New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-11-17
BONDS.
THE DAYS OPERATIONS IN STOCKS

Opportunities for continued successful specu-
lation the bull side of the market are not
admitted by the small coterie of bear traders
hut they exist nevertheless, and they are rec
ognized by public operators and substantial
Wall Street investment interests In yesterdays
market further advances On d conservative vol
ume of business took place. High grade stocks
were in excellent d, mand. and the general char
acter of buying represented the operations of
people who ara firmly convinced that long
period Of advancing values has begun. These
buyers are taking stocks for long price, and
passing reactions will not interfere with their
market plans. Stocks are purchase on all re-
actions. according to the best opinion in the
Street; hut ii may he We'll operate only on
large margins. The so-called Wormser crowd
which includes desperate" Consolidated
Exchange SPECTATORS. is working for lower
prices. basing its opinion upon the fact that Sc
curities prices well above the low level of
two months ago; also upon the assumption that
stocks have passed from strong to weak &C
counts. This bear element is apparently unable
70 gauge the Importance of current conditions
stock market factors. 1t apparently fails to
realize the true significance of the recent cleo
ton results. while it is altogether wrong in its
measure of the character of present stock mar
ket holdings.
The reelection of President Mckinley opened
the gates that held capital in check for many
months preceding the election Money is now
seeking investment in the channels of trade
and in the stock market. Business in general is
making ready for greater prosperity. and the
stock market is discounting the progress which
commerce and industry are about to make. This
discounting process should not stop with first
class investment securities selling under par
When stocks such Union Pacific preferred sell
under par prices high. 1t is true that
Il
nificance is lost when the situation is carefully
examined, when the promising prospects are
considered and when the difference between
actual and market values is studied. The credit
and prosperity of the United States will tend
1" improve market values. even if the invest
Inent yield is thereby reduced, just as they have
improved the market value of our Government
bends in the last few years. Pennsylvania
stock at 40 will not he dear and the day will
doubtless come when this stock will sell as high
as Northwest. Good railroad ( per cent stocks
VIII not be considered high many points above
par.
Many striking advances were recorded vester-
Gay. but the important feature of the trading
was the active investment buying Stocks are
passing out of the speculative circle into invest
ors boxes. and the supply of securities available
Tor speculative purposes is in consequence de-
creasing The inVestment demand for the pre-
ferred stocks of the Pacific roads was heavy.
and heavy speculative buying Of Northern Pa
CHIC common was conspicuous fea ture of the
DAY. In the afternoon the whole list became
strong and at times excited especial huova NOV,
developing in the Pacific issues the granger
shares. the steel stocks and Peoples Gas Peo-
PIE Gas made net gain of two points This
stock is per cent industrial that has great
many friends. International Pacific preferred is
another Of the meritorous industrials that is
selling under its actual value. The market
closed at about best prices.
THE DAYS OPERATIONS IN BONDS
GOVERNMENT BONDS-Market STEADY. EaI