New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-03-13
BONDS.
THE DAYS OPERATIONS IN STOCKS

THE DAYS OPERATIONS IN SIOCho'
Stock values yesterday seemed TO melt away.
Weakness in the foreign markets, reports OF ex-
cessive solicitude in London over the Spanish
American situation, and the belief In local cir
cles that this situation had reached an acute
stage were responsible for heavy selling for
both accounts throughout the list Transactions
furnished a total seldom reached in a half-
holiday market There was virtually no sup
port the principal part Of the days buying
coming from repurchases by the shorts and the
taking Of stocks by a very limited number OF
so-called bargain hunters. The lack OF interest
on the part OF important financial sources was
more pronounced than any day in the week,
but in view OF the uncertainties surrounding
the situation. this was neither surprising nor IL
logical. The apathy OF such interests Is the
most discourag!ng feature In the current mar
ket however, and II is a factor which Is giving
bear operators additional reason FOR their ag-
gressive programme. while furnishing little pros
pect OF any material advance in values at pres
ent.
From a technical point Of view prices ought
TO enjoy a rally but in the circumstances their
immediate course must be governed by the de-
velopments expected early this week. Radical
action by the Administration will doubtless be
followed by lower market for stocks. So
called strong holders on margin getting
weaker every day. Speculative accounts yet ex-
Est that will come on the market If the decline
continues. and operators for the short account
will undoubtedly increase their aggressiVeness
until they are forced 70 turn about by the elimi-
nation OF Cuba as a market factor. The decline
Yesterday reached many stop-loss orders. Trad
ers were free sellers and evidence of liquida-
ton was presented In almost every stock on the
list APPREHENSION was intensified by the cir
culation Of a report that the cruiser Mont
gomery had been blown up in Havana Harbor.
The Street is susceptible to any Cuban rurnor,
the very name OF the unfortunate island being
10 the stock trader hideous nightmare.
First-class investment issues were sacrificed
without reserve. as instanced in the sharp break
in such issues as Delaware and Hudson. North
west Lake Shore, Michigan Central. Pennsyl-
vania and New-York Central. Opening prices
were down 1Q2 per cent. The decline continues
until the close without important rally Prices
fell without involving panicky conditions. but
many men went home poorer than at any time
since the beginning Of the current downward
movement Losses OF from to per cent
common, with extreme declines heavier in many
Issues. The close was active. weak and unset
tied In the local traction issues extreme losses
of 3l204 per cent were made. with final changes
little better st. Paul sold down per cent.
4
cent Consolidated Gas per cent. and Pullman
Palace Car 61a per cent Government bonds
were lower, and in the foreign markets Span
ish per cents. Gable advices said that deal
ers in American securities were taking gloomy
view Of the situation, and this was borne out
by the decline In securities on the London EX-
change.
The weekly statement Of the associated banks
showed further contraction in loans and de-
posts. a slight loss in cash holdings, and an
increase Of 81 .S07925 in surplus reserve A
decrease in loans OF S10392. 400 was Offset by
a decrease in deposits Of $1O53S 900, and an In
creast in specie Of S3.93S, 100. deducted from
loss In legal tenders Of S4675400 left a de-
crease in cash holdings OF SI36,700 Loans in
the last three weeks have decreased 500 051 200
and deposits S43,07S500. on Sub-Treasury ope-
rat!ons the banks lost In The week Sl,225. 04G.
The money market in London appears be sorely
pressed owing 10 the demand from this centre
for gold and the success of the Paris market in
Giverting gold exports from that city to London.
The Bank OF France has increased the premium
charged IN American eagles thus shifting the
demand to London. where additional gold en-
gagements were made yesterday.
While securities prices continue to sag the
country's business Increases In volume in the
majority OF trade departments. Grain is going
forward at rapid rate. with exports OF wheat
from Atlantic and Pacific ports II the last week
Of 4.1I1 49, bushels. against ] 2GS III bushels
in the same week last year The output OF pig
iron on March / was 234 1870 tons against 22S-
33S tons on February ]. with heavy gain in
the demand for consumption. Preparations for
war have materially increased consumption,
while the demand from railroads and general
industries In which IRON is used is almost be-
yond precedent Railroad earnings making
steady gains Bank cearngs increasing
and no branch OF industry is suffering any
hindrancc Exports OF general merchandise are
heavy and in breadstuffs the Government re-
port shows FOR the month Of February an in
crease in the value Of exports OF S12JG0O00
over the same month in 1897.
Compared with a week ago the chief active
stocks are lower follows: