New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-11-02

The stock market was strong the greater part
~ the dav on a quiet buying movement that
ca,,e from the better class Of commission house
traders and from substantial market interests
II the hill market continues 70 move along on
tho Quiet lines OF the last few days. money mar
hot considerations need not deter well protected
operators from taking position on the ons
side Of stocks. And II stocks continue TO go INTO
strong hands bear traders need not nope lor
Nouidation or expect that current high rates 'o'
money will force stocks upon the market Inc
public Is not bearish Outside operators VINO
own stocks naturally refuse to part win the'r
possessions when the chances favor higher prices.
and as the weak speculative holder Is not
factor in the market. the opportunity for bear
success is not brilliant.
II is reasonable TO assume that stock market
values will not go down unless a radical change
takes place in the conditions underlying values
Are conditions changing? DO the increases IN
railroad earnings. the activity In iron and the
generally large volume Of business all over the
country show any signs OF weakness? Trade re-
Morris state en1phatcally that business is grow
ing and that there is neither overstinuiauoh
nor sneculative straining The markets are
moving in response to n legitimate demand.
When supply overtakes demand reaction will
High rates for money have restrained bull en-
thusiasrn in stocks. and as a consequence mar
ket values have not discounted or even meas
ured the Improvement present and prospective
IN the intrinsic worth of securities. People who
a,a now huving stocks pay for them outright IN
the greater number of cases. Marginal accounts
are strong and held by people who can supply
additional margin If required. When there Is
more money at this centre the public Will rush
in 10 buy. unless all signs fail, and when the
public buys stocks advance.
Bull arguments on the stock market situation
may be wrong but the Oldest and most CON
eervative fnancers In the Street believe that
they are right. Common sense based on facts
rather than theories and expectation suggests
that there is less risk al present in buying stocks
than there is in selling stocks. Accidents may
hapren but Il is not safe TO sell stocks short on
the hope Of an accident. If stock values were
high. and # they had discounted prosperity. 1t
would be another story. Few stocks are selling
above their actual worth Take some Of the
cheap issues for instance Southern Pacific
showed a gain in net earnings for the first quar-
Ter Of the year Of 81 19S575 at which rate the
earnings will amount TO . per cent or more on
the stock Is Southern Pacific at 80 dear?
Norfolk and Western for the quarter showed a
surplus equivalent 10 about per cent on the
common stock. Are the preferred at II and the
common al % dear? Union Pacific for Septem-
Der returned gain IN net earnings Of S2Oe,426.
Are Union Pacific common at Al and the pre-
1erred at II dear? The shorts were punished in
Brooklyn Rapid Transit yesterday. Prospects
indicate that similar medicine Will be given 10
the shorts in other stocks. The market closed
strong.