New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-05-10
BONDS.
THE DAYS OPERATIONS IN STOCKS.

The stock and wheat markets enjoyed aho'''er
day OF riotous bull speculation The ACTIVITY IN
securities was accompanied by heavy foreign
and local selling, but. despite such factors prices
advanced on renewed public buying that out
weighed the selling. while adding mnhons OF
dollars TO the market value OF stock and bona
issues. The remark made in this column re"
days AGO that barring the unexpected prices
may soon make UP all the losses that iollo"eu
the Maine explosion" has b. on Justlned ~ the
progress OF values since las Thursday. for In
the majority Of issues these losses nave oeeh
practically recovered and in several Instances
yesterdays highest prices we're above those pre-
vail,ng on February Is. May wheat selling at
81 90 and the July option ar 81 ~ were impor-
tant features Of the day in Wall Street and
their influence upon the stock market pro-
nounced
The record Of transactions in all securities
was near the beet made In the bull movement
last September. Early London prices did not
share in the advance. and foreign operations
were on the selling side. but this was not sur
pris!ng in view Of the attractive prices for TAX
ing profits on holdings acquired at the lower
level. London seller in the bull move
ment last summer. and 1t is pertinent TO re-
mark that London always buys cheap and sells
dear" The detailed accounts of Rear-Admral
Dewey's victory al Manila as published on
Sunday. added to stock market enthusiasm. and
as prices advanced all the bullish factors in the
industrial situation we're taken into active con
sideration by public traders. who bought stocks
on the theory that anything was a good pur-
chase and would result in handsome profits.
Bull pools were also at work especially in some
OF the Iow-priced issues. as Chicago Great
Western and Wabash preferred.
The advance in July wheat is more significant
as an indication Of the demands to be made
upon this country's grain for another year than
the rise in the May option. 1t means another
year OF good cheer for the farmers and increased
transportation for the railroad companies. II
IS not unlikely that the advance is being over
done and that sharp reaction will follow but.
even So the fact remains that this country Will
control the grain market in 1898 that the for
eign demand Will continue urgent. and that the
agricultural community Will be the means OF
adding increased millions TO the industrial and
financial strength OF the Nation. This does not
necessarily demand a constantly advancing
stock market and It is well to bear in mind that
there has never been bull speculation that did
not meet with accident At this stage OF the
movement conservative brokers advise intend
ing spectators for the rise to wait for reac-
ton before coming into the market bull
movement carry prices much higher than
at present but after yesterdays exhibition COM
nonsense urges caution.
In the last hour Of trading this view appeared
to influence many operators who took their
profits. at the same time bear traders renewing
transactions for the short account. The result
Of this selling in declines from the
best prices OF the day. in some cases final fig
ures showing losses compared with Satur
days closing. Sugar Refining and Manhattan.
OF the active issues. exhibited reactlonarv
tendency. Burlington touched par but closed
at 991s. unchanged from Saturday. Rock Island
was again the leader in point Of strength among
the Granger shares. with St Paul close
ond. Peoples Gas. Atchison preferred Union
Pacific preferred. Louisville and Nashville
General Electric and some Of the specialties
were noteworthy strong features Later prices
for American securities abroad showed strong
er tendency. and Spanish per cents IN London
went higher chiefly speculative covering
The money market was easier and sterling ex-
change advanced.