New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-08-03
BONDS.
THE DAYS OPERATIONS IN STOCKS.

,,, z.oo,, M rket was strong and moderately
.,,,o .ba GREATER mart of the day, with trans
actions fairly well distributed. Realizing SdIeS
ord hear nressure in the late afternoon caused
reactions from the best figures of the forenoon
dealings and as a consequence, net losses were
numerous at the close. Many people IN ana out
Of Wall Street are sceptical about the chaidc-
Ter Of the current advance, hesitating 10 peheNe
that prices are rising in response 10 iesl'ii'a'e
demand Basing their opinions upon past oui'
markets they explain that prices nave a'eduS
discounted business prosperity, ana 'ha' the
current demand for stock cannot oe IOu'iuu
upon clear perception of the relation OF ac'uo'
,,,or,b ~ market value. The demand for stocks
in the last few days, according 10 the oPin'on
mentioned IS artificial rather than real, and
represents In great part manipulation III WHY"
nrices are advanced in order to make market
for the big holders of stocks. II is possible TOT
,mportant market interests TO put prices hlsher
q, times. hut the movement is OF no benefit TO
them unless the public is willing to buy stocks
~ the level established. People who believe
that manipulation rather than legitimate ouy-
ing is advancing this market would better bear
in mind that the big men are not making
market in which they will have TO buy the
stocks which they themselves sell
Present holders of stocks are trying TO stimu-
late q good demand for securities. This Is
sneculation They bought when prices were
down. and they want to sell when prices are up.
and they believe that conditions are now ripe
for another upward movement The public also
is beginning to believe that stocks VIII sell
higher and as consequence the outside de-
mand is increasing The outside traders who
are buying now are not the people who rush IN
at the top level OF a bull movement They are
the ones whose help the big men want in
making a market and with the big men they
will take profits when the movement reaches It's
eliminating point. Nobody can tell when that
point will be reached, but the best observers be-
leve that further improvement in prices VIII be
necessary before the business situation is ade-
quately measured by market values. and that
following precedent, prices will run well beyond
that level before the next downward wave sets
in. It would seem as if the whole list should
share in the upward tendency before the bull
movement is over, inasmuch as the companies
whose stocks have not advanced TO any extent
are also sharing in general business prosperity.
The actual value Of the cheap stock cannot con-
tinue to advance for any length OF time without
a corresponding appreciation in their market
value As a whole, the market certainly has
not discounted actual conditions.
The industrial issues were features In yester-
days trading as were also the local traction
stocks Atchison preferred. St Louis South
western issues. the coal stocks NewYork Cen
tral, Chicago Great Western issues and South
ern Pacific. The character of the days business
was good, but the market was less active than
on Tuesday while in the closing transactions
professional traders exhibited greater confidence
in their ability 10 a setback In prices.
This confidence. however. was based, most like
ly, upon the increased disposition Of Tong"
holders 10 take profits, rather than upon an
actual belief that conditions were suited for a
decline Perhaps the late bearishness was en-
couraged by the frmer tendency Of local and
foreign money rates and a trife steader ten
dency in the sterling exchange market.