New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-10-20
BONDS.
The DAYS OPERATIONS IN STOCKS

The DAYS OPERATIONS IN STOCKS.
On a large volume of business the stock mar
ket made further progress toward a higher
level Reactions in the last hour Of business did
not cause a material reduction in the early i'm
p5ovement and rule, final prices showed
substantial net gains compared with Thurs
days closing quotations. The Street was ap
parently intensely bullish, but, under the cover
Of bull enthusiasm a large amount of stock
was put on the market by interests who have
profited richly from the current advance. The
more active stocks are from five to ten points
above the level that prevailed a few weeks ago,
and despite the undoubted good character of
current buying. number of operators are TAX
Ing profits at ruling prices. When the Street
IS filed with reports that big" men are buying
it may be put down as a certainty that big"
men are selling. Big" men. so-called generally,
buy cheap and sell dear. and it is well bear
IN mind that this class of operators have been
carrying stocks in expectation Of just such a
rise as the market is now enjoying. Neverthe-
less. the market has the support Of good buying
as investors and important financial interests
adding 10 their lines, owing to the growing
confidence in President McKinley's reelection.
II by any unfortunate chance Mr. Bryan should
be successful, the current advance in stocks
would furnish additional cause for sharp cleo
ton decline.
II the market continues its upward course
until Election Day a good deal Of strongly held
stock may pass into weak hands. So far, how
ever. the weak outside element has not been
active fl the market. In view Of the advance
. reaction is certainly due but there is nothing
the situation thsts wamants a bear cam
paign. The demand f0r-hIgh class securities
q feature yesterday vand the substantial
hrms who bought these issues represented some
IF the best known capitalists in the country
When Vanderbilt and other equally powerful
Interests are in the market, selling by the Keene
and Gates crowds has little effect upon prices
The medium priced railroad stocks were well
taken. while the industrials Of merit were in
good demand. The steel issues are becoming
more popular. Federal Steel common is con-
sidered one Of the cheapest Of this group. and
the character of the present demand for the
stock and for other steel and iron securities
reflects a belief in well informed circles that all
the steel properties viii enjoy another year Of
prosperity. The big decline in the price Of
good industrial securities in the last year has
brought the various issues to an attractive
market level. In this list may be mentioned
American Car and Foundry stocks which are
selling under their intrinsic value The pre-
ferred pays per cent and the common per
cent, while surplus above the preferred is equiv
sIent to more than 10 per cent on the COM
It will pay intending buyers to look into
the records Of the new industrial combinations
for their first year Of business The time has
come when the value OF the new industrial Sc
curities investments can be quite clearly de-
termined.
From the known movement Of money in the
week the banks have lost upward Of 81, 600, 600
but il is said that the amount will be consider
ably increased by local movements not reported
A week ago the bank statement failed to show
the actual loss in cash holdings and it may
come TO pass that to-day's statement will be
equally as surprising. only with big loss in
cash instead Of the small loss predicted yester-
DAY. Money rates have not foreshadowed a
bad bank statement but If stock market &C
tivity continues higher rates for money will
doubtless develop The rally in prices yester-
day afternoon was led by the Vanderbilt Nor
gan stocks and while in some quarters II was
thought that the stocks were being nanipu-
lated merely to attract buyers it was generally
believed that the activity in this group Of issues
vas due TO genuine high class buying The
days transactions were fairly well distributed
with the heaviest dealings in Manhattan stock,
which made sharp advance Sterling exchange
weaker yesterday. otherwise the money
markets were without feature.