New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-10-14

THE DAYS OPERATIONS II STOCKS


The absence Of public buying and the appar
ent lndisposi,ion Of substantial interests 20 on
ter actively into securities operations at present
have encouraged the professional element 70
work for lower prices in stocks But success
appears 10 be limited - small recessions. In
yesterdays market efforts We're made TO induce
selling throughout the list Bear points were
put out to the effect that Standard OIL interests
were getting out of stocks" the possibility Of
an unfavorable bank statement was discussed
and the chances Of the Boer war hanNupring
the Bank Of England were said 70 be good De
spite the seriousness with which these intended
telling arguments were presented. stocks were.
not thrown on the market. in fact, the bear cle-
,nent was the chief seller And the net result
Of the days operations was a fractionally lower
price level at the close In some of the more
active issues heavier losses We're made Holders
Of stocks are waiting for some real adverse de-
velopment before selling their securities. In
cidentally they expect 10 dispose of their specu-
Iatve accounts az a Zig profit before the sitna-
ton turns in favor of lower prices.
There is big short interest i'm Sugar Rein
ing stock The short interest in Brooklyn Rapid
Transit is large. and in the greater number of
active issues good sized short account exists
Back Of the short interest there is nothing hut
hope ON the other hand people who are long
Of stocks know that market values are sup
ported by increasing actual worth. Hope IS a
poor basis for market operations when it is
not backed by live factors. The advocates Of
lower market values hope for further Nquiia-
ton but well protected holders see no reason
for selling An accident may help the bears. but
accidents cannot be- counted upon Professional
traders may work as hard they know how
for lower quotations. but unless they can Undue"
liquidation their work profits them little while
it places them in position Of extreme danger
and uncertainty. When stocks are in rich mems
hands liquidation is not likely, unless business
and financial conditions undergo some radical
change affecting actual values ~ change Of
this sort is in view. Nothing in the situation
warrants the sale IF good stocks or the asser-
ton that values are too high
Even in the industrials current prices cannot
be considered high except in a few cases. Pre-
ferred stocks 81 Industrial concerns paying and
per cent are not high below par There is no
initiation in present values. and there is no in
fation or overstimulation in business period
Of initiation may come. but it is not yet in sight
Federal Steel preferred. 6 per cent stock SELL
ing below 81 does not represent fictitious value.
American Linsecd per cent stock az 80. does
not indicate initiation. Prices may go lower but
they must 20 higher before they reach the level
Of initiation. The current market Is deprived Of
the supper; that greater supply of iendahe
money would give. but il contains f." elements
Of weakness and few spots where short selling
can be- successful. beyond turn Of a point or
so. Il Is a waiting market and a dun market
but II Is not an unsound market Money was
easier yesterday both al home and abroad.