New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-05-11
STOCKS.
THE DAYS OPERATIONS IN BONDS.

The course OF values in yesterdays stock
market reflected considerable doubt on the part
Of traders as 10 the chances of a further sus
tanned bull movement at present. Commission
house buyers were not inclined to admit that
prices had reached the top. nor were they will
ing to believe that the change in technical
conditions warranted a reaction or setback in
values. The buying by this element gave at
times steadiness TO prices which otherwise
must have recedsd on the heavy local selling
and foreign liquidation. BoardroOm traders
were inclined TO pause in operations for rise
believing. no doubt that the market had
reached a point at which important speculative
interests would make no venture save on the
short side Early prices irregular and re-
dictionary. London quotations were far from
firm. and foreigners continued TO sell in the
local market. Subsequently. however. public
support caused q gradual advancing tendency
but renewed selling in the last hour left final
prices in the majority OF active issues at small
net losses as compared with Mondays closing.
Reactions which may occur at this time Will
doubtless be considered healthful incidents of
bull market. The continuance Of higher prices
IS believed by many people TO be assured.
ing 10 the countrys industrial and financial
strength and the general expectation that
plished Prices should eventually SO much
higher than at present. but in reaching that
level they are likely to meet many hard knocks
The advance in the last fifteen days has been
extraordinary Sugar Refining has risen over
90 per cent; Tobacco. Is per cent: Rock Island
Is: Manhattan. Is: St. Paul and Burlington.
11i4. while elsewhere in the list advances have
ranged from to 10 points.
The wheat market enjoyed another rise after
an early decline but its movement showed
reactionary tendency. the influence Of which
was a factor in the stock market The low
priced shares showed the least tendency 70 re-
spond 10 the days selling movement. and 1t
was generally conceded that good bull support
was still active in these issues This was espe-
oia.ly pronounced in Chicago Great Western.
stock that promises to sell well above Its high
level reached in last summers bull movement
The earnings Of this company have been excel
lent and, as it is among the roads prohtng
from the countrys grain position the support
accorded the stock is neither surprising nor IL
logical The extent Of the upward movement
IN the high-prced issues makes the lower grade
stocks attractive.
The volume OF business was considerably
der Mondays large total and the Inference was
made in some quarters that Mondays large
transactions marked lHe CIiiNli.dN4pH % '''r
present bull market. Perhaps the basis for this
conclusion was the action OF the market fol-
lowing the low record for sales on April -.
when total dealings amounted 10 less than So
0o) shares That day marked the elimination
Of the dulress following the decline incident 10
the war d!scounting process. Easier money
rates prevailed
Last prices under the best OF the day.
final dealings showing heavier selling press
ure than the markets apparent power OF an
sorptoa. In fact. in the late transactions prices
sold off stea Oily. public buying diminishing ana
speculative support being absent American
Tobacco was a weak feature on reports that OBJ
siacles had arisen in the arrangements Cor the
settlement Of trade troubles. OF the Granger
shares Rock Island was again an active ieat-
ure The interests behind this stock and Ieo-
nle's Gas are rampant bulls on the situation in
general and especially on the two Stocks
named The same interests were buyers OF II
Paul Earnings Of the last-naTned company In
creased for the first week Of May sNl'""4