New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-05-29
BONDS.
,rur DAYS OPERATIONS IN STOCKS.

r,o,,y weakness in yesterdays stock market
a,a - various unconfrmed reports OF disaster
- Aroerican warships. was followed by strong
On, advancing market in which last prices
,bovAs cor'r'e'e rercveries from first losses ana
49,, gains as co.,. lred with Fridays closing.
The London market was closed and local trans
actions were chiefly for professional account
6De,ators who sold in the initial dealings were
snxious 10 cover before the end. and, as usual.
they found considerable difficulty in securing
stocks Il is a poor market for the shorts Inc
slightest demand causes a quick recovery after
every reaction, and no reaction In the last rev
weeks has been accompanied with important
liquidation. Holders expect higher prices, and
the people who control the market evidently are
nor disposed to permit material decline on
mere rurnors or conflicting reports over the
whereabout OF Admiral Cerveras heet feo-
pies Gas, Sugar Refining. Burlington. Manhat,
tan Metropolitan and Great Northern preferred
were the leading strong features. Inc market
closed az the best prices, with conditions favor
able to a smart advance on the nrst appearance
OF definite favorable war news
The strengt- of the stock market Is oased
upon the substantial factors reflected In the
weekly trade reports, railroad earnings banK
clearings and monetary conditions Win war
in progress money rates at home ana ABROAD
are in q position Of extreme ease and In the
face Of war the volume Of trade grows IN az
parts OF the country. Railroad earnings are 10
cent higher IMAM AT luis Ilil1c scui aSN
and the general condition of business Is better
than Il was Immediately preceding the outbreak
OF the war. this being due TO the fact That the
apprehension of war caused more uneasiness
than actual hostiljties have developed. wheat
receipts AZ the West continue heavy. amounting
10 figures well above those at this time a year
ago In the last four weeks total exports of wheat
for both coasts have been 1851 SI4 bushels
against 8 Toi 334 bushels IN the corresponding
time in 1897. and OF corn 20,2So,U9I bushels.
against 0.360 O91 last year. The estimates for
the wheat yield OF 1898 are large. and all indi-
cations in foreign countries point TO continued
heavy foreign demand for American breadstuns.
The excess Of exports over imports In May has
been enormous, and whenever gold is needed
here our rapidly accommodating trade balance
will give this country practical monopoly or
the foreign supplies Of the precious metal.
Despite q heavy expansion in loans and IN
creased use for money the cash and surplus
holdings of the city banks again larger
last week Cash increased Sc I44OJO and sur
plus reserve 81 9S9. 800 to 500, IO4 COO. Deposits
Increased S15,O1S. COO. and loans $500. 100. The
specie holdings were heavier by 81. 1920. max
ing the total amount held by the associated banks
Sl73 $50 O0O against SSS979. 200 at this time a
year ago. Legal tenders amount TO S53.S44,-
200 against Sl01, $50, 800 at this time In 1897.
Compared with May 20. 1896, specie holdings
at present are larger by Sill, 10000.
Compared with a week ago the chief active
stocks show the following changes: