New-York tribune., 1900-11-15
'Ex dtv1dent
BONDS
TIE DAYS OPERATIONS IN STOCKS.

The course Of the stock market yesterday was
irregular. but generally speaking the tendency
OF values was toward higher level. For q large
majority ot stocks IN fact. the closing prices
were higher than those Of the day before The
volume Of trading was somewhat reduced from
preceding days. but Il still was - large pro-
portions, aggregating nearly 100000 shares.
The public seemed not 70 have withdrawn from
The market II absorbed the stocks offered by
The professional operators. with the result that
the latter finally turned about and became buy
ers again Conditions had suffered no impair
rrent. but. If anything. were improved That
was especially true of the conditions directly
pertaining Il the speculative situation Money
was in such good supply that rates declined
materially, and the belief vas that abundant
funds would ~ provided right along for stock
marker requirements. no matter how extensive
they might become. Apprehension that ANYTHING
lke extensive realizing likely to ensue at
present appeared to be disproved. A. any rate.
efforts 70 bring on g selling movement came 70
naught. and were. for the tine being 81 least.
abandoned
n the list e attractive stocks there are many
issues which are selling 50 far down the specu-
lstive scale that they offer excellent chances for
p-oft Z holders are willing 70 exercise little
patience. There are cheap stocks the intrinsic
worth of which is not measured by current mar
ket quotations In some cases issues q this
class selling under tEeIr BEST prices OF over
year ago, while II Others the i!Ap faF
has been made is not significant In the last
year earnings of railroad and industrial com
pantes have added value 70 The common stocks
and II the case Of many securities now selling
from % down e material appreciation in mar
ke1 value should soon Dc under way Increase
IN actual worth has not been confined 10 the
high priced and standard shares alone. With
The progress OF the current bull market this fact
VIII become more keenly realized, and ultimately
the low priced securities Of merit will advance
70 level more in proportion 10 the!E true value
II proper discrimination IS exercised in the pUr
chase Of securities speculative profits and good
investment returns viii accrue 70 the benefit Of
the buyer, barring, OF course. some catastrophe
Of widespread influence upon money and bust
ness. The most depressed pessTnists in the
Street unable 70 find anything OF disturb
professional bears are putting forth the opinion
that good conditions have been discounted IN
the stock market and that a long period Of
segging values is in sight
The suggestion is made that bear traGers-as
fo- instance. 4 well known Consolidated Ex-
change plunger, who is seeking 70 become the
greatest bear Of the speculative coQlEnUnity-
would better keep their weather eyes open for
squalls that may drive bear craft upon dan
gerous stock market rocks. People who stay
short Of the market for any extended tine are
not likely 10 add fortunes 70 their bank ac-
counts. = few bears are good for a market as
they help 70 preserve the speculative eGui-
nhriunl. but operators who go short" for r7o-e
than q turn certainly have litt!e in their favor
al the monlept; and there IS nothing in the posi-
ton Of affairs governing The value of securities
that encourages the belief that the deyeIor-
rnents Of the next six months will make hear
speculation profitable Traders who s-ioL -
good stocks and who refuse 10 take loss on
passing reactions viii, i is believed. make sat
Istactory profits on their Investments Fuy,i-g .
of stocks outright is 4 feature IN the current
market that adds strength 10 speculative con
oiC!ons L reflects buying by interests which in
t-rG e hold stocks for more thai 1av ,r.ar
ests which see IN present conditions the hssis
Tor continued bull activity n security prices.