New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-10-24

THE DAYS OPERATIONS IN STOCKS.

c.o,. ,,o-Le+ onerations were conducted upon
-. soaia with interest we'll distributed
throughout the list Further Improvement IN
prices was made and late reactions ala not
offset 70 any extent advances made Garner III
the day The demand from commission houses
was heavier. especially for attractive ISSUES
such as Union Pacific Louisville and NashVlIe'
Atchison preferred. Burlington and People
Gas Speculative and investment buying prom
ises TO become pronounced in the class OF slocNs
named and in the meritorious industrials that
represent something besides capitalization
And the character Of that buying promises 10 De
OF the best Buyers who take stocks al 10"
rr,ces and sell them at high prices have been
absorbing securities for the last few weeks anu
as rule. this kind Of buying ends in an active
public demand. As Yet the public is not d"
active factor in the market Inc puo"c -
always slow to appreciate stock market oPpor-
tunities and, as rule, II begins us heaNS
onerations at a time when substantial market
interests are ready to take their profits Inc
course OF values in the last fortnight suggests
that the bargain counter period Will not last
for any length Of time.
Many professional Wall Street operators VINO
have been on the short side OF the market 1oi d
long time are changing their position. IN Vie"
OF the heavy decline that has taken place TINS
fall the change appears a matter or comma"
sense The technical position Of the market
does not warrant further short seiilhs' """e
the factors underlying actual values certainty
tustif, the buying Of stocks for higher prices
The talk about imitation in values is premature
Imitation may be a development IN the lu'uie'
hut about all the fictitious valuation recorueu
1T. ,.oo- has bean effectively eliminated by the
drop in quotations Of from 10 10 % pOih's
from the high prices reached earlier in the sea
son The bear position is not forthed WIN
facts And even bear campaign oa"N0' >"
successful without facts.
Money market considerations must play an
,.o,or+ort mart in stock market discussion. and
the time has now come when securities specu-
,a,,on can be discussed on the basis Of incTeas-
I'M supplies Of lendable money at this centre
The outward iow Of money is decreasing and
return movement ought soon to set In Rates
doubtless viii rule around 4G6 per cent for
soo. time 20 come. but the chances Of further
disturbance IN the market are growing less
o,er,, dav A demand in this country for gold
Tor Furopean account is not likely TO materaAze
and AZ the present rate Of British success IN
the Transvaal the London market Will not he
derived Of its South African source of gold sup
,lv for 2 protracted space Of time. The people
who are endeavoring 10 create lower stock prices
on the argument that the Transvaal war WI"
cut off one-third of the worlds gold supply may
believe that the South African mines have gone
out Of business and that gold will never again
go from Africa 10 Europe. hut intelligent hoa
ers Of securities Will not accept such sil>
view Of the situation. There VIII be plenty OF
money for stock market purposes this winter
and the sale Of stocks on expectations Of com
plcations in the money market cannot be ad
vsed