New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-02-26
BONDS.
THE DAYS OPERATIONS IN STOCKS.


An upward movement in yesterdays stock
uarhet was not accompanied by important pub
To huvtn1 After Thursdays heavy break
.harp rally was expected. but no great conf
aenoe in a sustained advance was indicated py
WALL Street sen timent Bull leaders do not look
for n materially higher market at present IN
deed II would be extraordinary they DID Inc
Cuban situation u no less gloomy than on
Thursday The public Is in no haste 10
buy stocks when the bear element ID ~
strongly intrenched- and professional operators
maintain that the short side OF the market re-
ns,ns the safer And II the professionals as
sumo this II is safe to rely upon their deter
mination 10 put prices lower. Persons VINO can
buy stocks outright, and others whose BANK &C
counts permit OF any amount OF margin, were
moderate buyers yesterday. but the chief ele-
ment Of strength came from the covering OF
shorts and from foreign purchases.
The whole list shared In the Improvement
London was again a heavy buyer. but the proht
on arbitrage transactions was less than on the
day before owing TO the higher quotations IN
this market Announcement Of engagements OF
sold for import exerted a favorable impression
upon sentiment and. for speculative reasons, the
Cuban situation appeared to the traders mind
more encouraging The advance reduced to an
appreciable extent the heavy short interest and
II was not thought unlikely that renewed sell
ing pressure would be feature Of the market
to-day or Monday. In view Of the uncertainty
over the Cuban situation a feverish market
with more declines than losses must be ex-
pected, but the time Will come. perhaps sooner
than many men believe possible. when stock
values will move In response to legitimate ousi-
conditions.
At the opening the result Of Thursdays clear
fng-out Of weak speculative accounts was re-
fected in higher prices, which were followed,
after a short bear raid. by advances OF 192 per
cent throughout the list London buying and local
covering continued until noon. with the ooii'
pletion of these movements the market relapseo
into dulness on the absence OF demand from IN
vestmsnt and public buyers. Fractional recess
sion. ware made In the afternoon from the early
high prices but the majority Of active Stocks
closed at net gains OF 1Q1h per cent Metro
no,itan sntoyed an extreme recovery OF nearly
G per cent holding one-half of the gain Man.
haitian rose 24 per cent, but lost a good part
OF the advance before the end Other notably
strong features Brooklyn Rapid Transit
the Union Pacfics New-York Central, Omaha
Pennsylvania Burlington. Rock lsland' So-
gar Refining and Great Northern preferred
the last named making net gain OF per cent
Covernnn Dot bonds were the only weak features.
at losses Of 191h per cent in the new 10 ana
smaller declines in the other issues
Sterling exchange rates. both posted and 40
tual demand. were lower. followed by the an
nouncement Of engagements of gold for import
aggregating S2,SOC,O00 Reason for the break
In exchange rates is found in the advance in
local money rates and the heavy buying Of
American securities for European accounts. City
banks have marked UP their call and time
money rates on account OF the heavy inquiry FOR
funds from the interior. but barring interna-
tfonal complications. bankers do not expect any
approach TO stringency IN the market because
of the amount OF gold that can be imported
whenever the situation requires help from this
source Higher money rates here will bring gold
from Europe The fact that this weeks decline
In stocks has forced heavy liquidation OF loans
should tend TO offset the current Withdrawals OF
currency for the interior. and unless the last
named demand has been heavier than generally
expected to-day's bank statement ought not TO
show q large decrease in surplus reserves