New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-06-08
BONDS
THE DAYS OPERATIONS IN STOCKS

Traders worked for reaction in yesterdays
market. their success being measured by frac-
<toas Lower prices in London and the absence
OF vigorous local buying encouraged the shorts
20 sell the market and while they were able 70
force a slightly lower range Of values they could
not induce any important selling Of long STOCK
The bears have absolutely nothing or disturb
ing nature upon which TO cause sharp break IN
prices and their attempts to weaken the market
only strengthened technical conditions by the
creation OF a short interest that must be pro-
tected almost as az II Is formed IL Is
bad time for the shorts. In yesterdays opera
lions stocks exhibited persistent tendency not
10 decline, despite the fact that public buying
was light and market leaders not disposed 10
enter actively into speculation. 1t was said IN
some well-informed circles that the general mar
ket looked reactionary. and might go lower TO-
day. barring unexpected favorable war news;
but IN no quarter was the opinion expressed that
any probable reaction would be extensive or
more than temporary.
The ow-priced stocks were comparatively
arm. while the higher class Issues shared more
generally in the effects Of the selling movement
Brooklyn Rapid Transit was notably strong on
buying encouraged by the decision in the COM
pany's favor regarding its tracks on the Bridge.
and by the excellent showing Of current earn
ings General railroad earnings in May gave
enormous increases over the same month year
ago. but TO form an accurate idea OF the extent
and meaning Of the gains 1t should be borne In
mind that the traffic returns year ago were
heavy: in fact for May. 1897, they We're the
best IN many months due almost entirely to In
creasing trade and agricultural activity. Trade
actively continues to broaden despite war and
Senatorial efforts TO injure confidence by
fanatica silver schemes. and railroad earnings
are trustworthy barometers OF this industrial
progress. The real worth Of American railroad
Investments is increasing every day. while their
market value is gradually seeking level more
in line with intrinsic worth. This s especially
pronounced in the bond department.
In the last half-hour prices were bid higher on
the report that a Spanish warship had been
sunk IN Santiago Harbor. Early losses in May
stocks were completely recovered. and in Brook
fyn Rapid Transit renewed strength carried the
price over . per cent above Mondays closing.
The fact that this stock is included in the list OF
Flower specialties gives II prestige among Wall
Street traders and investors. and IN addition its
intrinsic merit. reflected in the business Of
the company places 1t in favorable light to
market followers American Spirits issues were
strong on reports Of trade combination. Lon
don sold about fifteen thousand shares. 1t was
noticed in yesterdays market that on the de-
cline dealings became smaller. and that as soon
Is the pressure OF realizing sales relaxed prices
began TO move higher. There have doubtless
been heavy realizing sales In the last few days.
but values have been slow 10 yield and are
moving in a manner which indicates belief
among leading speculative interests IN active
and buoyant market throughout the summer
Investors In American railroad securities and
VIII nj ed IN he nd
welfare of the Nation should feel encouraged
over the result of the oregon election in which
. sound-money victory was handsomely won.