New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-05-05
BONDS.
THE DAYS OPERATIONS IN STOCKS.

The stock market was again dull and profess
sional affair in which the bear faction was gem
orally successful in its operations. Ihere "a9'
however no important pressure 10 SELL WHIT vi
the decline stocks appeared to be taken 10y s"o-
ste otial interests. who apparently are accuiiiu-
lating securities in expectation OF an ac'Ne
speculation this summer. Although the general
financial and business condition OF the country
gives Increased evidence every day OF the weai'"
o,d ,rosneritv Of the United States, the Stock
Exchange bear sees little in the outlook OF an
encouraging nature and from the course OF val
ues Yesterday it looks as IL number OF sfnah
traders of insignificant bank accounts ana pour
mental calibre view the bear as an accurate anu
skilful prophet. The bears are indeeu sklilul'
bu, ~ they have sufficient rope they will prob
ably hang themselves. Gloom was thicK IN 'ne
Street Yesterday No one could tell why there
was so much pessimism. so much serious talk
over things that do not and will not exist ana
so little cheerfulness among commission house
traders Perhaps the time has arrived lot an
advarce When gloom IS the thlcKest III wan
Street the speculative machinery usually is pre-
pairing for a big upward movement. Possibly
the bears expect to see a final smash IN Nalues
before this movement sets in. The SITUATION Is
interesting. but it is growing stronger every
minute If there is TO be an active pun Specud-
ton this summer, the market Will certainly De
ready for it from the technical point of view
The huge combinations or capital tnat nave
been effected in recent months and the probablI-
ity that the movement will run on for some time
are factors in the present STOCK market tenulhB
10 restrain active speculation In exlsuhe secuil-
ties: but their influence, far as checking the
flow of CAPITAL into the stock market is con-
cerned is only temporary. Some poor. tmorous
souls believe that the money involved IN noatlng
the new concerns is to be forever tied up ana
that with each new industrial combination the
capital represented is withdrawn from circula-
ton. 1t is true that the mass OF securities on the
he Of %
been largely increased, but so has the amount or
money in tn country been expanded. and as
consequence re power of absorption mas oeen
largely broadened. The country is great ana
large and the Industrial combinations, as rule,
are based upon substantial foundations Trad
ers at liberty to hammer stocks Investors
who take short views and never hope for the
best may sell their securities If they wish to do
so, but every one may rest assured that for
every stock sold there is buyer. and that the
greater number Of people in the country are
pretty well satisfied that American railway
stocks and bonds and good American industrial
stocks and bonds are the safest investments In
existence.
The Industrial stocks, as a rule. were weak,
especially Sugar Refining. and moderate de-
moralization In these issues spread TO the rail-
way and local traction stocks under bear
pressure and selling by small spectators, who
had neither the courage nor the bank account to
do otherwise. Declines of per cent and above
were numerous, and in some cases losses of from
2 to per cent were made. In the last hour the
market enjoyed sharp rally that left final quo
tations well above the lowest or the DAY Inc
money market comparatively easy and
sterling exchange was again inclined TO heavi-
ness. London sold about twenty thousand shares
in the local market. and the decline in American
shares abroad due in part 10 the failure Of
prominent Liverpool operator encouraged the
bear element in the early dealings. An un-
founded report Of the death Of a well-known
banker was also circulated by INSCRIPTIONS
traders 10 influence prices.
THE DAYS OPERATIONS IN BONDS.