New-York tribune., 1899-07-20
BONDS,
THE DAYS OPERATIONS IN STOCKS.

The stock market developed increased dulness
yesterday. Prices as a rule were Irregular. but
ended the day without material change from
TUESDAYS closing except in few stocks where
rpecial causes contributed TO wider fluctuations
Stock speculation appears to be In drifting
condition, without a decided tendency in either
direction. The bear party is working FOR lower
prices but It is unable to accomplish much, be-
cause no is willing to part with well pro-
tected holdings in time of general business
prosperity The bull element is working for
higher prices but it meets little success, be-
rause the public viii not come into the market
Substantial market interests apparently have all
The stocks they wish to carry, but they evidently
do not intend TO distribute their holdings until
they can do at a higher range Of values
There is nothing In the outside situation to pro-
yoke Houidation On the other hand. the
rumulating evidence of business growth pre-
cents adequate reason for good public demand
Tor stocks
Operators for a decline argue that II stocks
will not go up they must go down, but in the
present case It looks If 1t would take some
thing more powerful than bear manipulation to
precipitate a decline. Strikes, politics and
money are thought TO offer great possibilities
for a bear market Not any Of the factors
named, however. contain at present sufficient
influence TO hurt the actual value Of securities.
IF the range of prices for high class bonds at
tracts selling by people who believe that they
can use their money to greater advantage In the
loan market the bears will have a better chance
% depress stocks than they will from political
conditions. strikes or money market conditions.
The last named factor. however. undoubtedly is
acting a restraining influence in the stock
market Few people desire to load up with
stocks at time when bank reserves are so low
and when much uncertainty exists as to the
extent of the probable demand upon the mar
ket for crop movement purposes. The position
Of the money market may not be favorable at
the moment for active speculation in stocks,
but the magnificent condition Of trade. big rail-
way earnings and fine crop prospects should
serve to convince holders Of securities that the
present is also no time for selling at loss.
In the end prosperity will be the controlling
factor in the market. Prosperity has not yet
been discounted by the general market The
exceptions are among the fancy priced bonds.
The chief activity in yesterdays speculation
was in the local traction shares. Sugar Refining.
American Tobacco, Continental Tobacco and the
granger issues. The strike the Metropolitan
Street Railway system depressed the price of
the company's stock about three points, but the
greater part OF the loss was recovered before
the close Brooklyn Rapid Transit lost over
point and Manhattan declined less than point.
The decision continuing the Federal Steel div-
dend Injunction caused break of two points In
Federal Steel common, and the whole list be-
came unsettled in sympathy. At the close, how
ever net changes in the greater number Of
issues were insignificant, with few more losses
than gains.