New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-11-30
RO\I)S.
THE DAYS OPERATIONS IN STOCKS

The securities markets moved with great IT.
regularity. rejecting the presence or heavy
realizing pressure and pronounced efforts by
the professional element to bring about lower
level Of values In the first hour prices were
strong. and considerable buoyancy marked the
course Of trading: but there was. however, n
falling off in the commission house demand.
with an increase in bear sentiment. The last
named development was not due to un1aVorable
news or to a change in material conditions. but
TO the growth Of the sold-out bull party and It's
anxiety 10 recover stocks AT cheaper figures.
The final acceptance by Spain OF the American
peace terms was discounted in the market last
week. and the failure Of quotations to make
noteworthy advances as a result Of the peace
settlement was neither surprising nor illogical.
Many traders are now bearish because they
have sold their stocks. and because they argue
that the goods news Is "all out" The Wall
Street theory IS to sell the market on good
news. but in the present case the fact that the
ownership Of stocks Is vested In wealthy pub
lie NAV cause tho professional element extreme
difficulty in reducing values.
London was active in this market and mod
crate buyer on balance The foreign buying Is
having the usual effect upon sterling exchange
rates and in connection with declining London
discounts and local merchandise exports will
doubtless result in gold imports II continued.
II is well known that the strength OF this coun-
tr,,'s foreign trade makes gold imports possible
whenever the situation demands an increase In
It's available supply OF money; but II may come
10 pass before long that gold Will be sent over
here whether II Is wanted or not. At one time
this country epplied to banking syndicates TO
secure gold for It's National Treasury and 10
stem the flow Of the precious metal from the
United States 20 Europe. Now the spectacle IS
presented Of American bankers lending Ameri-
can money abroad and. until recently, pract-
Callv endeavoring TO devise ways and means 10
keeD tho gold on the other side. The country
and Treasury hold more gold than they know
what TO do with. II is not surprising. then. that
there are optimiss in Wall Street who believe
that the current fiscal year Will see the greatest
stock-value appreciation and speculation in the
history Of the country. And it Is not surprising
that many people working for lower prices
in order to accumulate stocks that must share
in any coming upward movement. The January
interest disbursements will doubtless have a
potent influence upon the winters market
The heavy sales for profits we'll alb
sorbed yesterday and declines, when made. were
not important. The higher-priced stocks were
generally fractionally lower at the close. while
many specialties and the cheaper grade Of
shares closed at advances over Mondays final
quotations The Southwestern group Of railway
stocks exhibited notable strength. and the In
dustrals with the exception OF Peoples Gas.
made substantial gains. Sugar Refining shorts
were attacked. in the course OF which the price
was carried up nearly five points. In the final
dealings the entire list sold off Selling by sew
eral operators recently the bull side was
noted and this. with other familiar evidences OF
decreased hull speculation, created the belief
that active market interests were working for a
material reaction. \ pause in active bull spec
ulation would not surprise careful followers Of
the market.
THE DAYS OPERATIONS IN BONDS