New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-05-13
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Tho stock market is following the progress or
the war; and a decline yesterday on war news
was therefore not surprising. The announce
uent Of the disabling OF the Wnslow at Car
denas and the loss Of several men was 1o-
lowed by a selling movement in the local and
London market and. while the losses made were
not heavy in comparison with recent advances
maximum declines reached | per cent IN tho
more important issues. Early weakness was
followed. however. by renewed strength. CLOS
ing prices showing recoveries in many stocks
small net gains in a few shares, and elsewhere
tnsignifcant net losses The afternoon market
was irregular. but there were ready buyers Tor
al stocks pressed for sale. The Street was less
inclined 10 regard the peace outlook prom
Using az on Wednesday. but sentiment remained
overwhelmingly bullsh. higher prices being pre-
Aicted and no material reaction expected
Severe reverses in the war are looked upon as
the only factors that can break the stock mar
ket AS the great majority Of people in the
Street are absolutely certain that no sucn re-
verses will be encountered. they express no
hesitation in buying stocks for sustained up
ward movement. while they exhibit little In
cination to take profits as opportunity offers
They want to sell at the top. The more I'M
portant commission houses advise the purchase
of stocks on all reactions. and for people VINO
buy outright or handle large margins the ad-
vice Is excellent The money market Is be-
coming more favorable to bull speculation every
day. and, as long as It continues IN its present
easy condition, operators for the rise VIII GER
tainly be strongly intrenched against bear ag-
gressiveness.
At this point Of the movement the low-priced
stocks are considered more attractive as a
speculation than many Of the dividend-payers
that have made heavy advances The COM
parative stead!ness Of these issues yesterday In
the fact Of reactionary tendency reflected good
speculative support especially In Chicago Great
Western. Louisville and Nashville. Cleveland.
Lorain and Wheeling. Southern Railway pre-
ferred. Wabash preferred and Chesapeake and
Ohio There are many lowpriced stocks which
at this time next year. barring accidents. VIII
be upon a dividend basis. and even from an In
vestment point Of view they present at present
some attractiveness. Louisville and Nashville,
Union Pacific preferred and Atchison preferred
are certainly worth the investors attention.
The financial markets abroad that have been
accepted as an index Of the progress OF poti-
cal affairs regards the course Of Spain IN the
war with this country not encouraging
Yesterday to the hastily formed Wall Street
belief that Spain is about to sue for peace
Spanish per cents lower. and the gold
premium at Madrid advanced In the London
market prices for American securities declined,
and in the local market sales for the foreign
account were heavy. Speculative selling and
slight d,minution Of the enthusiasm noted on
Wednesday led to contraction In dealings rs
compared with recent large totals. sales In all
stocks amounting TO 4G6.S09 shares. against
Gil 800 on Wednesday. Consolidated Gas and
Union Pacific. Denver and Gulf were strong
features, the frst-named making net gain OF
per a denial OF the report that a sale
Of the company's treasury stock had been made
Union Pacific, Denver and Gulf was bid up on
reorganization prospects. The bonds OF this
company were exceedingly active