New-York tribune., 1899-07-21
sD rights.
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Stocks were strong on a small volume Of busi-
ness The almost complete failure Of the Brook
lyn and Manhattan strikes had little effect upon
public operators far buying Of stocks was
concerned; but II served to induce professional
traders to cover their short contracts. Easier
local and foreign money markets also Influenced
bear traders TO change their tactics. but buy
ing by professionals and moderate support from
leading market houses not followed by
any revival Of public interest in speculation.
There was some commission house buying in the
granger shares Leather preferred and the more
active industrials, but II not large enough
In volume materially to affect prices. Higher
quotations were due TO covering purchases.
Rock Island and the granger shares in general
were strong features. The local traction group
was firm. and the industrials were generally
higher. New-York Air Brake the only
noteworthy exception. declining % points on
profit taking sales. The market developed con-
siderable strength in the afternoon with last
prices the best Of the day.
From April ] to June l the more active
stocks showed decline in the aggregate Of
about 10 points. and from June ! to the end
of the first week in July the rally extended TO
nearly points Since the last named period
the market has gone off about l point and
according 10 PRECEDENT this decline should be
followed by a further rally which not only
should recover the loss between April and
June but place the market well above the level
reached in January Wall Street Is fond Of
arguing in this fashion. Talk about a double
top, advances and their resultant declines is
always heard in duh times because the Street
has little else to discuss in these periods. Prece
dent is not so likely to be followed in years OF
great prosperity, and in the present instance
It seems that the stock market will be con-
trolled for time by money market considera-
tons. and later by the course Of business
prosperity. II comparisons of any value 1t
may be encouraging 10 the advocates of higher
prices TO know that the highest average price
OF sixty stocks in 1881 was $50. and that
the average paid for twenty active railway
stocks is now about y. and Of twenty active
industrials So and for sixty active stocks about
so The influences that made the high point
in 1881 were not nearly so important or fa-
vorabe as the controlling factors in the business
situation to-day, and II may therefore be
assumed that If values are to be measured by
actual conditions they must not only reach the
level Of 1881. but go far beyond II.
The strike situation is, in a measure, de-
velOpment Of prosperity. Higher money rates
also the result of prosperity. Neither factor,
however, is likely TO have any effect upon the
actual worth Of securities. If strikes become
widespread because employees may believe they
are not sharing in the prosperity Of their en-
ployers, stocks. for a time may decline. but II
does not appear possible that any extended
damage be done TO security holdings. be-
cause earnings are so heavy and business prom
tses to be good for 80 long a time that current
losses will be offset by heavy increases as soon
as the strikes run their course Strikes seldom,
If ever last long. and they are seldom, II ever,
successful. If the big men who are the largest
owners Of securities become alarmed over money
market or labor conditions. and II, as result Of
their alarm they throw over their holdings, de-
clines would naturally take place with con-
siderable rapidity. But the big men apparently
feel no uneasiness over the situation. They
not actively engaged in efforts to advance the
market and they are not adding largely TO their
holdings; but, on the other hand. they are not
IS
conditions in the money market are in favor Of
active speculation prices will advance in
sponse to active support by prominent interests
and buying by the public