New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-03-16
BONDS.
THE DAYS OPERATIONS IN STOCKS

THE DAYS OPERATIONS IN S'''N''
Covering Of shor,s and moderate commission
house luving led 10 a further recovery In YES
terdsy's carly stock market Opening prices
we're slightly unIer Mondays closing. hut after
The initial dealings the whole list advanced win
ra,r. Ct 1I2 per cent In The first two hours OF
.,so,ne cuhseouent transactions made II owl
esnt tha: TIE covering movement was connpiF'eo
,he with6ruws, of the support from this source
be,nr followed by dull and sagging market
which IN the last haif-hour developed pro
nonnced weakness on renewed operations for the
short account Early advances we're reduced 20
fractions ard In mary cases las. prices we're
below Mondays final Level
The support which is essential to sustained
inward movement. !s totally lacking in the cur
rent market Reasons contributing to the ad-
vance which eliminated at noon yesterday are
found in the dangerous position reached ny the
short ,n.crcs, n last week's operations. and not
In any change in the Cuban situation or In bny-
Ing by prominent capitalists. The technical
conditions that made an advance possible have
Apparently been eliminated. and further de-
cline. in values are not unlikely. Sentiment was
more cheerful yesterday. the followers or mer-
curial Wall Street feeling confident Of a peace
~, solution If the Cuban problem. But this be.
lief was based more on TIE operations az certain
nowerf,l speculators who. for the time had
taken the bull side Of ire market. than ON any
actually encouraging progress in a diplomatic
eettlement Of Spanish-American affairs. III
leaders in speculation have reversed their posi-
ton as indicated at tho close. the outlook for
peaceful conclusion OF the Cuban question Will
suddenly darken and IN its place will reappear
the dismal talk and gloomy forebodings that
were used so effectively in last weeks market
The lambs who trust In a two days advance as
the forerunner of a sustained upward movement
were somewhat in evidence yesterday.
People who cannot be induced 10 stay out OF
the market In these uncertain times should nj
least make their purchases on days OF heavy
slumps instead Of taking stocks after 8 to
per cent recovery.
Closing prices showed an average advance
from Saturday OF over 3 per cent for the ma
jo-ity OF stocks dealt in and left the market at
about last Thursdays closing level The most
noteworthy recovery was in Manhattan. which
s,ld at an advance OF SN per cent over it's low
prce or saturday. Other features in the up
ward movement were the GRANGER shares. Peo-
pies Gas. General Electric. Sugar Refining. Con-
soiidated Ges, Metropolitan Street Railway,
New-York Central. Pullman Palace Car. and
Omaha Manhattan was bought talk Of ex-
tensions and new lines proposed by the COM
rsnv Its advance. however. was based on
manipula ton more than on good buying. and a
good part OF the early gain was lost at the close.
London prices were lower. and arbitrage
houses were sellers Of about thirty thousand
shares Of verious stocks. Higher prices In Lon
don helped the upward movemen, Monday, while
yesterday the Inconsistency OF the current mar
ket was reflected Ia a rising local market In the
Face OF lower quotations abroad and heavy for
eign selling here. Additional engagements Of
gold to- import were mad" Ruying OF Ameri-
can securities in the London market was report
ed bu, RE orders mos; lkelS came from this
side.