New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-04-08
I.(p\I)S.
THE DAYS OPERATIONS IN STOCKS

Transactions in yesterdays stock market were
light IN volume. while prices remained prac-
tically unchanged from Wednesdays closing
Opening quotations generally showed small
losses but subsequently a hrnier tendency de-
velbped and continued the greater part Of the
day last prices being al slight recessions from
the highest. and In the more important issues
at Insignificant net losses Dizziness, IN when
price changes were measured by eiGhths and
quarters was the leading feature. There was
no disposition to make overtures on either side
Of the market. ard while press advices were not
30 optimistic az on the previous day. there was
an inclination to AXE a favorable View Of the
situation A belief that Spain was making eff
forts for peace did not. however. encourage
any public interest In securities trading.
The speculative favorites only were in demand
for trading purposes. In the bond department
there was doarth 81 business. Bond prices
have not suffered severe declines. and II IL not
unlikely that many investors are waiting 10 pick
up good issues az cheaper rates Holders how
ever show no inclination 10 sell. and except in
the speculative bonds materially lower prices
are not expected IN the event Of further break
in the stock market. London was not factor
in the DAYS dealings its transactions being
email and on the selling side. The local trac-
ton stocks and Sugar Refining were the leading
the Granger shares and Union Pacific preferred
supplied the bulk Of the days transactions
Wall Street continues cheerful in the face Of
current international relations. and from the
course of the stock market no one would believe
that the Street Is not confident OF a peaceful
solution of the Cuban difficulty. Values on the
average for the most active Issues are per cent
higher than the low level reached nearly
month ago. II. as some brokers say. powerful
financial interests are sure Of a favorable ending
Of the Cuban matter. II would seem that prices
have begun 10 discount peace; hut II would he
extremely foohardy 10 operate in stocks on
this theory. II present optimism is suddenly
forced TO face a declaration Of war between
Spain and the United States, the shock may be
severe enough TO cause considerable damage TO
security values: and it may then be found that
present prices are well above the so-called bar
cain level Wall Street apparently believes that
DELAY will bring about diplomatic victory. and
for this reason considers the long side o.. stocks
the safer Chances favor war much as peace,
and II therefore seems safer TO be neither long
nor short OF stocks. II war comes real BAR
gain prices" will doubtless follow
An advance In the Bank Of highlands discoun.
raie from 3 to 4 per cent caused some surprise
in local banking circles. owing 70 the fact that
tho London open discount market. as well as
that in Berlin has recently exhibited declin-
ing tendency The higher rate. however. APP
pears to he justified by the banks condition, as
reflected in the loss II has sustained by gold
exports 10 this country. In tho week closed yes
terday It's bullion holdings decreased abou; ST.
100000 and surplus about S15.Sp.VO The
effect OF the advance IN the discount rate as Car
as the movement OF gold this way is concerned.
depends to some extent upon the Paris and Ber-
lin markets and upon the urgency Of the demand
for further consignments ~ the metal In add
ton to the reasons mentioned 1t Is not imp'oo-
able that the directors OF the Bank OF England
were Influenced in raising the rate by the sit
uation Of affairs relative 20 the Cuban question.
Paris exchange or London advanced. and in
cur own market a frmer tendency Was noted.