New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-04-16
BONDS.


c.,,r,+,ss nr,ces in Yesterdays market made
fractional net advances as compared wiz"
Thursdays closing. Higher values IN Lohooh
Influenced the opening and subsequent covering
of shorts and professional support resulted IN
extreme gains Of over per cent in many Issues
this improvement, however. not holding beyond
the midday trading. There was little IN spanish
American developments warranting oehel OF
neaceful ending Of the Cuban question. but the
better tone Of the stock market induced op-
+tmistic sentiment despite the fact that higher
prices indicated artificial rather than real
strength The character Of the buying was
not good Traders ventures were small and
nroroinent speculative interests were not identi-
ned as BUYERS With the days transactions. Some
people believe that the steadiness or prices
means peace. Brokers who advise purchases Oh
this theory fail to receive any material response
from their customers.
The ostensible cause Of the early strength was
q vague report circulated both in London and
Wall Street. that the outlook for peace was dis
tinctly brighter. 1t Is needless 10 say that so
far as known developments are concerned there
was no basis for such a report all indications
from WASHINGTON and Madrid pointing as
strongly to war as at any time in the last few
DAYS An actual declaration OF war only ap-
parently will change the opinion OF some people
in Wall Street AS long certain persons in
the financial community believe that war will be
ayerted il is an easy matter for spectators TO
foster the idea among the trading element ana
commsson-house clients who are willing 10
swallow anything that may be told them NO
one Of course. can say with certainty whether
or not there will be war. but until indications
point more emphatically toward peace II Is
foolhardy to buy stocks on the mere assumption
that something will eventually turn up to make
peace a certainty.
Of the total dealings IN stocks Sugar Refining
and American Tobacco supplied one-third, and
with the leading Changers shares Manhattan.
Union Pacific preferred and Union Pacific, Den
yer and Gulf furnished the bulk Of the days
transactions. Arbitrage houses traded on both
sides Of the market, with dealings about evenly
distributed. American Tobacco stock was again
a leading speculative feature. declining from
Its closing on Thursday at 1864 to 1885. the
closing selling howevsrc sx-dividend. or net
loss Of II, per cent United States Rubber pre-
ferred was strong on the declaration Of a divi-
dend Of per cent. Heavy buying Of Union
Pacific Denver and Gulf was a feature, interest
in the stock being stimulated by a report that
the reorganization would involve no assessment.
This pleasing fiction probably enabled certain
holders to get out Of the stock at a better price
than they expected. The money market re-
manned firm. with no disposition among bank
ers to put out their funds time contracts
cept at practically prohibitive figures. The
movement Of money in the week TO the interior
has been heavy and 1t is not likely that to-day's
bank statement. despite receipts Of gold from
abroad. will show a gain in cash surplus
holdings
The statement Of foreign commerce for March
shows no falling off in the extraordinary move
ment Of merchandise from this country. In
fact. as compared with the preceding month
exports increased in value S1S,S36 SAC, and com
pared with March, 1897. SO, 535,616. For the
month the excess Of exports imports was
in value S51 BOA making for the fiscal year
10 March 81 an excess Of exports in value Of
S470961 693 against excess in the same
period a year ago of S323413,G2 Gold imports
in March exceeded exports by s29.541 ,431, and
for the fiscal year TO March 81 by $50 1914 3i3
The full statement of exports and imports In
March and for the nine months Of the fiscal
year is given elsewhere. and its various items
merit the consideration Of everybody interested
In the commercial welfare OF the country.