New-York tribune., 1899-05-18
BONDS.
THE DAYS OPERATIONS IN STOCKS.

The stock market made further improvement
Yesterday under the influence Of good buying
from the more important houses In the Street
and covering by the shorts. Dealings were well
distributed. with speculation showing a growing
tendency to move into the railroad stocks at the
expense of some Of the industrial issues. The
last-named. however were not neglected. as Will
be noted In the detailed table OF transactions
published elsewhere on this page. Market lead
ers of influence. with few exceptions are bull
ish in their predictions respecting values. basing
their opinions upon the condition OF the money
market the strength Of the stock markets tech
nical position the attitude Of foreign operators
upon American securities. the stability of the
business situation and the vast amount of idle
capital in this country which must seek en-
ployment Those traders who are bearish be-
cause of crop uncertainties continue to dwell
upon the future Of railroad earnings as likely TO
be dark and gloomy. but they fail to present ade-
quate proof that their position is well founded
Smaller crops and lighter foreign demand will.
Of course, mean lighter grain tonnage for the
railroads: but 1t now looks as if the loss on the
grain movement would be made up by the gain
in general merchandise traffic. Take the current
earnings Of ST Paul, for instance At this time
year ago the movement Of grain was enor-
nous. owing TO the high prices induced by the
Letter wheat imitation. yet for the second week
in May this year ST. Paul returned a gain of
$4,000 over the same week last year.
The people who are buying stocks now, and
those who bought the recent decline no
doubt intend to hold their possessions for
higher prices which general conditions seem
TO warrant Current buying is excellent in
character, and of the kind that generally pre-
cedes On active ball market Many public
traders who are afraid to buy stocks at the cur
rent level will be enthusiastic bulls when values
have advanced ten points or more. Values have
TO advance for some time in order to convince
the public that a bull market is under way. and
the dealings in Yesterdays market appeared "a
reflect a disposition on the part OF substantial
interests TO create renewed public demand
for securities. 1t would seem that in the aD-
sence Of some real unfavorabe development of
permanent influence prices ought gradually TO
work toward higher figures Closing prices yes
terday at the top and as a consequence
sentiment was cheerful over the outlook for the
immediate course Of values. The extreme
strength that developed in the afternoon at
tracted considerable commission house buying
The so-called Flower stocks were well taken.
especially Peoples Gas and Brooklyn Rapid
Transit both of which made striking advances
Federal Steel was strong ana the lrdustriaIs
IN general were higher Sugar Refining advanc-
ing q points. Manhattan Metropolitan, ChlcaSO
Terminal. burlington and the anthracite stocks
were also especially strong features. In the ar
ternoon dealings trading became heavier. both
in bonds and stocks In the bond market total
sales reached in par value nearly SoObO,WO on
a well-distributed volume of business. The de-
rnand for bonds Is good. and in Government Is
sues prices are at about the best fgurt
on record This is sure indication of SOUND
investment inquiry for securities and II ought
to prove an agreeable tonic for the dropping
spirjts of timid traders who believe that the
bottom has fallen out OF the investment and
speculative markets. Call money ruled at 8 per
cent yesterday. with loans reported as low as
exchange
AuIANS PONDS