New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-06-24
BONDS
THE DAYS OPERATIONS IN STOCKS.

Traders have been unsuccessful in FORCING
ro,eworthy declines In etocks Investment hoIo-
,nes have not been sold. and lqudated weak
speculatlve accounts have. by passing mo
stronger hands, materially strengthened the
market And the recent operations tor snort
account have improved rather than weakened
the general position OF speculation. In yester-
DAVIS market stocks were strong the greater
mart OF the day on covering by the shorts and
better support from prominent interests. Senu-
ment was cheerful over the successful landing
~ American troops In Cuba and in some in
stances buying Of stocks was based upon the
expectation of a speedy and victorious assault
upon Santiago. The main reason for higher
nrices however was the change OF tactics on
the part Of the professional element which
doubtless realized the futility OF working for
lower values in the absence OF any actual dis
turbing news.
The Granger shares. Tennessee Coal, New
York Central Western Union, Brooklyn RAPID
Transit. American Tobacco and Sugar Refining
were active, strong features. The Granger group
was especially strong under the lead Of Rock
Island buying Of the last named being attrib-
uted in part 10 active and newly organized
pool The strength in the Western stocks ex-
tended TO the Southwestern group, including
Missouri Pacific and the Atchlson Issues Inc
sweeping changes that took place In the Atchi-
son company following its receivership placed
The road In splendid physical and financial con-
dition. while the continued increase In prosper
ity in the South and West have made the earn
ings for the fiscal year to date very heavy and
suf1cient IL is believed. TO pay dividend upon
the preferred stock. The Junior securities OF all
the recently reorganized companies are proving
attractive to spectators and investors and the
advance that they have already made is Ger
tainly warranted by their actual worth. The
bond department again reflected the return OF
capital 10 railroad mortgage issues. activity be-
ing more pronounced than on any day since the
announcement OF the Government bond issue.
bull movement In stocks is generally preceded
By strength and activity in bonds The market
closed at slight reactions from the best prices
OF the day
The compilation Of the Controller OF the Cur
rency Of country bank resources as Of May
shows an average proportion Of reserve to liza
bilites Of 80 PEI cent and reflects remarkably
encouraging conditions throughout the country
In considering the position OF local and country
banks ard the control by the United States OF
the international exchange market the strength
Of our financial situation readily be under
stood AS regards the securities markets tbs
influence Of such strong financial factors must
at no late period be pronounced. The market has
recently passed through a period Of readjust-
ment Of values to a slightly lower level and al
though the declines have not been heavy. stocks
have doubtless passed into stronger hands and
now occupy a position favorable 10 further mar
ket appreciation. With the return Of funds held
for Government bond subscriptions which vii
not be among the accepted bids there should be
renewed activity and interest in stocks. And es
pecially so as at that time the heavy July in
terest disbursements. estimated at S10O0OO,OOO
will be available for unemployment in secur
ties The market moved yesterday in man
ner inducing the belief that many shrewd buyers
were accommodating stocks in the expectation OF
q bull movement in July.