New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-06-30

BONDS.
80 DAYS OPERATIONS IN STOOLS.

Stocks were in fair demand in yesterdays
market, and despite renewed efforts by certain
traders to force decline the general level Of
values closed above Thursdays final figures
The demand for bonds also showed improve
ment. Dealings were reported in many issues
that have recently been inactive. and business
as whole was more widely distributed than
has been noted in several weeks. The opening
was strong under the influence of foreign buy
ing and covering by the shorts. especial
strength being shown by Baltimore and Ohio
and the granger shares. Baltimore and Ohio
has been q favorite short sale in the last few
weeks, and the demand 10 cover yesterday nat
urally caused a sharp advance. But the ad-
vance was not accompanied by good buying,
while the higher price was taken advantage OF
by many holders TO sell. AS non-dividend
payer without any certain prospects Of a divi-
dend this year, Baltimore and Ohio common is
mRnifestly too nigh. American Car and
Foundry issues. particularly the preferred. were
strong on a fuller appreciation by the Street of
the favorable position OF the company, as re-
Elected in the beginning of dividends on the COM
mon stock Northern Pacific, Southern Pacific
and the Reading issues were IN good demand;
also Atchison preferred 1rregularity marked
the course Of prices throughout the day, owing
TO the conflicting professional trading influences
that were at work. The short interest in the
market is still large, but the greater number
Of shorts" have been covering throughout the
week
The rally now in progress in the stock market
is warranted by the technical condition Of specu-
iation II is also warranted by the actual merits
of securities But the last named factor is not
the controlling influence at the moment, for real
conditions are finding little recognition in the
Street. The advance is the result Of an over
extended bear account An advance backed
solely by the covering Of shorts lacks the ele-
ment Of strength which is TO be found in a
market supported by genuine public buying,
and unless the public can be induced to come
into the current market sustained bull move
ment appears improbable. After Mr.. Bryan has
been nominated and the platform Of free silver
and other dangerous doctrines has been put
out the speculative public may be more inclined
10 buy stocks on the theory that the political
fight viii be on in earnest with the hitting
chances favo-ing the Republican party. The
speculative public and the professional element
IN Wall Street may change their position on the
market several times before the November cleo
ton, but it is apparently certain from present
indications that the investment community will
not vary its present attitude regarding the wis
dom OF holding it's securities. Investors will sell
~ Mr. BRYAN should be elected; but investors
are banking on the good sense, honesty and
patriotism Of the American people, and IN con-
sequence they do not look for the success Of the
Nebraska Popocrat this fall.
The market closed irregular and uncertain IN
tone with bear pressure in evidence, DUE no
doubt to renewed bad" reports about the crops.
An advance In cotton to the highest price since
The Barring failure was an incident Of the day
that attracted much attention. Money con-
tinued easy, but sterling exchange was a trihe
frmer. In Paris exchange on London made a
sharp advance.