New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-06-26
BONDS.
THE DAYS OPERATIONS IN STOCKS.

The expectation of a sharp break in stock
market prices yesterday morning brought
number Of good buying orders into the market
and on the initial decline (Which did not reach
the proportions Of a break) securities were well
taken by an excellent class of buyers. In con-
sequence Of this support traders began to cover
their shorts" and before noon early losses
were in many stocks not only recovered, but in
ecme issues net improvement was shown. In
the afternoon there was considerable irregu-
larity but at the close net gains were gen
orally recorded by the more active issues Con-
soIidated Gas was an exception, ruling weak
until the Close owing to the companys an
,ouncey7ent OF a new stock issue. The local
traction shares recovered after morning weak
ness and appeared TO be in better demand
Vanderbilt buying was reported in the coalers
and trunk line shares, and Morgan interests
were said to be absorbing Northern Pacific COM
mon. Baltimore and Ohio one OF the heaviest
features in the market. wac sold by the So
called Consolidated Exchange crowd, but con-
siderable genuine liquidation accompanied its
decline. Liquidation throughout the list was not
so heavy as reported at times last week. while
buying was decidedly better. The railroad
stocks were in better demand than the indus
trials, and afternoon reports Of heavy rains in
the Northwest wheat territory induced active
covering throughout
Saturdays bank statement. and the serious
rosition Of affairs in China come at a time
when the stock market is free Of weak specula-
tive holdings and when prices are at a point
that about discounts the worst that may nap
.en In yesterdays market the course of values
appeared to reflect a belief upon the part of
sT.any careful operators that stocks are at or
near the buying level. Perhaps the high grade
issues may work lower, but even at going prices
Mann VOrly
trail. St Paul, Burlington and Rock Island can
not be considered as anything but cheap The
very low priced stocks are about as low as they
can get while the medium class issues are on
the bargain level as Union Pacific preferred
for instance around 20. or the common at 49,
or Southern Railway preferred below DO Baltl-
more and Ohio common, a non-dividend payer
IS too high; so is Consolidated Cas- put the
last-named are among the few exceptions that
are above the level Of actual worth II the
market as a whole is not yet at the bottom it
IS certainly not far from that point according
10 the opinion of careful brokers, and in conse-
s,uence an advance ought not to be far distant.
The Northwest wheat situation is doubtless
not promising. but reports now coming to hand
about the spring wheat crop are most likely
grossly exaggerated for speculative purposes.
The advance in the price Of wheat has in
creased the grain traffic in the West. receipts
a chicago
more than one million bushels over the preced-
ing week and 81 per cent over 1898. Farmers
are not slow to take advantage of high prices.
and II current quotations continue the agricut-
1,ral community IN the Southwest will do a
profitable business this year, its winter wheat
crop is a big success and at a period when the
spring wheat yield is not expected to be heavy.
The Southwestern railroads will profit as the
result of the big crop in their territory evidence
OF which is already reflected in better demand
for the Atchison and Missouri Pacific securi-
ties.
An advance in lead and silver was an incident
of yesterdays metal markets, and it was said
that silver brokers expected a further advance
in the price Of bar silver. AS an influence upon
stocks higher prices for silver will naturally
help the Mexican Railroad issues. Mexican
Central and Mexican National are cheap at cur
rent figures, and many careful operators hold
both stocks for advance, which the increase
in the actual worth of the properties will
eventually bring about.