New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-09-28
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Ac,,ve operations in yesterdays market were
confined in great part TO the leading speculative
issues. The approach of the holiday and con-
tInued high rates for money served TO restrict
outside trading, while further announcements
-, Gold ,nnort engagements failed to stimulate
large transactions by the professional element
Az n ruIe prices were strong and higher. Ten
nassee Coal and Iron and American Tobacco
hotb OF which have recently enjoyed the benefit
NJ aggressive bull manipulation, were eXcep-
,tonalIv weak on the early dealings, but Brook
,vn Rand Transit supplied the chief feature or
strength OpInion is decidedly mixed regarding
tho nrobable course of the last named stock In
the next few weeks, and the bear element is at
n loss to account for the remarkable recuper-
a,tva mower OF the stock after its recent decline
20 75lh II may be asserted without fear or
contradiction that the stock is more closely held
nv promipent capitalists than ever before IN
its history, and that the so-called insiders are
adding TO their holdings on all attractive re-
cessions
When Brooklyn Rapid Transit and other
stocks declined week ago small operators
were not buyers. Stocks widely distributed
among public holders were prominent features
Of the recent liquidation, and If renewed hqui-
dalton takes place the same class OF STOCKS
should again be features. owing to selling oy
neople who held on in the last decline and by
Individual operators who bought on that decline
IN eYnectation that the market would steadily
advance throughout the rest OF the season. sales
~ this sort will be taken by the big capitalists
who can afford to increase their holdings ac-
ouired in last weeks market. The great mass
OF public traders do not buy on a declining mar
pet and II they hold on to their stocks through
= the first shock Of a declining period. as rule
thev subsequently sell on the second downward
movement when prices have about reached the
low level In full and sagging market many
operators who can afford to maintain position
on the long side frequently sell their stocks be-
cause they become tired and disappointed over
the apparent endlessness Of the decline and
generally these sales mark the elimination of
the decline.
The more important holders Of stocks have no
reason TO sell at the current level, Their conf
dence in higher prices is based upon increasing
intrinsic value and their expectations OF com
ing advance lead them to hold their possessions
closely at present. Further liquidation among
pools and syndicates interested in newly creaed
Industrial issues may be necessary before a
-. healthfui readjustment of holdings takes place
but IN that case the pools and syndicates which
are overloaded with stocks Of uncertain value
will be the chief sufferers At present values
he better class of industrial issues do not lool
lear Federal Steel preferred, d per cent
took. does not look dear at IS; nor does Peo
lies Gas at 100. The representative railroad
stocks. as Pennsylvania. Rock Island. Burng
49, ION and St Paul. not selling out OF proper
ton to their investment yield.