New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-09-22
BONDS.
THE DAYS OPERATIONS IN STOCKS.

After early weakness the stock market rallied
on covering Of shorts. closing at small net gains
In the greater number Of issues. Declines made
IN the initial dealings not important, ana
there was 10 evidence of decentralization in any
part of the list Despite the days recovery,
however traders were generally bearish at the
close. Owing TO the success Of the bear element
on Thursday. the short side Of the market is now
the popular side. and adventuresome commits
sion house spectators putting out short
lines in expectation Of steady decline in values
II will be wise for this kind Of traders to watch
their commitments with the greatest care. The
short interest is now large; the market is not
loaded with weak long stock. and a further
speculative rally is due. If the labor troubles
in the anthracite coal fields should suddenly be
settled. the effect upon security prices would
be considerable, and traders short Of stocks
might then find themselves in an uncomfortable
position. Strikes are generally settled without
extensive warning, and although the indications
for settlement Of the coal strike are not partic
1llarly encouraging at the moment, the situa-
ton suggests the utmost caution on the part Of
traders who are operating on the short side
OF the market
The money market has at last gained prom
inence as a stock market factor. In some quar-
tiers. where IL was recently argued that rates
would not depart from a condition Of extreme
ease.
10 the tendency Of the market while unwarrant
ed predictions Of the course of money are freely
INDUCED in. Money rates will undoubtedly rule
higher. There is, however no reason to believe
that stringency Will follow an advance in the
rrice Of money The resources of the banks
are heavy Curpsnt actual holdings larger
than generally recorded at this period Of the
year while the demand for money outside Of
that from the crop section Of the country is ex-
tre7nely light The German and Swedish loans
will undoubtedly lac settled through the coun-
try's credits abrOad--wfthout gold shipments,
and in the event Of a rapid depletion Of bank
reserves the Treasury will as in other times of
trouble. take means to assist the banking facili-
ties al this centre Present conditions fore
shadow no disturbance in the money market this
year Bankers would welcome higher lending
rate. but the greater number Of bankers appar-
emily believe that money will rule compare
lively easy for the balance Of the year. Unnat-
1lral methods were used in certain quarters last
year TO advance rates. and, Of course, similar
manipulation is possible this year.
The hard coal stocks were heavy features ir
yesterdays market and the possibility of
gympathetic strike in the soft coal region
caused selling in Pennsylvania. Norfolk and
Western and other soft coal shares. Bear trad
ers were cunning" for weak spots, and effort!
directed against a bull account in Louisville and
Nashville were successful. the price declining IL
consequence over one point, although recover
ing before the close. Railroad shares ru
ended at small net gains, but the character o
buying did not suggest a material further i'm
provement IN values. The market was oversolt
on Thursday. and yesterdays advance was littl
more than q speculative recovery. An uncon
hrnned rurnor that a conference had been ar
ranged between a representative Of the Goa
strikers and the coal companies helped the af
ternoon advance, while several other unfoundet
cheerful announcements assisted the speculative
rally.