New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-04-26
BONDS.
THE DAYS OPERATIONS IN STOCKS.

The investment markets continue practically
lifeless. There Is little actual buying or seling
Of stocks in progress. and unless more bona hde
business is transacted and daily dealings swell TO
larger proportions the proposed war tax on STOCK
Exchange transfers Will result in little revenue
for the Government. II is more natural for values
TO decline than advance in times like the pres
ent but until money markets are more seriously
affected and the progress Of war becomes more
harmful. acute declines in stock values are not
expected But he who bets that prices will
gradually work lower will doubtless win his
wager. In yesterdays market there was total
lack Of life and distinct sagging tendency,
prices at the close showing net declines as com
pared with Saturdays last quotations.
The money market opened the week firm and
unchanged in general feature. In the foreign
exchange market rates were strong, advancing
20 a point too high for profitable gold imports
Just at present market conditions do not favor
O continuation OF the gold movement. and II is
not likely that further large imports VIII De
made until money rates reach a higher level.
The stock Of sterling bills held as collateral has
practically disappeared, and It is probable that
the supply Of commercial bills Will fall off as
result Of the II. however. the money mar
ket becomes stringent. Europe VIII either be
forced TO part with more Of the precious metal
else NQuiCate us commercial OcDlS uu' tlI9
country in securities The probable war loan
may cause higher money rates than expected.
and It Is noteworthy that yesterdays with
drawals Of funds for Interior account were
heavy While preparations have been made for
a war loan there is certainty that the
financing Of the loan will not cause temporary
stringency in the money market, especially II
the demand for money from mercantile sources
should increase or a sentimental demand Incl
dent to the war arise.
The optimism prevalent at the close OF last
week was absent yesterday. Traders. who
1masined that the war would amount TO mat
ter Of a few weeks only. modified their views
over Sunday. and at the opening OF business
yesterday were ready to believe that maj
termination Of Spanish American troubles was.
from the point Of view Of present progress. re-
mote. Following lower prices abroad the local
market declined, and on an extremely limited
volume of business worked down throughout
the day with last prices at about the lowest
Arbitrage houses were moderate sellers. Outside
Of the speculative fayorites little business was
transacted Sugar Refining. American Tobacco
the leading Granger shares. Manhattan and
Union Pacific preferred furnishing the greater
part OF the total dealings. which amounted 10
only 139 shares.
The wheat market attracted more interest than
the stock market owing TO rapid advance in
The July and May options Outside Of the known
foreign shortage OF wheat and the demand that
must prevail throughout the rest Of the crop
season. reason for the advance In wheat Is
found In the outbreak OF hostilities between
Spain and the United States 1t may be SEN
timental reason, but serves nevertheless the
purpose Of the Spectator In the grain mar
ket the theory Is general that demand for I'M
mediate delivery will be urgent owing 10 the
fact that the carrying trade may be interrupted
by the course OF the war.