New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-12-09
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Continued bear pressure is producing lower
level Of securities values, but 1t Ia not reducing
nv one cent the real .,alue Of stocks and bonds.
In yesterdays market the decline was helped
by selling by some holders. who believe tnat
they will be able to recover stocks at cheaper
prices later on in the month. The CHIEF lquida-
ton however, came from holders who were
frightened over the expectation or poor oanK
statement to-day. and by traders who are APP
parently crazy on the subject OF selling snort
Short selling has become fad In wall street
Buying Of stocks at the end Of bull movement
IL often popular and generally disastrous TO the
operators concerned. The current popularity OF
the short side may also result In disaster Inc
Industrial issues were the weak features OF the
day. especial pressure being noted in Sugar
Refining and the steel stocks. Bear traders are
picking out stocks for attack in which weak
holdings have accumulated. but In most cases
the stocks so attacked represent solid money
making, dividend paying enterprises.
Business throughout the country is booming.
but stock values move as If the Nation were on
the eve Of bankruptcy. The bright side Of the
stock market situation has not ceased TO be.
however, and 10 the we'll trained mind in specu-
lation the markets most promising side is the
hull side One of the strongest reasons for this
assertion is found in the character Of the cur
rent ownership Of securities and in the read
tustment Of holdings that has been going on for
the last few months Stocks have passed from
the ownership OF many people to the ownership
OF a few people. Further liquidation Will only
strengthen the technical position Of the market.
People who are long of stocks as a rule are In
vestors, not light marginal traders. Their &C.
counts carry ownership. Operators who are
short OF stocks do not own stocks, ard they
create their accounts by selling securities that
do not belong to them. In order to squeeze
profts from short accounts bear traders must
be assisted by declining prices, and while the
recent course Of values has favored bear opera
tions 1t has also created false sense Of security
that has induced extended short selling on the
theory that wholesale liquidation Of investment
holdings will furnish level of values at
which enormous bear profits may be realized.
Operators In stocks who are at present per-
sstent bears admit that bull factors outnum-
Der bear factors at the rate Of ten TO one or
better but they place money market condi-
lions ahead of all other considerations, and they
expect further liquidation In stocks on account
Of the apparent scarcity Of money the world
over. Continued pressure may bring out more
stock before the end Of the year but 1t Is not
likely that the more important interests Will
sell as long conditions governing intrinsic
worth remain at their present record breaking
level. Certain large speculative interests may
not be above working for lower prices by selling
but in this case selling will merely represent the
willingness of strong interests TO take advantage
OF the present opportunity 10 secure more stock
at cheaper prices There will be end to cur
rent military conditions before present prosper
fly runs its course. When money is in greater
supply at this centre. stock values will begin
TO measure business improvement. The Trans
wall war will not be a permanent affair, and
South African gold will not always remain away
from London. And the day will come when
Europe will pay its trade debts TO this country
in the yellow metal.