New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-05-25
BONDS.
THE DAYS OPERATIONS IN STOCKS.

The stock market continued it's slow and
steady movement toward higher prices. War
news Of favorable character is hardly needed
TO stimulate buil.sh enthusiasm, for the real
basis Of securities values Is 40 exceptionally
promising thet war Influences can only be con-
sdered temporary factors in the situation. The
persistent strength OF values. despite pronounced
duIness and bear efforts to force reactions, must
strike all impartial observers the direct result
of the splendid Industrial conditions in this coun-
try and confidence in leading money centres
that war will not upset the intrinsic worth OF
American securities. People who engage In
purely speculative transactions are not to be
criticised for waiting In the expectation OF an
extensive reaction in prices. and the very 1aot
that they do wait Is substantial evidence OF
public faith in future higher level. The spec
ulative public apparently wants stocks. but IT
delays buying in the hope Of getting into the
market at cheaper prices
The movement OF values yesterday AFFORDED
little encouragement to those who are waiting
for a lower level Nearly every stock the
list was strong and showed stubborn re-
sistanoe to move IN any but the upward direc-
ton. 1t may be that terial reaction Will foi-
low a victory by Admiral Sampson, for big specu-
lators have a tendency 10 sell stocks on good
news. But in this instance there are not many
people in the Street who will make wager to
this effect The average bull trader argues that
while important selling often takes place on the
appearance Of good news. there are too many
favorable developments in sight to make
Sampson victory OF overshadowing Importance.
n the stock market experiences movement
similar to that Of last summer, 1t will be found
that people who sell stocks are forced to buy
them back at higher prices. and that a material
decline will not take place until the market be-
comes top-heavy and or-bought
More activity developed yesterday. and trans
actions were well distributed After some hest
tatdon in the early trading the whole list ad-
vanoed and continued strong until the close
Interest was noticed in many stocks that have
long been idle. London prices came In higher.
and arbitrage houses again bought stocks in
the local market The various reports concern
ing the movements Of Admiral Simpsons feet
in West Indian waters helped to create bull
sentiment while easy money. favorable rail-
road earnings. large exports Of merchandise
from this port and other favorable features Of
the situation were brought forward as sufficient
reason for buying stocks. Wall Street is GER
tainly q bright spot at present. but small trad
ers ought to look sharply after margins when
ever there TO be an excess OF joyous
spirits At such times big spectators often
work for a reaction The market is q good one
for people Of ample means. and reaction
would not harm courageous traders with IMAM
cial backing
The Granger group was conspicuous leader.
both in point OF activity and strength. st. Paul
was heavily bought for the foreign account; also
louisville and Nashville and the Northern Pa
cities. New-York Central and Pennsylvania
were strong features. and among the specalties
Minnesota Iron Many striking advances were
made as In Metropolitan Street Railway, Sugar
Refining. Third Avenue and Illinois Steel The
low priced stocks were strong, Chicago Great
Western Of this class showing pronounced &C
tivity and its transactions rejecting good buy
ing Cleveland, Lorain and Wheeling and Wa
bash preferred are low-priced stocks also worth
watching The ST. Paul earnings given out
after the close Of business show for the third
week in May an increase Of $1OS,872