New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-11-04

TIE nAY.s OrERATIONs II STOCKS.

Heavy realizing sales IN yesterdays market
encouraged selling for the short account, hut
declines when made were small, while on re-
ccssions good class Of buyers appeared 20 take
all offerings The sharp advance on Thursda}
naturally led to profit taking sales yesterday on
the part of commission house traders. ana per
haps tho uncertainty over to-days bank SHOW
ing induced selling in some quarters where
otherwise stocks would have been held ofcr to-
day The approach Of Election Day also served
10 restrict speculative operations for the rise
But the factors named did not cause general
liquidation N securities or any important de-
cline In values Operators who bought earlier IN
the week for a turn sold the short interest was
increased and the technical position Of the mar
kpt Was strengthened. The fact that the com
in1 fall elections nave not been effective as a
bear argument doubtless rs due 10 the beief
that the results Of voting in the few states
where National Issues have been brought TO the
front will he in favor Of the present Republican
Administration. and also TO the fact that stocks
are held by people who DO not sell on unlm-
portant uncertainties in times Of great National
prosperity.
Predictions made in Wall street yesterday re
garding the probable showing Of to-day's bai.f
statement indicated a loss in cash and gain
in surplus reserve through loan contraction.
Estimates on bank statements seldom If eyer
hit the mark The statement is compiled by a
system which not infrequenNy brings forth
queer results when those results are compared
To- the known movement Of money; and In the
last few months the changes IN few banks
have practically made up n statement which
has not accurately reflected the actual position
% the money supply at this centre End OF the
week mone3. rates a better guide to the true
position Of the banks condition than the CON
solidated bank statement and from the move
rnent Of legitimate rates at the end Of this week
IL may joe assumed that the supply of lendable
funds is increasing. Commission house brokers
who take pains to guard the interests Of their
customers and who are. a rule the last to
| advise the purchase Of stocks I'm clearing
speculative atmosphere. are now more bullish
than they have been at any time this fall basing
their optimism. Al far as speculative operations
in stocks are concerned. upon improving money
market conditions Commission houses are big
borrowers OF money and their IDEAS on the sit
uation are quite apt to be based upon facts.
Buying OF Southern Pacific stock was again a
feature in yesterday market while "A good de-
mand for all the cheap but attractive stocks.
such as Norfolk and Western common ontario
and Western Southern Railway issues and
| Chesapeake and Onto was noticed. There has
been a great change In the ownership Of South
ern Pacific stock I'm the last month Sales have
gone into the hands Of strong banking interests.
and It now looks as if the stock would be put
higher as the result Of It's concentration in the
| hands OF strong financial interests. The earn
| lngs az the property are enormous. Dealings In
| Southern Pacific and Leather common contrib
| uted one-third OF the total dealings.
! THE DAYS OPERATIONS IN BONDS
! GOVERNMENT BONDS. Market strong. Final