New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-05-08
THE WEEKS OPERATIONS IN STOCKS

THE WEEKS OPERATIONS IN SIoCho'
Conditions governing the actual value OF Sc
our,t,es continue favorable to a gradual appre-
citation in market values. but speculative lnnu-
ences are vigorously opposing an ADVANCE Deal
ons-,tars were aggressive throughout the "eeA'
and az a consequence the market was weak anu
uncertain the greater part OF the ume' WIN
email nrices showing substantial net losses III 'he
more active issues. The general puo"c hei."e,
bought nor sold In many cases weak maj e'''"'
.aars uere forced 10 lquidate their holdings
ou,ine 70 exhausted margins. but no instance
uas reported where investors or strongly pro-
,ec,ed interests parted with their securities vi
course where there good profits. STOCKS
were quite freely sold the operator IN TINS case
assuming a position on the bear sioe because
,hora was an impression prevalent in the street
that some Of the leading market interests were
uorring for lower prices Mr.. Keene was sup
posed TO be an active bear. but the Flower
nor,v tho Morgan party and the Standard oil
nartv while not opposing the decline. were not
bearish The best men in the Street are oulis
but they are willing TO accumulate stocks at
cbaaner prices IL the bears and timd traders
are anxious to sell The men who have been
market leaders in the last year have been ouy-
ing stocks in all reactions TO hold for an eX-
pected bull speculation this summer.
Gloom and depression were thick IN WaH
n Street last week. Talk of gold exports. the cut
In gas rates. bad stories about winter wheat and
the massage Of the Ford Franchise Tax bill were
factors utilized by the bears in their efforts TO
create doubt and suspicion in the minds OF Dull
traders and fear the part Of public owners or
securities Wall Street can be gloomy when II
tries 10 be- Portentous shadows follow every
tr,1n
stocks decline fraction. while they gravely dis
cuss subjects that exist in wild fancy only. Fairy
tales become living stories Even old brokers
who ought to know better go about like men
with the palsy when courageous bears attack
values. and dwell upon the alleged uncertain
ties Of the future. At such a time lost souls are
more delightful company than the average Wall
Street man. The people who know things as
they exist and read the tendency Of the
times with intelligence do not worry over the
depression OF spirits and the paucity Of orders
for stocks They are patient enough 10 wait for
the passing Of a period characteristic of all
speculative markets. When the bears who have
sold stocks short begin to change their position
and the commission-house trader RECEIVERS his
wits the drawer spirits will he in a position to
reap a rich reward at the expense of the feeble
minded, whose real sufferings will then begin
While the bears hammer prices and seek to
blind the public regarding the actual position
Of Industrial and financial affairs the trend Of
business continues along che lines of expansion
and prosperity. Merca ntile failures small
In number. Railroad earnings and bank clear
fngs are large wages rising money is grow
ing easier foreign trade balances remain in
favor OF this country and confident capital is
moving into industrial combinations that repre-
sent the activities OF the Nation. The payment
OF $20.000.0O0 90 Spain has been accomplished
without gold exports. and the financing Of the
huge copper company has been effected with
out disturbance in the money market The
masses Of new securities placed in the market
by trade consultations do not represent new or
untried business concerns. They stand for
established money making enterprises and as
yet there is no evidence offering that they have
been placed in the hands of people who cannot
afford to carry them. There is enough money
in the country TO handle new securities Of merit
The power of absorption is not so light that
the supply Of stocks is greater than the de-
mand. Perhaps that time will come Per-
haps industrial issues will be advanced to
figures far beyond intrinsic worth and. as a
consequence. be followed by smash in market
values: but current indications furnish no
grounds for this assumption. Conservative
curities. Conservative bankers control the stu
alton.
careful analysis Of the situation discloses
no real unfavorable feature upon which to base
the selling of good securities Unless the gen.
eral financial. commercial and political situa-
ton undergoes some vast and radical change
the tendency Of market values ought to be
toward a higher level in the coming summer
The activity Of the be-Il and the readjustment
OF holdings now going on are making the tech
nical position Of the market stronger every day
From a technical point OF view market condi-
tons becoming ideal for the advocates OF
higher quotations. and II does that the
trader who intends to take permanent position
on the short side Of the market will find him.
self without means credit before the end OF
the summer. The week closed in a blaze OF
glory for the bear element. Weak holders were
forced out. and prices declined with apparent
ease. But on the decline there good buy
ing-buying by people who are not afraid OF
shadows, people who believe In the prosperity
OF the United States and the value of American
railroad and industrial stocks and bonds The
bank statement showed loss in surplus hold
inss due to business requirements and not 70
Withdrawals OF funds for boarding purposes
BANK EXCHANGES AND SOCK SALES
The bank exchanges of the New-York clear,ne
Heuse and the stocks sold At the New-York STOCK