New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-03-27
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Al
The fact that the stock market declihed every
dav last week until the end OF the hrst nan
hour Yesterday placed techncaI cond'''o"S
strongly in favor OF n sharp rally upon l"e "iS'
appearance OF support Advantage was taken
OF these conditions yesterday Aiter nervous
moss on the part Of some holders and further
declines I'm prices at the opening moderate sup
norting orders were placed in the majority OF
issues and the shorts began to cover so fast
that values rapidly recovered first losses, while
IN tb, rest Of the halliday session they made net
gains Of IAN per cent with heavier increases
IN y number of issues Considerable encourage
mont oyer the markets immediate future natu-
ruIlv developed but it is well to bear In mind
tina. technical influences, rather than any
change in the international situation. were re-
sponsibe COR the days advance. or course the
inward tendency was accompanied by reports
that the diplomatic situation was brighter ana
that the hoped for change for the better in
securities prices had taken place. Reports from
Washington. however failed to confirm the
stock market rumors and the support extended
to prices was too much Of the manipulative
character TO furnish a legitimate basis for
sustained upward movement. An organized pro-
fessiona raid made upon the shorts.
demonstration against the bears in the current
market can hardly be considered an indication
Of n permanent change of position by the
shrewder and more aggressive operators. At
the close Of business few. II any. brokers be-
l!eved that the situation warranted the hope Of
more than a temporary rally. A rally due
yesterday on general speculative principles, IL
for no other reason. but there little in the
character Of the dealings that reflected confident
buying or interest from the public. Government
bonds were again lower and the railroad bond
market did not share In the speculative activity
noted in stocks Total transactions in the
stocks amounted TO 26256o shares.
The weekly statement of the Associated Banks
showed a continuanc, Of the precautionary
measures begun in the financial community five
weeks ago. Loans were further contracted. and
surplus again increased The de-
cline in loans amounted 10 S7,110, 800, making
a total decrease in the last five weeks Of $46-
49, 80 and in deposits for the time a loss
Of So $40 900 Cash holdings increased S5.159.-
700. made up by gain in specie of SI.0l3, 700.
and loss in legal tender notes Of 81 .S54 600.
The result of all changes was an increase in
surplus reserve OF Sj,19l, 425 to So, sol 40
against S4S, $50, 80 in the same week in 1897
and S1S.l47, 425 in 1896 The banks gained on
Sub-Treasury operations 81 ,043 902 and lost on
interior withdrs walls about 81 10000 Receipts
O7O54S while the total engagements. including
100000 taken yesterday. are 500 362 600 In
the money market indications do not favor
slackening in time rates Until Cuba ceases to
exist a market factor the financial cOmmuni-
~ Will remain on war footing"
The weekly reports OF the commercial agencies
indicate some hesitation in business circles but
give actual signs or reasons for uneasncss.
In fact the actual volume Of business as ex-
pressed in Clearing House returns, outside New
York. shows gain OF per cent larger than in
the same time in 1892 while failures are - per
cent smaller and 80 per cent less than at this
time year ago Railroad earnings are heavy.
As far as marketing products concerned. all
past records being broken as reflected in
domestic exports. which from this port for two
weeks are IS per cent larger than in the CORE
spending time in 1897 In the iron and steel
industry production and demand are beyond
all precedent. Panic may possibly overtake indi-
vdual stock operators. but in the country's
general business there is chance for wide
! spread disturbance following a possible declara-
| ton OF war.
The immediate outlook for higher prices is not
| encouraging, but the extent OF the current short
interest and the possibility OF delay in the set
! Element Of the Cuban question may result in a
| sharp rally when least expected The market
| apparently sold TO a standstl on Friday
| and in the absence OF liquidation by strong
| holders yesterday, recovery was logical. The
! best-informed men In the Street do not encour-
! age speculation by small operators The situa-
| ton Is clouded in too much uncertainty 10 make
extended speculation on either side OF the mar
| ket safe
Compared with week ago the chief active
| stocks are lower as follows:
|