New-York tribune., 1898-10-03
THE WEEKS OPERATIONS IN STOCKS.

THE WEEKS OPERATIONS IN STOCKS.
The current change in the ownership OF securi-
ties has placed stocks in stronger hands ana ma
terially strengthened the technical posi'ion vi
specuatior Liquidation may not YET De over
Selling by spectators who are forced 10 part
with their holdings owing to exhausted mar
gins and voluntary liquidation by interests "hici
are unable to appreciate the strength Of the un-
deriving basis Of values have been going on ION
some time in the stock market, and there Is no
c.r,a,r,v that the movement will not continue
until after the election. Market dulness ana
.ocq,ne values at this time of the year are natu-
raj and usual and especially so this season.
otter the pronounced advance anc activity OF
tho summer months Ample warning was gwen
~ tho nrohable course Of the markt penang
rho elections Of the opportunities that would DO
offered for bear attacks as the result OF hieher
money market and of the necessity OF operating
cautiouslv in stocks until the larger capltaHs's
p.re again ready to encourage higher prices IN
vestment values have not suffered nor VIII 'hey
as long as the country continues >ts oh"ard
march toward prosperity. investors nave ho'
sold hut have added to their holdings. Malhe'
va,ues have fallen, small spectators VINO always
"buv dear and sell cheap have lost their money
and rnanipulatio., has taken the place OF 'he
sumn1ers Legitimate market
Manio,lation In the Industrial stocks. by which
nrjces 70. shares like Tobacco and sugar nave
been reduced does not indicate railing OH III
the volume of the countrys business vi io'
.h.so,, contraction in the purchasing power OF
the people. II the present decline III values '@p
rassrtod l,ouidation by leading capitalists OF
their investment hodings5 there might De cause
for serious alarm Domestic conditions are IN
40 fr he
ues No substantial speculator in Wall street
,s = hear on the real value OF securities Many
sn.culotors are bearsh for the time being De-
causa they believe that they can make money
IN thc short side Of the market. owing 10 the
absence Of public buyers and the fear that they
NAV inspire in the weak speculative nina as
the result ot discussion on the poss'pli'ty Oh al
election Of an unsound money Congress IN NO
veuber 1t will doubtless be found that 'he
temporary pause in speculative acuVly VIII oo
followed by a healthful bull speculation pelore
the wear is ove- and that the basis OF vaiues Is
ZOO strongly intrenched in solid business expan-
s,on 70 admit OF a sagging market peyono 'ne
,,ov.-,,.r elections Meanwhile. investors and
huvers q. ,tocks who can AFFORD 10 hold their
nossessors until later on in the year have the
satisfaction Of witnessing a daily accumulation
~ evidence favorable 10 the real worth or STOCKS
and bonds
renression IN certain lines Of trade Is due 10
local factors that have no bearing upon the gen
.ra, situation AS a whole. the country's bus'-
ness health is sound. reflected through oank
c,earings. railroad earnings and the iron ana
.tee, industry The grain movement has oeen
Nehter than a wear ago but the loss to the rail-
roads has been offset by increased westoouno
business. And it is significant that the price OF
wheat has risen in the last two weeks. and that
,h. farmers are holding back their grain In the
confident expectation Of higher prices Inc
,n.cu,ative community has attached little I'M
nortance TO factors bearing on the intrinsic
worth Of securities. for the simple reason tnat
sctual value has little 10 do with manipulation
.rd cannot be successfully employed TO advance
values as long the public VIII not come INTO
the market Speculative conditions lnVoiV'ns
acute nanipulation by powerful operators have
made lower prices possible. and the recent rap>o
decline in the leading industrials has served to
unse,tle the whole list. even substantial railroad
Issues that bear no relation to the operations LII
the Industrial group. The position Of the money
market ia growing easier. and there is no longer
urgent reed OF gold imports. Monetary and
business conditions will find an adequate refiec-
ton in stock market values at no late perioo'
and IL Is we'll TO bear in mind that cheap money
and reviving prosperity furnish the underlying
basis OF values The bond market gave some
indication In the week Of the easier monetary
situation by larger transactions and better
prices