probable that to-day's bank
statement will show noteworthy changes IN
cash and surplus holdings. Last weeks state
nent was made UP on falling averages
The result Of Secretary Cages visit to this
city has inspired confidence in the future
OF the monetary situation. The plan OF the
Secretary will involve due consideration OF the
hardsh,ps OF stringent money market. 1t is
believed that the subscriptions to the proposed
Government loan will be placed in designated
depository banks and called for in instruments
A the necessities Of the occasion demand II
the position Of the banks continues as strong
as at present there will be little reason for
drastic curtailment Of mercantile credits ana
Il il to be hoped that the banks Will recognize
the fact that the way 10 create business Is
not 10 starve II. In the position OF the money
market and It's outlook for the immediate
future there is no especial encouragement
however for stock spectators, and 1t is we'll
10 bear in mind that any efforts made TO pre-
vent stringency will not be in the interests OF
promoting bull speculation in securities.
London was not important factor in the
days business. but London prices FOR Ameri-
can stocks were firm and higher. Last quota
lions were below the best Of the day, but al
substantial net gains in the moro active issues
Sugar Refining again the leader In point
of activity and strength the advance in the
price Of the refined product furnishing basis
for marking UP the value OF the stock The
leading Granger shares. Northern Pacific pre-
ferred. Union Pacific preferred and American
Tobacco were active features Large specula-
tive interests appear to be active IN urging
optimistic sentiment.