New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-03-18
BONDS.
ro.DAy's OPERATIONS IN STOCKS.

Tho advance In Wednesdays stock market
apparently reflected the extreme az present N'''
Street optimism. Perhaps the decline last SUI
urdny reflected the ex:-ein" az pessiins'h' al
though there Inany people IN inc ouee'
who confidently believed that lower price
level would be reached before the Cuban mat
fer is settled. The market moves between '"e
two extremes Just mentioned. with proiessioh"'
manipulation the real basis OF Its course III
ye..erdays price movement. declines were haue
throughout the list on n small volume OF ous'-
ness the larger operators doing little. and nos'
brokers who act for important interests 'ahn'S
an insignificant part In speculation. IL ~ no'
unlikely that IN the manipulated ana sus'a'"eo
advance Of Wednesdays marEe; the ih'ser
speculative holders who accumulated s'ochs oi'
recent declines. quietly disposed OF tneir pos
....,on. 70 oversanguine traders. who were at
,r.c,ed hv the three days OF advancing values
Indication. in yesterdays market were not
unlike those which preceded last saturday
sump Without any actual change in Spanish
American affairs. but with the approach OF inc
time for the report OF the Board OF Inquiry on
.be Maine EXPLOSION. cheerfrness is passing
away and prices are beginning 20 sag. Accord
ing 10 market letters Of certain brokers, written
after Wednesdays close. the bush clements
were gaining force prospects had chaneeu lot
the better ard everybody was getting ready 10
buy stocks None Of these statements so 'ar
as the stock market is concerned. were accu-
rate reflections Of existing facts. The ouiiish
factors in the general situation will not be effec-
tive until the Cuban question IS finally and
completely removed a market influence. when
that time comes prices ought 10 go well ABOVE
the present level.
Investors are not buying stocks or bonds
while commission houses are doing limited
business The total transactions in stocks yes
terdav amounted TO only 302, 23I shares. and In
bonds 70 the per value OF 81 10000, against
the daily average Of more than S4,o00.0O prior
20 the Maine explosion and the De LONE Incl
dent Washington houses we're sellers. and one
local house which in legitimate markets Is usu-
ally q heavy buyer parted with upward or
twenty thousand shares The bear element was
active md the declines were sharp In those
stocks which advanced rapidly yesterday. name
ly Sugar Refining. Manhattan. American To-
bacco and Metropolitan Street Railway De-
c,,oes IN the general railroad list in excess Of
| per cen, were common. Burlington, Rock ISL
and. ST. Paul Union Pacific preferred. Northern
Pacific preferred and New-York Central being
among the especially weak features.
London prices were lower al the opening, and
arbitrage houses sold more than they bought
Foreign money markets were somewhat easier
and the failure Of the Bank Of England TO raise
its minimum discount rate with frmer ex-
change market here. were factors which led TO
the opinion that the gold import movement was
about at an end. The slight recovery In ex-
change rates was Influenced in part by payments
on account Of tho warships bought by the United
States in England. and also by the heavy I'M
ports Of gold already arranged for and the eX-
pectation Of easier money rates here. To date
including imports from Australia the gold i'm
port movement amounts 10 above S2oVn'cD