New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-10-25

THE DAYS OPERATIONS N STOCKS.

n,11Tr DsY,S OPERATIONS IN STOCKS.
-rhesadvance IN stocks on Monday encouraged
neavv realizing sales in yesterdays ihaINe"
<he result Of which an irregular movement
"a values Buying was excellent IN character
mt there was no marked disposition as ho'eu
on the preceding day, 10 steer the market "'o
aosactive bull affair. The money market is ho'
,zat In q position 70 handle a big buI speculA-
80, hut a decrease in the demand for money
@,oro.,th interior reported by the banks yesleI-
dav indicates that the monetary situation Is
SLOWLY working TO the point where EXTENSIVE
.,,a~l,at operations can be successfully con-
Quoted There was good investment Duylhs III
~ dev especially IN the bond market and
among me cheap but attractive investment
tsa,,es IN the share department New-fo Cen
I'll 1-nfon Pacific preferred Louisville and
Nashville Peoples Gas, Burlington. St Paul
1aock leland Southern Railway preferred. balti-
MORA and Ohio preferred and Atchison preferred
,.,ere tr, demand from people who use discrimina-
4ion IN their market purchases AS d rule final
changes were small. about evenly distributed
between net gains and losses
1rba tntau1ion of the New-YOTk Central TO in
crease its capital stock by S15,OOO,OOO. chiefly
for the purpose Of providing new equipment Is
q SIGN OF the times that should not be neglected
bv traders IN stocks And another indication
Of the prosperity among railroads Is the heavy
order by thf. Pennsylvania Company for S3.VOO'-
600 Of steel rails at current prices. New YORK
Central WI increase its capital stock in order
to increase its earnings. Stock and BOND issues
are sometimes made because railroad companies
are hard up" but under the present prosper
GUS condition Of the country railroads have
more business than they properly can handle
and they are forced to add to equipment at
enormous expense which. however, will be off
Get nv the tncrea sed earnings resulting from the
larger traffic facilities. II the Pennsylvania
Railway Company thought that the price OF
steel would drop from the present high nsure
orders doubtless would be held back and the
fact that big orders have been placed at ruling
quotations furnishes striking example OF the
confidence of conservative business men IN the
permanency Of industrial activity Railroad
earnings prove conclusively that business eX-
panson is something more than shadow
Stock spectators who prefer the short side Of
The market may believe that the local and
foreign monetary situation the Transvaal war
and election uncertainties offset actual growing
business but they certainly will lose their
money II they put their convictions 10 a test
In the stock market for more than market
turn.
The money market position VIII gradually be
come easier and bull speculation doubtless
will be conducted with money between 4 and 6
per cent If the speculative fever should run
wild with the bank reserves only slightly above
the legal limit there would be some temporary
high fluctuations in money. evidence of which
was reflected in yesterdays market when call
rates ran uo TO per cent Moderate bear sue
cess at this juncture would assist rather than
iniure the market But bear success cannot
run beyond a turn. because there is nothing in
the situation 10 induce liquidation save the dis
position Of many people TO take profits on the
advance Of the last ten days. Operators for
the decline may sell short and cover on the
realizing sales Of holders OF long stock but
It is impossible TO believe that they will make
money 10y staying short Of stocks on the ex-
pectation that wholesale liquidation Will soon
take place. The stock market Is beginning to
expand With expansion come large huctua-
lions. and in times Of large fluctuations large
margins should he provided.