New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-03-01
BONDS
TUE DAYS OPERATIONS IN STOCKS.

THE DAYS OPEhA lloNo IN
IN the absence of important news regarding
the Cuban situation. traders worked Tor ra'y
in yesterdays stock market An ADVANCE
averaging ! per cent was made IN the majority
Of active issues with a similar movement IN the
bond department where evidence or gooo puS
ing was not wanting. Ordinarily rany IoI
lowing a severe slump lasts three days. ana IL
then succseded By a relapse and saggng mar
ket II the rule 10 10 govern the current week
transactions. lower prices may ne looked for
IN. IN the present situation precedenr cannot
be safely acted upon because the market is al
most entirely under the influence OF the vary
ing phases Of the Cuban question. If the mar
Lst declines II Will not be due 20 rule. but 70
r,,r,hsr uneasiness over the Maine explosion or
~ unfavorable developments growing out OF the
re,a.,ons between Spain and the United states
4 report showing that the Maine explosion was
due 10 an accident WILL undoubtedly have
hrac1nr effect upon speculation, but no good
fudge OF the market Will risk his reputation by
predicting lasting improvement on sucn ac-
count. After the Maine comes the question OF
ending the Cuban war
The advance yesterday furnished many ouy-
era on last weeks decline an opportunity 10
take profts The character Of the new buying
however was not of the kind 10 encourage con-
ndence in a sustained upward movement nor
did the volume Of business suggest any &C
t,vi-y on the part Of the speculative ana IN
vestmsnt public Stock market rallies IN these
uncertain times should be utilized to get out
on" Probably this is what took place In many
stocks yesterday for the buyers on last weeks
DECLINE have. It lie belived. as little faith In
bull movement at this time as the general puo-
lie London sold about 10000 shares and 1t Is
IN
o+ ve.terday's advance will be taken more ex-
.ens,vsiv nv foreirn epeculators. Some surprise
rvas sxpressed on London's changed attitude on
the market In view Of the heavy foreign pur-
chs,es last week and the rally IN this market
since Thursdays slump the reversal OF the Lon
don speculators position 10 moro logical than
surprising. -
Another enGasement Of gold for import with
ont a hardening In exchange rates or 10 Foreign
discount rates encouraged traders IN the BELIEF
that the advance In local money rates hao oeen
checked. and Influenced tho "shorts 10 cover
their contracts. The usual MONDAY report
about the Nebraska maximum rate case WAS
used by the bulls to help prices, and 1t was
even announced that the decision would posi-
lively be given In favor Of the railroads at the
close Of tho stock market Perhaps some PEG
ple wers foolish enough to believe that the
70 Wall Street spectators about It's Intentions
hut however this may have been, the report
served its purpose according to the speculative
schedule. And Sugar Refining also received
the benefit Of an old runor which is systemau-
cally paraded about the Street near the com
pany's dividend time. The local bull traders
know az much about the possibility OF an extra
dividend on Sugar Refining as they DO on the
coming decision In the Nebraska rate case; but
as long o. they make other traders believe they
know what they say they know. there is, 30 they
believe. no ground for criticism
Early prices were irregular and a trife lower,
but throughout the rest Of tho day advances
were made In the majority Of issues. Near the
close profit taking sales on early purchases
caused reactions from the best prices Of the
day. The more important gains were made by
thu speculative favorites- Metropolitan Street
Railway Manhattan. Peoples Gas Sugar Re-
fning. Burlington and Jersey Central. There
was Q steady reduction In the short interest,
and some buying by capitalists interested In
certain properties. Commission-house custom
ers however, were not active. rejecting in their
absence from speculation the general opinion
that the present Is q good time for small traders
TO leave the market alone