New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-10-18
BONDS.
THE DAYS OPERATIONS IN STOCKS.

The stock market showed animation ana
strength in the early dealings, but irregularlty
and dulness in the afternoon. Early advances
were cut off in part by subsequent reactohs'
and at the close last quotations In the greater
number of issues did not differ materially from
those Of the preceding day As rule nhd'
changes were small fractional gains. The ease
with which stocks advance on the slightest de-
mand reflects the presence in the market OF
big short interest and scarcity or securities
available for speculative purposes at the cur
rent level Remarks the situation by an
important bear leader have found their way
into print in the last few days, and the followers
Of this operator expect that some liquidation
will take place among holders who are easily
Influenced by the opinions Of professional spec
ulators. So far. however there is no lhdlca'ioh
that there are any weak minded people in the
market and in consequence the prospect TOT
liquidation is not bright 1t looks as If some big
bears had already covered their contracts and
were looking out for lower prices in order to &C
cumulate a line Of long" stocks. Perhaps some
OF the larger bears have not covered and are
nuttine out interviews in the hope that innocent
holders will sell These interviews on the situa-
ton by prominent professional traders are not
comnosed on the ia sis of philanthropy.
The more important holders Of stocks appear
70 be in no haste 10 move against the short in
terest But they are carrying big lines OF well
protected stocks. and when the outlook IN the
money market is more favorable for public buy
ing the short interest will find itself in distressing
straits The day may come when 1t viii not be
an easy nratto- 10 borrow stocks. and at that
time IL will be we'll 10 look out for fireworks In
the market Speculative conditions warrant the
expectation of a coming bull market, and or
course conditions governing the actual value
Of securities justify the belief that business
prosperity has not yet been discounted by mar
ket values The ratio Of increase in railroad
earnings in the first week in october is some
what under the gain in July and August. but
this is no sign Of falling business, as some trad
ers endcavor TO make other traders believe
Earnings are not less than they were In the
summer They are heavier. but comparisons
are now made with period a year ago, wher
traffic was very large whereas the comparisons
Of July and August this year made with 6
time last year when traffic comparatively
light.
The railroad situation throughout the country
is better than 1T has ever been before as far a:
traffic is concerned. The only unfavorablt
comparison is found in the rate situation; bu
this II should be noticed, is vastly better thar
II a few months ago. while efforts are nov
making to improve the situation to a materia
extent Fortunately for stockholders, railroad
are now ably managed. Rate cutting has beef
succeeded by honest attempts to advance trans
portation charges Grain rates have alread
been advanced and in the latter part Of thi
month a meeting will probably be held in this
city OF which general freight rates betweel
Network and Chicago will he raised. Whe
the big trunk lines act. the Western roads gen
orally follow suit. The advance IN grain rate
will mean much TO earnings. and before III
year is over the whole rate situation ought /
be so adjusted that railroads will be able I
share 10 a. greater extent in general bushes
prosperity Railroads forced to pay NOR
for material and labor. and they naturally ougll
10 receive in prosperous times better value 70
services 10 the public