New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-02-24
BONDS
THE DAYS OPERATIONS IN STOCKS.

,,,r,h.r rAadtustnoent Of securities values
70 a lower price level was accomplished IN yes
terday's market. The nervousness among spe0-
,,,at,ve holders Of stocks owing to the CUBAN
situation was not overcome by the holiday ana
despite higher quotations in London and foreieh
buying here selling for both accounts was re-
srnoes On a, extensive scale. The intense de-
preston IN stock quotations is hardy warrant
Cd nv existing conditions. Yet It Is not unlikely
that the current downward movement mas cui-
minated The bear element is making extraordi-
nary efforts to induce liquidation, and while its
efforts have no; been successful in reaching in
vestnent holdings II has made remarkable prog
ress in IFS profitable campaign since the sinking
OF the hattle-ship Maine The men VINO are
leaders in speculation have taken the bear size
Of the market and long as they believe that
prices can be put lower they will undoubtedly
maintain their present position.
The course OF trading reflected total lack OF
aggressive support from important hnancial IN
terests. Good buying was noticed In some
stocks on the decline. and certain houses were
active IN their specalties. but at no time was
this buying heavy enough 70 stem the GOWN
ward movement No evidence was produced
tending TO show an unwieldy short interest or
an oversold market, while the ease with which
prices Yielded in the early dealings and st the
holders had not yet run its course. And there
was little reason to suppose that the shifting OF
accounts throughout the day resulted In the
passing of stocks into the hands OF other than
temporary holders.
London buying Vas the conspicuous feature
of the business II was estimated that upward
Of $4,000 shares were bought by aroltrage
houses. higher quotations in London making
II profitable to buy IN this market and sell In
London 1t was said in some circles that the
London buying was done on orders from New
York for the purpose Of influencing values on
the local exchange. Whether or not this was
80 must remain unanswered. Such opera
lions. however. are frequent in order 10 help
New-York bulls and in the present case the
higher London quotations. IN view Of the ex
IRENE weakness In this city. are open to con-
siderable suspicion. AS influence on this
market however the foreign strength and ar
bitrage buying wero without effect, except at the
opening when prices exhibited small advances
as compared with Mondays closing.
The early show Of strength was followed by
liouidation Of speculative accounts and renewed
activity by operators FOR decline. Losses were
limited to group OF stocks. the dividend
payers and all high-priced issues, Lake Shore
excepted sharing in the movement Sugar Re
fning was under especial pressure, falling over
2 per cent from Mondays closing. The local
traction Issues were weak features, Metropolitan
Street Railway losing per cent, Manhattan
2% per cent and Brooklyn Rapid Transit IN per
cent Pullman Palace Car and Consolidated
Gas suffered sharp breaks: also many OF the spe
calties In the active railroad list few stocks
closed at losses under l per cent Atchson pre-
ferred Chesapeake and Ohio Illinois Central
Louisville and Nashville Kansas and Texas
he
Northern Paciiics and Southern Railway pre-
ferred being noteworthy exceptions at fractional
losses only.
Near the close the market exhibited pro
nounced weakness. the majority Of issues end
ing at the lowest figures Of the day. Improve
ment in railroad earnings and all factors
fleeing the intrinsic worth Of securities were
without effect on sentiment values. The un
certainty over the outcome Of the Cuban ques-
ton Is doing almost much for stocks as an
actu docla rat 10 Of