New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-05-17
BONDS.
THE DAYS OPERATIONS IN STOCKS.

The stock market was strong and dull, with
transactions fairly we'll distributed Traders at
tempted 10 depress values soon after the open
ing but on the appearance OF good support they
changed their position and bid up prices
throughout the list Total sales were smaller
than Mondays light record. but in commission
houses the more important operators were In
clined TO renew their interest in the market. IT
is generally conceded. even among the most
violent bulls that speculation will continue re-
stricted and irregular for a time, but no one ex-
cept the professional bears. who believe that
quotations can be worked lower. are silly enough
10 assert that conditions underlying the market
are not in favor Of higher prices and specula-
tive activity. One OF the prominent SPECTATORS
in the Street said yesterday in published In
tervew that the speculative boom was ended.
With all due allowance for the perspicacity OF
this operator there is little reason to believe
that his predictions WIN prove TO be correct
When person starts in to be bear espe-
cially If he happens TO be a man with big fol-
lowing in the Street, he can convince many peo-
ple with his logic. but he cannot change condi-
tions, despite the gloomy coloring of his asser-
lions. Smaller crops appear to be the chief bear
argument II the railroads depended upon the
crops alone for their traffic, moderate bearish-
ness might be warranted. The great Western
roads are carrying little grain at present. but
their earnings are heavy. owing TO the large
movement of general merchandise. This gen
eral merchandise traffic is offsetting lighter
grain shipments and decreased grain exports,
and 1t promises to improve right along as
factor In the railroad and international trade
situation. 1r
The so-called Flower stocks were in good de-
rand. especially Brooklyn Rapid Transit, Peo-
pies Gas and Federal Steel Central and South
ern Pacific strong and active features,
while the granger shares were generally higher
Notwithstanding the fearful reports from the
West that the Hessian fly and the chnchDugs
were making their annual feast out OF the grow
ing crops American Tobacco which has been
inactive for some time, was feature at an ad-
vancing price. Taking of profits in the after
noon caused reactions from the best ngures OF
the day, but just before the close renewed
strength was exhibited and final quotations gave
substantial net gains in all the active issues
Sterling exchange was a triie hrmer and money
rates continued to show weakening tendency
Money is moving TO this centre in larger volume,
and there is nothing in the situation that indi-
Gates a return at present TO the high rates re-
Gently prevailing.
The statement OF foreign commerce in April
shows an excess of exports over imports, In
value, of $23. 5.65S. Exports Of breadstuffs in
April gave a heavy decrease, as compared with
the same month a year ago and with March OF
the current year, but the total Value OF all eH-
ports was larger than in any preceding April on
record with the exception of April. 1898. I'm
ports in April this year were nearly $1O,OOOoOO
larger than in April 1898. and for the fiscal year
TO April 80 they were in value So4.OoO.OoO
heavier than in the same month last year The
total value Of exports for the ten months Of the
fiscal year was only about $10.OOOOOO less than
a year ago, while the excess Of exports over i'm
ports was only about $42 100000 under the same
time last year. and about S111 100000 beyond
1897 No better indication Of the countrys
growing prosperity could be asked for than the
conditions shown by the April trade statement,
q careful analysis OF which will prove that II is
a great bull card for the United States AL
though exports Of breadstuffs are lighter than
they were year ago. the exports Of manufact-
ured articles are much larger.