New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-04-17
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Active preparations for war as reflected In the
movement Of the Regular Army TO the East had
a chilling effect upon trading sentiment in yes
terday's stock market. Prices were weak
throughout the greater part of the two hours
of business. with the majority Of final figures at
slight advances from the lowest OF the day, but
at net declines in the more important issues
The foreign markets afforded no encouragement
TO local traders. The Lond on and Continental
prices were unsettled. with a further marked
decline in Spanish per cents. ard a note
worthy absence Of enthusiasm in financial
circles the prospects FOR peace between
Spain and the United States Speculative liqui-
dalton was general. although on a small scale
holders not caring 10 carry stocks over to-day
In the las: half hour moderate rallies were in
fuenced by the bank statement and by
port tina. the final action Of Congress on Cuban
Intervention would be deferred until this week
A belief was expressed in some quarters that
the delay would be extended until the meeting
of the Spanish Cortes on Wednesday, thus per-
hitting time for developments that might lead
to an amlcable settlement OF the Cuban trouble
Government bonds lower.
The weeks manipulation in American Tobacco
stock eliminated yesterday In a break in the
price Of the stock from 1Oots. Fridays closing
to 907s. making a net loss Of 9as per cent. II
said last week by some people who ought
TO have known better that the advance in this
stock represented in great part a movement
based upon legitimate considerations. AS a
matter of fact the upward flight OF this manipu-
lated specially was not based upon disposition
TO buy securities OF promising sort. but upon
ingeniously engineered and notorious manipula-
ton. The Street and the public may be tired
OF the lifeless speculation witnessed In most
issues and they may be weary OF war talk and
war influences upon the market. but they are
not yet making efforts to absorb stocks on
reasons that influence prices In normal times
There will be no buying OF that character so
long as the Cuban uncertainty continues. And
II comes there may not be any disposition
10 buy securities their merits. unless evil
dence Is given that the war Will be short and
decisively in favor OF the United States.
The weekly statement OF the associated banks
showed further contraction in loans and de-
posts. a small increase in cash holdings and
gain in surplus reserves OF $2.3O9,6OO The
heavy withdrawals OF currency for interior &C
count resulted In a loss in legal tenders OF So
S24 900 but this was offset by gain In specie
from gold imports OF 81 554, 400. so that cash
holdings increased S7302O0 Loans decreased
1851 800. making a total reduction since the
Maine disaster Of $G6 $50. $50 Deposits showed
a loss OF $6.317 go or total loss in the last
eight weeks OF S749GOG0O Compared with this
time year ago. loans are higher by about ST.
100000 and deposits by about SOS. 100000. The
result Of all the changes in the week was an
increase in surplus reserve 10 $3I,346,OIJ,
against $50. .416 a week ago and $46,S6,%W
in the same week last year. prominent feat
ure OF the money market in the week was the
caution displayed by the banks in making mer-
tslt.o
very small percentage Of commercial paper.
Bankers are not willing TO loan money except 10
regular customers and then at & per cent as
minimum The distribution Of surplus reserve
among the banks is uneven; OF the total held.
S37 346OI5. nine banks hold nearly $D.oU.oOO.
many OF the smaller banks being near. and in
sornes cases below. the legal % per cent limit
Compared with week ago. the chief active
stocks are lower. as follows: