New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-05-10
BONDS.
THE DAYS OPERATIONS IN STOCKS.

THE DAYS OiEhA lO->S ~
Tho stock market was moderately strong In
Tho morning under the influence OF covering
nrrchases by the shorts. but in the afternoon
renewed bear pressure and further COMMISSION
house liquidation carried values to ievel uroer
MONDAYS closing and In many instances unoer
the poorest figures reached on that day Bear
traders are now flushed with the success Oh
their efforts but it does not appear prooao'e
that they will he able to make material heao-
wav in this campaign for any length Oh 'lnie'
The market can become oversold. just as al
,i,nes I, becomes overbought. and at present 1t
,ooLs nc ~ The whole list were at level from
which an upward movement could De eas"!
started Commits sion-house customers nave oeeh
hurt in the current market, and IT may take
some little time for them to recover out just
as soon as the larger interests begin 10 "oiA
actively or the bull side. the commisslon-house
trader viii again he buying stocks. People WHO
made money in January. and VINO nave oeeh
waiting ever since then 10 buy at cheaper
level we're in the Street yesterday Men VINO
only buy when bargains are offering mao oruers
IN the market and consequence strong
boyes" were largely swollen The SITUATION
nresents nothing Of a disturbing nature ana
big margins and cautious trading ought to re-
suit In handsome profits.
Wall Streets atmosphere is still blue but
there were some streaks OF light and cheerful
ress noted yesterday. Many conservative COM
ro,ssion-houses advised their customers to buy
stocks on liberal margins. Bear traders were
not quite so offensive in their remarks and pre-
dictions as they were on Monday. while re"
+raders who have made rich winnings on the
short side announced that the bear position was
Incoming somewhat dangerous Straws OF TINS
sort show the way the wind is blowing All the
big bears are bulls at heart. and 1t is not un-
likely that within a short time they VIII again
be rampant enthusiasts on the prospects for
higher prices Men such as Mr. keene VIII
not sell the market indefinitely when they know
that actual conditions are in favor Of advancing
values II they believe that commission mouse
louidation has not run its course. they DOUBT
less viii continue TO hammer prices; but they
certainly do not intend 10 assume posltion on
the short side for any material length OF tlme'
I, would seem from the vigorous pounding to
which the market has been subjected that the
weaker accounts had been pretty effectually
eliminated and that the short interest nad
reached position without promising future:
In the last hour the market for the Industrial
shares practically collapsed. and the erect OF
the decline was most disastrous TO marginal
having their margins exhausted. Inc havoc
among the railroad stocks was not so serious,
and in several issues notably Baltimore ana
Ohio issues Louisville and Nashvile ana
Southern Railway preferred, decided frmness
was shown Stocks such as Sugar REFINING.
American Steel Hoop. Steel and Wire American
Tobacco and Continental Tobacco preferred
seemed to melt away at times While the same
process was apparently under way in Brooklyn
Rapid Transit Manhattan and Metropolitan
Street Railway Bear hammering. whlcn
reached stop-loss orders. and voluntary hquioa-
ton by timid holders were responsible for the
decline The selling was overdone ana the
break reached proportions that are seldom seen
except in times of acute monetary and business
disturbance. There is no reason for alarm, no
reason for selling: no excuse for such an exteh,
sive decline II fundamental change mao
taken place In the business and financial out
look people might we'll sell their stocks. But
the situation is better to-day than IT has oeen
in many weeks and the future is replete with
cheer and promise. The market seemed weak
and demoralized Total transactions were more
than one million shares.
THE DAYS OPERATIONS IN BONDS
GOVERNMENT BoNDs.-Market firm Final