New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-05-03
BONDS.
THE DAYS OPERATIONS IN STOCKS.


The completeness OF Commodore Dewey's VIC
tory at the Philippines found instant and note
worthy reflection in the market for securities.
Whether or not the heavy buying movement at
the opening represented substantial public In
terest is q question not easily answered at pres
Ont but from the known character OF the opera
ton. II would seem that the greater number or
orders were for speculative accounts OF inter
ests who believed that sustained bull market
was under way. Probably many commission
house customers were buyers at the advance,
and II Is not improbable that several large
spectators seized the opportunity TO unload
holdings acquired at lower level. AS specula-
ton is following closely the fortunes OF war. II
is reasonable TO suppose that the hrst victory
which was confidently expected, was used by
powerful spectators to take their handsome
profits.
Opening prices made advances OF 2Q4 per cent
as compared with Saturdays closing figures and
above in some stocks as IN Sugar Refining
which registered gain Of over per cent
Final prices as a rule were wide" owing TO the
urgent demand st. Faul. for instarce selling
on initial trarsa -tions from 1915 TO 81 against
S77.. Saturdays closing. The buying orders
eased Off slightly after the opening. but
throughout the day trading was active and in
nounced There was no scarcity Of stock for
sale The advance from the low level OF ten
days ago has made the market attractive for
realizing and as stocks recently bought at the
low level were supposed to be for strong inter-
est only It is safe to say that from technical
point Of view the market is in condition more
susceptible 10 bear manipulation than at any
tine In the last several weeks heavy short
interest is an element Of strength, and the fact
that the short interest has been eliminated
leaves speculation In a poor position to With
stand any adverse news.
Stocks were not only bought on the cheerful
sentiment created by the victory OF the Ameri-
can feet but on the belief that the first fight
was the beginning of a speedy end II Is rather
early to figure the length OF the war,
despite the successful outcome OF the battle IN
Asiat!c waters, but there Is every reason 10
believe that the Spanish arms will eventually
h. vanouished. and that this countrys indus
trial progress will not be checked for any length
Of time Meanwhile, stock speculation will
doubtless follow the course OF the war but OPP
timist!c traders who speculate on the long"
aide Of stocks only should bear IN mind that an
adverse development is possible, and that in the
event Of a setback bear operators will have no
difficulty in forcing declines. owing 10 weaker
technical conditions The rapid and heavy
speculation witnessed yesterday IS not looked
upon favorably by prominent banking interests,
and II the pace continues IL is not unlikely that
the monetary accommodations for bull opera
tors will be considerably curtaed. In the
event OF Government loan call money at
per cent will be probable. and present cheerful
small traders may then come 10 grief.
The leading speculative issues were extern
s!vely dealt in ten stocks furnishing about two
thirds of the total transactions Sugar Refining
made a maximum advance Of 61s per cent and
closed at net gain Of "a per cent Elsewhere
in the more active shares maximum gains ran
from 10 ) per cent, with final net advances
somewhat lower After the first burst OF
strength and activity prices fell of on heavy
realizing sales but renewed buying in the after
noon in many cases by early sellers. caused a
resumption OF buoyancy, with quotations ad-
vanclng 10 the best made at the opening and
In some cases higher last figures being near
the top. The conviction that there would be
speedy termination OF the war was general
among traders, but among conservative inter
ests as reflected through the medium OF the
money market this opinion was not so gener-
ally accepted Money rates did not relax The
short interest was forced TO cover extensively.
and superficial indications showed broader de-
mand for securities. Owing 10 a bank holiday
in London arbitrage houses were not factors in
the days trading Total sales amounted to
635.173 shares