New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-06-02
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Extensive investment buying OF bonds is a
conspicuous feature Of the current movement
IL securities. Tho character Of stock speCula-
ton Is generally judged from the course Of the
bond market. heavy and legitimate buying Of
Arst-class railroad mortgage issues implying a
substantial interest IN the investment field
confidence among holders OF money IN the in
trins!c worth Of securities and a belief In q
higher range OF market values. II the public is
convinced that large investors are in the market
II has some assurance Of the permanency OF the
bull movement. and. a rule. Is willing TO trust
is funds 10 the promises of handsome profits
Bull operators succeeded IN attracting excellent
public support IN yesterdays market. but it is
not unlikely that the better class Of buyers were
Influenced by the large business IN bonds more
than by the invitation OF vigorous bulls Prices
were strong the greater part Of the day, with
irregular changes at the close. owing TO late
prof. taking sales.
London continues to show better interest In
American securities and while at present for
eign operations represent only speculative
transactions. II Is probable that some time
IN the summer foreign investors will buy
American railroad stocks and bonds on
their merits as safe and profitable Investments
European financial journals have been bearish
on our securities for a long time. They have
constantly advised against their purchase. but
local bankers believe that foreign investors Will
soon Judge American securities according TO their
true value and buy back former holdings sold
at prices under the current level. Investors
who buy mortgage issues OF reorgenized rail-
roads, now selling under par. will place their
funds In safe securities and receive T. net re
turn on their investment that six months hence
will barring accidents, be hard 70 The
Atch!son Union Pacific, Northern Pacific South
ern Railway. South Carolina and Georgia and
Central OF Georgia are among the issues recon-
mended by leading bond houses in Wall Street.
The extent of the advance In high-priced stocks
Will undoubtedly make the low-priced Issues
more attractive this summer. Chesapeake and
Ohio gave indication yesterday Of growing In
terest IN the stocks selling well down the scale,
also Atchison preferred. Missouri Pacific. South
ern Railway preferred. St. Louis and San Fran
cisco issues and Chicago Great Western. Lon
don was a buyer Of stocks in this market and
on the London Exchange prices for American
securities were well above Tuesdays closing.
In spite OF heavy realizing sales. the leading
speculative favortes maintained q position Of
strength reactions amounting to small fractions
and sales being well taken. The selling IN the
day reflected as far as could be learned. little
Iquication by substantial interests, but the
freer Offering Of stocks foreshadowed perhaps q
disposition among the larger spectators 20
work for q reaction. setback In values would
improve the market technical grounds and
doubtless cause renewed buying by strong fnan-
c!al interests The advance has been steady
and possibly too fast for safety. especially IN
the high priced speculative Issues Easy money
and splendid agricultural conditions remain the
underlying factors Of strength, and upon this
basis operators expect an active summer mar
lat