New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-04-12
BONDS.
THE DAYS OPERATIONS IN STOCKS.

The stock market was strong and moderately
active Yesterday with evidence Of good buying
IN many issues. opinion in the Street Is mixed
regarding the immediate course OF values, but
everybody apparently believes that an active
bull market will follow the current period OF un-
certainty in market movements. Some houses
advise quick turns only for the present. others
believe that stocks bought at the current leVel
will not suffer q further material setback while
certain traders are confident that there VIII De
one more slump before an active bull campaign
is started 1t is a market in which the public
must exercise caution and use individual judy
roent in the purchase or sale Of securities, bear
ing in mind. however, that the country is over
flowing with prosperity and that there Is moth
ing in the Industrial or financial horizon upon
which n bear campaign can be based The Gov
eminent crop report for March is not as good as
was the report for the same time last year, but
in estimating the probable wheat yield II should
be remembered that the amount OF grain In
farmers hands is large. and that the industrial
activity Of the country is furnishing the rail-
roads with an enormous merchandise move
rnent which. II continued. will Offset in great
part decreased grain shipments. Grain receipts
at Chicago have been falling off IN the last few
weeks. but look at ST. Pauls earnings for the
last week in April! An increase OF nearly
100000 over the corresponding week OF last
year reflects an enormous traffic business based
upon general business improvement
A number Of Wall Street houses that recently
were overloaded with stocks have completed
their liquidation. and the small marginal trader
has been pretty efectually driven out OF the
market Technical conditions vastly i'm
proved and money rates are beginning TO show
signs OF relaxation. With technical. money and
fox diff
cult matter to repress bull activity. evidence OF
which was furnished in the course Of values yes
terday At the opening the shorts began to
cover their purchases attracting outside buy
ing and before the afternoon prices made note
worthy progress toward a higher level. The
granger and Vanderbilt stocks were conspicu-
Gus features while the Flower specialties
moved I'D with their old time vigor and rapidity.
The crop report helped the granger shares. and
further talk Of a Vanderbilt consolidation as
sisted the Vanderbilt issues to establish higher
prices 1t is generally believed that consoli-
dation involving Cleveland. Cincinnati. Chicago
and ST Louis Lake Erie and Western and other
Ohio roads will be a development Of the near
future but the chief cause for the advance in
Cleveand. Cincinnati. Chicago and st. Louis is
70 be found in buying induced by the knowledge
that the stock will be placed upon 3 or per
cent dividend basis in June.
Interest was renewed in the industrial stocks,
the greater number Of which made striking
gains The local traction stocks were strong
and the whole list exhibited decided frmness
This was quite marked in the afternoon deal
ings in the Southwestern group Of stocks. Mis-
souri, Pacific Missouri Kansas and Texas Tex
as and Pacific. st. Louis Southwestern and ST
Louis and san Francisco issues ought TO be
features in the next bull movement. as their
market values are at a level which, IN view OF
the improvement in business in the southwest
must be considered extremely cheap. The mar
ket gained in strength throughout the day. and
at the close sentiment very bullish due IN
part TO the decline in call money rates TO per
cent.