The herald., 1897-06-06
ON CHANGE
What Was Done Yesterday on Wall
Street

NEW YORK, June 5.-There was no mis-
taking the strong bull character of today's
market for stocks and bonds, nor was
there any room for doubt that the motive
Tor buying was greatly increased conf.
dence over the general outlook for busi-
ness In the country. The bear element
was not factor in the market at any
time during the day except as buyers were
eager to cover short contracts before
prices should rise beyond their reach.
Tnere was some profit taking at intervals
by the more conservative minded traders,
but apparently their only purpose In SELL
Ing one stock was to put the proceeds into
another Such realizing sales as were
made were all absorbed and in consequence
the upward course of prices went merrily
on from opening to close of the days short
session. The dealings were remarkably
well distributed, sugar showing the largest
number Of shares of any one stock sold,
with 1880 shares The general strength of
the market was doubtless assisted by the
aggressive strength shown by some of the
most active stocks, notably Sugar, the
grangers and New Jersey Central. Reports
from Washington that treaty with Spain
was being considered looking to the reg
ulation OF the naturalization of Spanish
subjects as citizens of the United States
had their effect in helping prices. Mis-
souri, Pacific and Western Union Joined the
list VI dppEeClduHB values. Win the IA
vorites OF the bears thus shifted to the
bull side of the market, there was practic-
ally no opposition left to the advancing
tendency of the market. There can be no
doubt that great part Of the buying of
stocks during the week has been predica-
ted upon a conviction that the outlook
for general business is greatly improved
and the country has turned the corner
from the depression toward Improvement
The cheerful confidence shown by the Sec
retary of the treasury In his public utter
ance3 has made strong impression in
Wall street. The gold exports are no lon
ger dreaded. as 1t Is seen that the deple-
tfon of the surplus gold reserve In the
treasury is not measured by the amount
OF gold exports. The decrease in the treas
ury reserve since the gold export move-
ment began is considerably less than two
thirds of the gold exports. The growing
prospects that the country's crops are to
be plentiful and of good quality is ac-
cepted as giving the best possible assur-
ance of increased prosperity and expanded
business. In the money market there has
been an increase of activity in the mer-
camille paper in the afternoon, indicating
an increased use of credits in trade. The
granger shares easily led the railroad list,
both In point of activity and strength,
Most of the leading stocks in the market
showed gain of a point or over, the
marked exceptions being Western Union,
with fractional loss The bond market
displayed aggressive strength and was
considerably animated. the sales for the
five days exceeding 100000. The i'm
proved financial and commercial outlook
induced heavy purchases for foreign spec
ulative buying by domestic interests The
speculative issues absorbed the bulk of the
dealings. Some specific developments op-
Grated toward decisive gains in a few is
sues. The net changes show gains rang
ing from to AZ per cent, which embrace
all the principal mortgages. Governments
were moderately active and ruled strong
In sympathy with the advance In other Sc
curities.