New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-10-31

TIE DAYS OPERATIONS IN STOCKS.

4 heavy commission house demand for stocks
assisted by purchases by the trading element
caused rapid advance at the opening Inc
early strength was not maintained throughout
the day. owing TO realizing and renewed bear
pressure. while at the close the greater number
of stocks were not materially changed from
S,turday's final level. Dealings We're heavy and
were distributed, and all offerings favored ready
BUYERS. Public traders in stocks are beginning
20 appreciate the business situation in Its reia-
ton % security values Bear operators also are
beginning 10 understand the strength Of factors
opposed TO lower prices while professional bull
traders are confident that 1t is matter OF
short time only wheH quotations Will sell at
from 10 to 20 points above the current level
The money market has ceased 10 be cause
for liquidation. but il ought to be borne IN
mind that monetary conditions at this centre
do not warrant an enthusiastic bull speculation
81 present Higher prices inevitable, but
operations in stocks that have TO be carried
on with borrowed money ought TO be cautiously
INDUCED in untr the supply Of lendable funds is
larger.
Money rates ran up yesterday as the result OF
the increased speculation and calling Of loans
incident 10 November settlements. 1t IS an ex-
rellont time for caution and for strong belief
in coming higher prices and a good time 70
carry moderate lines on we'll protected margins
1t is a poor time TO sell short, except for
turn II bull speculation can be held in check
for 4 few weeks more. or until the time when
bank reserves grow larger, Wall Street Will
witness strong healthful and advancing mar
kct Capitalists realize that a time of great
market activity is coming, and they have &C
cumulated stock TO sell on the advance. People
who buy stocks outright were active IN the
market last week and again yesterday, buying
both for permanent investment and for future
speculative profits. Win this kind OF buying IN
progress bear traders cannot hope for success in
their operations 1t IS a noteworthy fact that
ever since a prominent bear Spectator sent
forth his long pessmstic essay on the situation
prices have been advancing. Bear talk amounts
TO little when stocks are held by strong men,
and when facts rather than theories are the
controlling influences underlying securities
values.
The medium priced stocks and the cheaper
grade Of issues We're IN good demand and in
the early dealings they made considerable prog
rcss toward d higher level. Current earnings
earnings for the fiscal year 70 date, and the
outlook for earnings IN the rest Of the year
mean much to the stocks that are selling under
par They mean investment returns which a
year ago were consid, ed impossible. They mean
also big appreciation in market quotations
Followers of the market cannot fail 10 observe
that important market interests buying
stocks such as LOUSY lie and Nashville South
crn Railway preferred. Union Pacific preferred
Norfolk and Western preferred, Atchison pre-
fcrred. and IN the cheaper issues Southern Pa
cinc. Ontario and Western the Mexican rail
way issues. Missouri Pacific. Texas and Pacific
Norfolk and Western common, and Southern
Railway common. In the local traction GROUP
Brooklyn Rapid Transit is going into strong
hands. and Of the industrials Federal Stee
common Is finding a place In strong boxes
The market closed heavy.