New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-02-25
BONDS
THE DAYS OPERATIONS IN STOCKS

:
The stock market yesterday presented little 70
distance to the force Of public uneas'ness. Inc
,reuonca NJ the current uncertainty over the
Cuban situation had a damaging erect upon
securities values and afforded operators for the
decline further opportunities TO promote their
csmpa,cn against prices. Many speculative
holders are preparing for a possible crisis In me
Cnhan situation Prudent people are reducing
their lines while small operators are gradually
be,ne forced 10 throw over their possessions. IL
is not the time for weak marginal traders 70
operate in stocks Buying by operators or TINS
kind on current slumps Is not likely TO result al
present in profits FOR each decline appears 70
he the Horerunner If another The bottom VIII
be reached: perhaps II was reached yesterday :
but however this may be- small traders ought
70 leave the market alone
Continued liquidation Of speculative accounts,
sales on stop-loss orders and aggressive bear al
tacks caused a somewhat demoranzed STOCK
market At the opening an enormous NUMBER OF
selling orders were executed. In some cases
prices for first sales dropped from ] 10 per
cent with the majority Of stocks down l@2 per
cent from Wednesdays closing. Sales IN lots
rom POO 70 500 shares were general while 1000
TO 1000 share lots were not uncommon. Com
mission houses that do a large out-of-town bust
ness were heavy sellers and among local brokers
there was little disposition to protect holdings
by increasing margins. Holders Of long stock
solo out AT heavy losses. Operators for the
short account had merry field day.
Maximum declines ran from to 4 per cent.
In the case NJ Rock Island. Manhattan. Metro
nol,tan Stree; Railway and Sugar Refining ex-
treme losses were heavier Rock Island drop
ping 5lR per cent. Manhattan 91f per cent
Metropolitan ~ per cent and Sugar Refining Ar
per cent In the morning st Paul. American
Tobacco. Union Pacific issues and Peoples Gas
were relatively strong but in the afternoon re-
sponded to renewed selling pressure. Buying by
interests identified with Rock Island, Brooklyn
Rand Transit and Peoples Gas marked in
these issues and throughout the list there was
fair absorption by insiders At no time how
ever. were transactions OF this character eff
fective in changing except temporarily. the
course Of values. London was a heavy pur-
chaser. but It's operations exerted no marked In
fuence upon prices or sentiment. Government
bonds were lower and cable advices reported
decline IN Spanish 4 per cents, due to rumors
from this side OF preparations making for war.
The rapidty OF the decline made London arbi
TRACE house buying profitable. despite weaker
prices abroad. II estimated that from
10000 20 10000 shares were bought for foreign
account
After the initial break In stocks there was
substantial rally on covering OF shorts and in
vestTent buying. but renewed operations for
the short account in the afternoon caused fur
Their depression. which was not materially offset
by feeble upward movement In the last half
hour. The decline in values and the apparent
haste Of holders to throw over good dividend
paying stocks show demoralized condition of
speculative sentiment. But the presence in the
Street OF men who buy In panic tines and the
accumulation Of stocxs by large financial cor
porations and individuals forming the basis
~ future upwd4d movement. Ar important
upward swing cannot be expected. however. in
the present state % publio unres. and Wall
street apprehension.
An advance in call money rates and decline
in sterling exchange were incidents Of the day
Withdrawals Of currency for the interior were
reported at 100000.