New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-03-08
BONDS.
THE DAYS OPERATIONS IN STOCKS.

THE DAYS OPERATIONS IN STOCKS.
Sharp declines were made in the stock mar
ket Yesterday Local and foreign holders were
alarmed over the newest phase OF the CUBAN
situation and al the opening sold recklessiy
and without regard for value or for the FACTORS
underlying the business conditions In this coun-
try Government and railroad bonds shared IN
the decline, but not to the same extent az
stocks The money market was not materially
affected. First prices were at declines or 200
per cent in the standard shares and more than
that In some Of the leading speculative Issues
such az Manhattan. Metropolitan Street Rail-
way and Sugar Refining. OF the less active
stocks American Tobacco was a noteworthy
weak feature at extreme loss OF nearly
per cent. the great part OF which was recovered
before the close.
First prices, a. a rule. were the lowest OF
the day. Material recoveres followed the early
break and When II was announced that Spain
had withdrawn itH request for the recall or
General Lee moderate advances from the low
est prices were recorded in the majority or
active issues The market remained teversh.
however. despite the good buying that appeared
on the decline and in the late dealings was
unsettled. with last figures al substantial losses
from Saturday. Unfortunately for spectators
delayed decision favorable to the railroads in
the Nebraska maximum freight rate law case
was handed down by the Supreme Court but
naturally had little effect upon semi-de-
moraiized market. month ago prices would
have responded handsomely 10 this decision. 1t
ts fortunate that the uncertainty over this case
has been removed for the fear Of possible
adverse opinion BY the Court has been dis
turbng factor In the Street for the last six
months and. while tho influence Of the de-
cision has been overshadowed by important de-
velopments in International affairs. II Is en-
couraging TO know that powerful bear factor
has been efrectually disposed of. An adverse
decision, IN this would have been most dis
courasing to holders Of railroad securities.
II was thought last week that the majority Of
weak holders had been forced out Of the market
but yesterdays decline proved the contrary. AS
a matter OF fact. II is almost impossible to re-
lieve a declining market Of all weak accounts.
for strong holders one day may be weak holders
the next as margins are narrowed down by
successive declines. At present strong holders
are men who can take stocks out OF the market
TO hold indefinitely. Two weeks back 10 per
cent margins were considered safe. The 10 and
20 per cent sinal holders Of that time
weak holders to-day; the per cents were forced
out a week ago. In a saggng market like that
now current there IL little comfort for traders
on margins There was no panic yesterday or
evidence OF panic. but Wall Street was nervous
and alarmed and prices for a time demon
allied
In London prices were lower with heavy sell
ing Of American securities while reflection Of
the critical relations between Spain and the
United States was furnished by the extreme
weakness In Spanish Government securities.
Arbitrage houses sold about 5000 shares in
this market their operations at the opening and
the lower level In London accentuatng the early
slump London selling caused a hard .nng ten
dency in the foreign exchange market The
London market outside of the American depart
nent. demoralized owing to the utimatum
from Russia to China and the serious discussion
by the London newspapers Of the situation in
the far East In the Continental markets also.
prices broke sharply. that the local exchange
was deprived Of European support which other
wise might have been forthcoming as wit
messed In the slump ten days ago. While the
money market was not materially changed
bankers generally expressed the belief thai
higher rates might be looked for owing to the
conditions Of the banks. as indicated In satur-
days bank statement Gold imports will relieve
any pressure that may come from the interior
for funds, but they will not make an easy money
market at present
The days violent collapse In values took place
In the hrst ten minutes. and the subsequent
rally was caused by purchases OF boardroom
traders and conservative capitalists who were
looking for bargains. The buying power was
not aggressive or heavy at any time and out
side Of the bargain hunters" there was prac-
tfcally no important supporting element In the
days transactions. This was marked on the
news that Spain had withdrawn It's request for
the recall OF General Lee the rally then de
veloped being feeble in comparison with the de-
cline. The late dealings were conducted on a
small volume Of business with an irregular
price movement. Total sales were 594 1850 shares
OF which Sugar Refining, Burlington Louisville
and Nashville. Manhattan. Metropolitan, New
York Central Northern Pacifcs Peoples Gas
Rock Island. st. Paul and the Union Pacific fur
nshed half
THE DAYS OPERATIONS IN BONDS.
GOVERNMENT BoNDs-sales. $4,000 cou-
pom 5s at 111%. Final quotations. 1q1h per
cent lower. follows:
-, Bd Asked Bid Asked.
D.s' ext -. reg ssts - Us 6s. 1904 regll1 ll2
Us. 4sle07, cou.i Ill li2 Us cur es 500 i03
Us. Is. 1925. l22r 1871 .Cher A 1sq9 100
I.S 4f u 4