New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-05-06
RONDS.
THE DAYS OPERATIONS IN STOCKS.

The bear party is persistently hammerng
stocks without frightening any substantial
holder into liquidation. While prices have been
sagging throughout the week, there have been
no evidence of decentralization, except among
lightly margined traders. and no indication
that substantial bun operators intend to give up
the fight for higher prices at time when out
side conditions are so promising The fact Is
the last-lamed element is quietly buying stocks
on every favorable opportunity. and by its trans
actions II is gradually closing IN on the con-
fdent BEARS who must at no remote period be
forced into an ignominous retreat The bears
are flushed with the insignificant success so far
attained by their campaigners but this con-
fldence may lead TO their own destruction sooner
than expected. In yesterdays market on a
small volume OF business. prices sold or 10 some
extent under continued bear pressure. on the
decline all offerings were readily taken by i'm
portant market interests, and before the close
moderate commission house buying was at
tracted by the bargains presented. In the
greater part of the day the market was intensely
duh. especially in the railroad stocks many of
which were totally neglected.
The creation Of new securities Of combina-
tions standing for established money-making
properties has not yet forced a situation
where the amount Of securities Offering is
greater than the demand. The 100000 cop
per company whose stock has just been offered
for public subscription. received actual bids
amounting TO more than S41J,OOOO. while the
best banking houses In the Street were Wiling
TO stand sponsor for the securities as represent
ing most valuable and productive property
The response Of capital to bond and stock offer
ings runs beyond the expectations Of the pro-
1noters. As the greater number Of companies
1oated do not represent or untred indus
trial fields the willingness OF investors to place
their money into these concerns Is not sur
prising. despite the mOurnful croakng OF the
pessimists, who are houhdering about in dire
despair because a tendency Of the times is
toward industrial expansion. Future specula-
tion may carry the market value Of the new
industrial securities beyond their actual worth,
but that can be no argument against them as in
Vestments at their current level railroad
stocks can also be advanced beyond their actual
merit.
The reply to the copper stock offering is
bull card that viii exert its influence upon
securities values at some other time. 1t had alb
sOlutely inspiriting effect in yesterdays mar
ket while bear traders actually tried TO twist
il into an unfayorable factor in the present
situation. as rejecting crazy speculation on the
part Of the public. The crazy speculation by
the public will come when the price OF the copper
shares has been advanced 10 fictitious lever.
The final tendency Of values, after a dull and
drifting market throughout the day, was toward
a lower quotation range, last prices showing as
a rule. the poorest figures Of the day. The an
thracitc shares were particularly weak on bear
pressure inspired by the liquidation by a promi-
nent spcculator within the last few days of his
coal holdings. The fact that this Spectator
has taken the bear side Of the market furnishes
no reason TO believe that investment values can
be deprecated 10y speculative manipulation.
The steel and iron stocks were vigorously at
tackled and small holders We're forced out Per
sons with big margins, and having the courage
OF convictions based upon existing conditions,
need not worry about their long" holdings.
THE DAYS OPERATIONS IN BONDS.
GOVERNMENT RONDS.-Market fractonally