New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-11-03
AK dividend.
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Transactions in stocks We're heavy on well
distributed volume Of business. attended the
greater part Of the day with advancing prices
In the dealings in Southern Pacific Sugar he-
fning Brooklyn Rapid Transit United States
Leather and several other stocks evidence OF
strong pool buying was not wanting. Bui! poois
In the current market represent an aggregation
IF caDjtal Of enormous extent When suostah-
tal interests combine their resources IN 'he
stock market. prices are pretty sure to ADVANCE
although Cor good and sufficient reason the con-
trolling interests may not undertake aggressive
onera,ions as soon as the operators with tips"
would like. Strong combinations or rlch men
nra hig holders Of stocks They began to buy
stocks a long time ago, and they are not yet
through buying Believing in higher prices they
bought heavily in the decline early IN the faii'
and the chances are that they will not sell out
until prices have reached very much higher
level than that now current The bull pools in
this market are far stronger than the pools or
ordinary times. They not made up OF pro-
feesjonal traders but Of men who have millions
behind them.
Aside from the so-called pool buying there has
been a large accumulation OF stocks by In
yeetors by capitalists representing themselves
ONLY and by public traders who have the good
sense and the means to buy stocks outright and
on Mr margins While this accumulation OF
stocks has been going On another element IN
speculation has been selling stocks short on the
belief that market values have already meas
ured the actual worth Of securities. and in con-
sequence a gradual decline may be expected
Herein lies the technical strength Of the market
d big short interest and stocks In the hands
or rich men. Outside Of the technical strength
az speculation factors governing the real worth
Of stocks and bonds are stronger than ever be-
fore on record. When one considers the teen
meal position OF the market ana the business
JOstiOn Of the country one may ind reason Tor
caution for caution S always wise in market
operations but it certainly will he difficult to
discover any reason for pessimlsm or a pelle1
that values viii decline, except TO the extent
of fluctuations incident 10 market activity. The
speculative spirit IS growing. and if it can only
be held in check until money becomes more
abundant at this centre there will be fireworks
III the market later.
The growln, tendency to buy the low priced
stocks is reflected in the heavy dealings in
Southern Pacific, standard Rope and TWin,.
Missouri Pacific. Norfolk and Western, Wabash
preferred Ontario and Western and other at
1ractive issues. In Yesterdays market trans
actions in the stocks named were heavy espe-
oially in Southern Pacific and Standard Rope
and Irvine The cheap stocks represent com
panies that are making money. and which III
many cases will pay dividends on their common
shares in another year. and increased returns
on their preferred. The enormous dealings in
Southern Pacific based upon the company's
earnings which are making the cOmpanys divl-
dend possibilities brighter every month. The
same thing may he said Of the buying Of Nor
folk and Western common and other issues
Southern Pacific earned in the first three months
Of the year more than twice the amount re.
Oured to pay the entire interest charges for the
year on the full issue OF its collateral trust
per cent bonds. The market closed strong anC
active An easier money market created new
bull sentiment, while higher markets abroad
were not without influence upon sentiment anC
prices.