The times., 1899-04-15
PANICKY FEELING
Has PASSED AWAY
Confidence in the Market Once
More Restored.
IndustriaIs and Specialties Recover
Lost Popularity.
Speculntors Again Turn to Manhnt-
tan and Brooklyn Rapid Transit
The General Condition.

New York, April IA week ago today
the industrial shares and the so-callei
specialties suffered such losses in a pan
icky decline that il might have been sup
posed that public interest would have
been long withheld from these sto-ks. So
far from this having been the case they
have actually led the market in all re-
spects on the subsequent recovery. These
conditions continued in today's market
when a large proportion OF the total was
furnished by the transactions in Manhat-
tan Railway. Brooklyn Rapid Transit. ani
a few industrial shares. There was 70
more news" than heretofore which
would account for the large degree OF con-
centration of public interest in these
stocks. At the same time, everyone at ali
conversant with current Wall Street his
tory knows that the public confidence in
and even infatuation for these stocks is
unbounded. Both are constantly stimu-
lated by the actual and rumoTed develop
ments affecting the local transport alton
stocks particularly, and these actual or
reported developments are counted as
much more important than are any con-
siderations of either earning power or
market level OF prices.
The movements in the standard issues
were rather limited, but in the main were
in the direction OF higher prices. There
was a marked diminution in uneasiuess
in regard to the injury TO the winter
wheat crop, the latter reports being more
favorable. and they were in a measure
confirmed by the sharp reaction in wheat
Moreover, there was a clearer coulDrs-
heusion as to the localized character of
the crop damage and as to the few rail-
WAY lines likely n ha off ted
The money market on call was steady.
most of the new borrowing being effected
Dstween and per cent There was the
usual end-of-the-week anticipatory inter-
est in tomorrow's bank statement, but
the various estimates and conjectures were
without apparent effect in the DAYS trad
ing OF actual news of general or particu-
lar Importance the day was practically
bare In the Industrial quarter of the
market the most noteworthy advances
were in Sugar Refining the Federal Steel
shares. United States Rubber, and Tennes-
see Coal and Iron The granger shares
were steady, as was Missouri Pacific. the
latter stock rising on reports that a diyi-
dend would be declared this summer Lon
don houses bought a small amount of
stocks on balance One unsatisfactory ex-
hibit in the days situation was the Treas
ury's preliminary foreign trade statement
for March, which showed a decrease in
the exports of domestic merchandise
amounting to over $4,000 600. Tomorrow s
complete statement will be interesting.
Such falling away in the country's chief
articles Of export would certainly seem
TO make change in the favorable foreign
trade situation, which has been such a
strong feature of financial conditions for
the past two years 1t is needless 10 say,
though, that the showing attracted no at
tention whatever in the days speculation.
The market closed very strong for the
days fayorites.