New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-03-03
BONDS

THE DAYS OPERATIONS IN STOCKS
Liquidation OF speculative accounts and re-
newed attacks by operators for the deciins
caused general losses IN yesterdays stock mar
ket. London was a seller on balance. ana there
was little indication Of support from prominent
interests In fact. substantial banking inter-
ests were not in favor Of a further advance IN
the market after Tuesdays somewhat abnormal
inward movement. The spectators who bought
stocks last week and at the beginning OF THIS
week have no abiding faith in a permanent bull
market while the Cuban question remains I'M
.et,led: hence their disposition TO take profits
without waiting for possible higher prices Lon
don speculators are following the same course
and II Is not unlikely that any further advance
IN the local market will be accompanied by IN
creased foreign selling. The theory that prices
will 10 much higher some time In 1893 owing
70 the splendid business conditions Throughout
the country, is very good for investors VINO caf
take stocks out Of the market, but IT does NOT
appeal TO spectators who. in the mean unle
cannot afford to risk a bad break as the result
of the Cuban situation.
The Cuban matter is likely to continue TO be
the most important factor In the market until
Cuban independence is won or lost The war
scare may disappear for time. put prices VIII
remain sensitive to the varying phases OF the
Street houses DO not encourage speculation
and It is safe TO say that prices will go up
little and down little without material change
IN either direction until some positive develop
rnent takes place. From a technical point or
view yesterdays decline following two days
of advancing values logical The short
interest created last week was materially re-
duced on Monday and Tuesday. The supply OF
stocks acquired by spectators for an advance
was large enough to encourage pront-taKihs
sales and the reduction Of the short interest
was sufficient TO permit renewed operations for
q decline.
The advance in London discount rates ana the
exports of gold to this country DO not tend 10
induce foreign purchases in this market In
view Of the heavy European buying last week
and the circumstances just noted. change In
the attitude Of the London specuiator cannot
be considered othsr than natural. One week OF
foreign buying does not indicate permanent
raversaI Of Iondon's position In this market
Opening prices yesterday were strong. but after
initial dealings the market began to sag. ana
throughout the rest OF the day quotations moVeu
toward a lower level. with last figures at about
the poorest In the late trading bear activity
was pronounced. A break In Sugar Refining
of over points and one Of about points In
Metropolitan Street Railway. after an early
equally large GAIN affected the entire list, ana
In the absence of support prices were marked
lower without opposition. Manhattan went down
& points: New-York Central. 2 points; Omaha,
21h points: Rock Island 23s points. and the rest
Of the active railroad list. l911H points Manpu-
lation. as usual. was responsible for the erratlc
movement Of Metropolitan Street Railway
Room traders offered stocks down on every
opportunity yesterday. and commission houses
had few buying orders.