New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-10-27
BONDS.
THE DAYS OPERATIONS IN STOCKS

The stock market developed a further reac-
tonary tendency yesterday. but losses when
made were not important. Traders were bearish
because they believed that technical conditions
warranted smart decline. In this theory the
bear element has the support Of precedent. but
the persistency with which big holders keep their
stocks apparently precludes the possibility Of a
decided reaction until prices have advanced
considerably higher, or until some development
arises to shake investors confidence If the bull
pools that are at work in the market should
withdraw their support the trading element
would doubtless be able to bring about decline
of a few points; but such loss in prices would
help rather than injure the market The most
enthusiastic bull does not care to see a runaway
bull market, and few regrets would be made If
a moderate setback in prices took place Con-
hdence is growing stronger in the chances Of Re
publican success in November but the coming
week may develop enough hesitancy among
speculative bull pools to encourage a small de-
cline
There is no great technical weakness on the
bull side of stocks at the moment for the sim
pie reason that stocks have not been taken by
people who deal on "shoestring" margins. It is
therefore unreasonable to expect a crash in
values. Conditions the Stock Exchange and
outside the Stock Exchange warrant no specu-
lative panic. So far there has been no specu-
lative orgy. With frequent healthful reactions
the market could advance for a long time to
come on the character of current trading and
unless change takes place Il the character of
this trading, stocks will probably enjoy grad
ual appreciation for several months hence The
reelection of President Mckinley will undoubt-
eddy be followed by a profit taking reaction.
Looking to the near future however the effect
of Republican victory must be reflected in fur
Their expansion in market values Intrinsic
values will be enhanced and market values will
follow.
The course of the money market in the week
has not indicated any stringency of funds at this
centre In view of the heavy speculation in
stocks the failure of call money to advance be-
yond per cent. while ruling most of the week
at 312 to Az per cent. reflects either greatly in
creased supplies or buying of stocks outright
without the assistance of borrowed money. It
is known that many people who buy stocks out
right have been in the market this week. and it
will therefore be interesting to note the loan
item in to-day's bank statement week ago
the stock market vas active, yet loans decreased
over S10,0OO,OOO. The known movement of
money this week suggests increase in. actual
cash holdings, but the unknown factors of loans
and deposits make all estimates regarding the
surplus above legal requirements worthless.
The actual position Of the banks is sound
Money is on its way to New-York from all over
the world, and by the middle OF November local
holdings should be largely added to by a heavy
return movement of funds from the interior.
The Sub-Treasury paid out nearly 100000
yesterday on account Of gold receipts ct San
Francisco but only small part of this amount
will figure in the statement OF bank averages
which may even show loss in cash holdings
The stock market closed strong.
THE DAYS OPERATIONS IN BONDS.
GOVERNMENT BONDs-Market strong. Final