New-York tribune., 1900-11-09
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Marked strength in prices. accompanied with
enormous dealings. marked the course Of Stock
Exchange business yesterday. Investment puy-
ing was feature. and. although realizing sales
were heavy, the volume OF new business for the
long account large enough 10 absorb all
sales and prevent quotations from declining
The market was a genuine bull affair. In view
OF the sharp upward movement in the last TWO
oays. and the advance that took place before
election. il may be safe to look forward 10 re-
action before the close of the week. but it will
hardly pay to expect anything more than
healthful setback in values Stocks are not
dear save In a few instances. Advances have
not vet measured the improvement that has
taken place in the intrinsic worth Of securities
in the last few years. and they certainly have
not discounted the effects OF the National Elec-
ton. 1t is quite probable, however, that the
level warranted by general conditions will not
be reached without periods Of reaction. and II is
also probable that while declines Will accom-
pany the upward movement the course of val
ues will beyond the legitimate level before
q big decline develops.
Buying orders came In from all parts Of the
country. and Tammany Hall speculatsrs were
said TO be active IN Manhattan. Ice and other
issues In the hope of recoupng losses made In
the Wall Street political betting market EN-
cry one apparently wanted to go long OF
stocks, but, OF course, the selling came from
people who bought when stocks were much
lower and who expect to be able to buy back
on a speculative slump. The regular speculative
favorites were heavily traded in. but the whole
list showed animation and buying for strong
commission house accounts. Attractive cheap
railroad and Industrial stocks were in demand,
and the only decline of Importance was in Amer
lean Linseed which was sold down by interests
which wish TO accumulate the stock at lower
prices. With the exception of the stock named
the industrias ali strong and higher. es-
pecial strength being shown by Peoples Gas and
the steel and iron issues Peoples Gas pays q
ger cent and more, and its claim for a
better market price is based upon substantial
merit. The company is frequently the object Of
attacks from stock gambling politicians in 1lli-
nois but it continues supply the greater part
OF the city of Chicago with gas. while its stock
is held by solid investment interests.
Money market conditions were not involved
In new developments, and borrowers had no
difficulty In securing funds at comparatively
easy rates. Time money remained unchanged
It is thought that when time money becomes
easier an active demand will arise for long ster-
ling for Investment account. The supply Of eX-
change is still heavy. bat ii is lighter than re-
corded several weeks ago, offerings of CONNER
citl bills showing falling Off while the demand
for remittance is more urgent. This demand
represents in great part the inquiry for ex-
change to pay for American stocks sold by
London. London again heavy seller in
the local market yesterday. Estimates of ar
bitrage houses transactions ran from 6OooO to
10000 shares for the day, which with Monday S
operations make over 100000 shares sold in two
days Total sales were under the record of
Monday, but they ran beyond the million mark.
The close was at about the best prices Of the
day.
n Y R0NnE
GOVERNMENT BONDs.-Narket strong Final