New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-06-04
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Traders who for long time have been work
ing for a reaction in prices were suecessrui IN
bringing about a small sized" decline IN yes
&erday's stock market. That many good buyers
were waiting and anxious for such movement
was proved by the ease with which stocks were
absorbed and the excellent character OF the
buying. There is a vigorous and constantly
broadening public demand for stocks ana so
long as this demand continues in the absence
of a serious naval or military setback. traders
cannot expect accomplish material declines
in securities values. In yesterdays market
opening prices irregular. and throughout
the morning showed insignificant changes. Inc
afternoon trading was accompanied by losses
of 1 per cent and above In many OF the high
priced shares. but in the greater number OF
issues by small fractional reactions only. Last
prices as a rule, were at the lowest OF the day.
Selling in the afternoon was stimulated by the
Senate vote on the proposition to coin the so
called silver segniorage. but little, II any. real
Nouidation-except among weakly-heid accounts
was induced Holders Of stocks see no reason
IN sell their possessions because certain fanatics
record their insanity the silver question. nor
do they care 10 dispose OF their holdings at
time so promising Of future appreciation IN
market values. Speculative interest was better
distributed the low-priced shares receiving more
attention and the high-priced Issues rejecting
that for the time their position as leaders Is
less pronounced. OF the f1rst-named class
Chesapeake and Ohio was a noteworthy feature.
This stock is scheduled to sell higher on Its
merits the companys earnings for the ten
months Of the fiscal year showing handsome IN
creases and a surplus large enough for div-
dend on the stock. The most interesting feature
OF the days business the activity In the
bond market where total sales amounted IN par
value to S4755000 The investment demand was
wide and active, and indicated growing conf
depce among public buyers in American railroad
securities An active bond market is the best
possible indication of an active share market
Wall Street opinion is bullish over the pros
pects of the summer market. No good reason
can be advanced for entertaining an opposite
view The growth Of the country since 1880
has brought population and industries up to the
increased railroad mileage that followed the
boom of 1879 1880; and the fact that there has
been practically no increase in mileage in the
last few years while reorganzations have been
made upon the basis Of hard times" makes ex-
listing railroad lines heavy gamers from the
rapidly accommodating industrial prosperity.
People who confidently expect to see an old-tme
hun speculation IN stocks this summer back their
arguments with crop prospects, prosperity
among the farmers heavy railroad earnings and
easy money. Railroad earnings In 1897 showed
great Improvement over the returns Of 1895,
but for the current year they promise largely
10 exceed those of 1897 So far this year the
increases have been enormous. and the meaning
Of this TO the stockholders is obvious. The stock
market Is broadening in discount of dividend
surprises that will be developed before the year
doses.