New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-06-15
BONDS
THE DAYS OPERATIONS IN STOCKS.


Indications are not wanting that powerful
.,,1o,o-o are operating for a lower range OF
-,s,,ss Wall street professional sentiment Is
therefore more bearish. and room traders are
h,anosed 10 follow the lead Of the big men IN
.co-+s ~ depress prices Such operations are
,.,ng conducted upon the theory that the gooo
,aatures Of the situation have been discounted
ssnectally as the operators in charge OF the pear
..m,airn have sold their holdings and desire 10
accumulate new lines at lower prices inns
being the case, IT appears wise for small pun
lie traders to look carefully after marquis
WeI,-protected holders and investors need not
concern themselves with reactions ana se'oachS'
FOR unless the countrys prosperity ana pros
nects meet unexpected checks securities Naiues
will sell we'll above current prices before the
fail Quotations yielded again yesterday, but
there was no heavy pressure to SELL WINE
stocks appeared to be we'll taken
Wall Street is asking questions about inc
probable effect Of the new Government loan
unon the money market and upon securities.
and the bears taking the view that money
rate, Will advance and capital be displaced
from present investments Until these points
are settled the stock market ia likely to rule
irregular with more depression than advance
but II the bond issue Is heavily subscribed for
and indications point this wGy-the stock mar
ket should enjoy an advance a reflection or
the high credit OF the United States. The Gov
ernnoent loan is not 10 be made 10 protect the
gold reserve as under the Cleveland Admins
tration, but 10 furnish money for war that
taxes but slightly the resources OF the country
The loan Is made al a time when money Is
drug on the market when the country IN enjoy
ing the fruits OF agricultural and financial pros
perity and at time when there IS no extern
eive imitation IN either the stock market OF
general business. On June l there was IN cir
culation S, $50 SOS. 2b6 The Government calls
for a 5000 900 900 loan, an amount Insignificant
in proportion as compared with the wealth or
the country. Disturbance in the money market
ia not likely to follow. The Treasury Depart
ment IS governed by an intelligent banker
Money is too cheap for banking profits, and
an advance would benefit rather than interfere
with the situation. And bull movement IN
stocks can be conducted upon a higher money
level than that prevailing. The Govern
ment loan and conditions that It may create
will not be legitimate reasons for lower prices
but spectators can twist them into service II
they so desire The market exhibited stubborn
resistance to bear efforts yesterday. and de-
welcomed no important technical weakness
Stocks are probably IN stronger hands than
local traders realize and extensive operations
for bear account do not appear to be based
upon a broad view OF the situation. especially
IN respect 10 the vast difference between pres
ent conditions and those prevailing year ago.
The country is at war. and new issue OF Gov
eminent bonds is 10 be made, yet existing Is
sues are selling at advanced figures. The is OF
1925 rose 202h per cent yesterday The fear
Of disturbance on account Of the Chicago wheat
speculation collapse helped to restrict trading
and the fact that early selling came heavily
from the West encouraged the reactionary
movement in stocks. In the later dealings par
tial recoveries we're made last prices showing
small fractional losses only in the greater num-
Der Of issues. London a fairly active buyer,
but commission houses did little