New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-03-29
BONDS.
THE DAYS OPERATIONS IN STOCKS.

The securities market yesterday experienced a
marked change In the movement of prices and
IN the ownership OF stocks The shorts We're
severely punished. In fact, there was bear
panic IN which prices advanced 80 rapidly that
the ticker at times unable to register the
multiplying buying orders. The from
Washington according to mercurial Wall Street,
breathed peace end nothing else. The fact that
war preparations continued on the same active
scale had no influence upon rapidly converted
sentiment and the report OF the Board OF In
curry showing that the Maine was wrecked by
a submarine mine was put aside a closed in
cadent While the advices from Washington
we're encouraging the extraordinary advance in
stock values was not warranted by known de-
velopments In the Cuban situation. and there
fore must be considered due 10 the overex-
tended short interest. to adroit manipulation by
powerful SPECTATORS and 10 reckless buying by
commission house customers
II would be extremely interesting to know
what proportion Of the days selling came from
strong speculative interests. II is known that in
many cases prominent operators were heavy
sellers on the advance. and II is also known that
many commss on-house customers VINO always
buy when prices have enjoyed smart rally
wore active the long side of the market.
Stocks are not az strongly held as they were at
the close Of business on Friday. II Is not I'M
likely that many operators who have been walt
ing for such opportunity have fewer STOCKS
than at any time in several weeks. The demand
<ron, the shorts was great, while the class Of
nuhl,c operators who until recently have not
heen In the market were buyers OF small lots
throughout the day. Who sold the stock? AS
stocks have not been In weak hands 1t Ger
tainly seems II the strong men sold and the
weak men bought. II subsequent events sno"
that the Cuban question will be settled by peace
full methods, the market will doubtless enjoy
a. legitimate bull movement based on genera!
business conditions. At present however, there
is uncertainty over Cuba, and even II the ques-
ton ia shelved until the fall. uncertainty will
continue The stock market 10 not yet saie from
successful bear attacks
v .siovsrnment bonds. railroad bonds and mis-
laneous securities all shared IN the days up
ward movement Advances In railroad stocks
ran from to per cent Sugar Refining made
an extreme advance Of 9h per cent and closed
at a net gain Of 61a per cent Metropolitan
Street Railway advanced from Saturdays clos
ing 12la per cent. but lost a part OF the gain
before the close. In the experience OF many
Wall Street men whose connection with STOCK
Exchange movements dates back to days that
have long since passed into history yesterday s
rally in stocks unprecedented. The move
nent was sharp and runous TO many people
short OF the market. That there were no fall
ures was surprising To-day the disastrous et-
fects Of the sudden jump in values may be felt.
The short interest eliminated. and in case
Of adverse developments the market will prove
an easy target for bear operators. What Con-
gress will say TO the Presidents plans may up
set current Wall Street optimism.
The rapidity Of the days advance presented
opportunities for handsome profits for last
weeks buyers and the pressure OF these realiz-
ing sales in the afternoon and the slackening
Of the demand from the shorts led to material
reactions in the last two hours OF trading. The
fact that reports from Washington regarding an
other features OF a reported plan by the Pres-
dent to end the Cuban uncertainty were not
confirmed helped TO revive the bear element
near the close. Tie dealings for foreign account
were about 20 900 shares sold on balance. High
er London prices in the morning were apparent
" due 70 buying orders from this side. Power
full speculative interests took hold OF the mar
ket Saturday for turn that yesterday must
have exceeded their most sangu!ne expectations.
There is no reason 10 change the opinion that
the current market Is a good one for small
speculators to leave alone. The days dealings
amounted TO S63,S15 shares. the largest total for
any one day since the elimination Of last sum
Yner's bull movement. September q, when
transactions amounted TO S93.9l1 shares.
The recovery in prices from the low point OF
last week for a number Of active stocks Is shown
In the following table: