New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-12-06
BONDS.
THE DAYS OPERATIONS IN STOCKS.


The stock market was dull and irregular. and
despite the favorable character OF the Presl-
dents Message closing prices were under Mon
davis final level and about at the lowest OF 'he
dav Suggestions made by the President re-
garding the various topics Affecting the BUSINESS
welfare of the country are impressive. and II
carried ont they will add intrinsic and market
value to securities Stock market traders may
wait 70 see the effect Of the Message upon legis-
lation before making large commitments IN spec
rIotior hut current holders will feel encouraged
70 maintain a firmer grip on their possessions
with the confident expectation that Congress
uiI adopt measures based upon the sound Ideas
of the President.
In MANY we'll informed and conservative STOCK
market circles it is believed that the current
Congress will enact law Of great Importance 10
the countrys business interests, and in conse-
nuence prove a potent factor in securities opera
tions and prices. Wall Street has confidence IN
the IVIth Congress. When 1t Is recalled tnat
In the last few years Wall Street has suffered
the untold agonies of uncertainty and fear over
the meeting Of Congress, the current change In
sentiment will readily be appreciated Unfortu-
natey for the small spectators. the money
market may check bull enthusiasm among the
larger operators for some time to come, ana II Is
likely that weak accounts accumulated IN ex-
pectation Of a boom at once may be forced out
before the real bull forces find expression In
market values The Presidents Message and
the deliberations Of Congress will encourage
cich men to buy stocks, and If 1t were not for the
position Of the money market the small trader
might find safety in speculation at the current
level Of values.
The temporary money market influence does
rot induce actual holders and well protected
holders to sell. Nor does 1t change sentiment
over the future of values. 1t is not admitted In
conservative circles that prices are too high
and perhaps one Of the best arguments in favor
intrinsic worth. is the fact that cliques. pools
and rich Individual operators heavy owners
of securities which they wish to sell to the pub
lie at higher prices. When this class of holders
wish to sell at certain price they generally
succeed in doing so. There were several strik-
Ing declines in yesterdays market, but good
demand for first class industrials and cheap rail-
road stocks on the reaction. The character Of
the decision in the Addyston case In reference
to existing Industrial consultations was not
fully appreciated after twenty-four hours Of dis
cussion, and the remarks of the President on
trusts apparently frightened some holders OF in
dustrial shares. Legislation against illegal
combinations is what the President advises. All
honest business men Will approve such legisla-
ton. The present representative Industrial
combinations were not formed in violation Of the
law. and they do not stife competition Hold
ers Of good Industrial stocks have nothing to
fear from legislation. 1t might be different II
Mr.. Bryan were living at the White House.