New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-11-27
BONDS.
THE DAYS OPERATIONS IN STOCKS.

The professional element again worked for
lower prices in Yesterdays market, but the
greater number of issues closed the day at net
gains as compared with Saturdays final quota
tons. Further irregularity until profit taking
sales have been thoroughly dgested may be ex-
pected but a materially lower range of values
and wholesale liquidation appear out OF the
question Bucket shops and bear traders an
nounce that the top has been reached, and that
& long period Of decline is in sight, but appeals
IF this sort to help the shorts and the bucket
shops are not likely affect holders of stocks
who believe that commercial prosperity will be
accompanied by greater expansion in security
values Many bucket shops have failed and
others would go under to-day il calls for money
made from customers. The position OF the
traders who sell stocks that they do not own,
and the bucket shops that neither buy nor sell,
hut pocket customers accounts in the hope of
declining market. is dangerous in these days OF
Industrial activity and investment confidence
Investment confidence is back Of the current
market Investors have taken millions Of dol
lars worth Of stocks out Of the Street in the last
three weeks. and there is no immediate prospect
that investment buying will cease to be a factor
In the market.
Despite the advance there is no adequate
son why good stocks should suffer any notable
decline from the ruling level until conditions
governing their actual value register a change
In the tide Of business. The prospects favor no
backward step in the world of trade. There are
no indications Of coming disturbance in politics.
business money. and with clear field in re-
spect to the factors named there can be no cause
for pessimism or Encouragement. The bank
statement published Saturday reflected a steady
increase in funds at this Bear predic-
tons that money Will be dear in the last month
Of the year hardly likely TO come true, and
If bear traders are selling short in the expecta-
ton of repetition Of last December's money
panic they apparently doomed to disap-
pointment. Buyers of stocks at the current
. level and all reactions or large margins will
not be forced 10 sell their holdings for money
market reasons: indeed, there is at the moment
nothing in sight that warrants the belief that
handsome profits viii not be made all con-
servative operations for the long account. In
buying stocks public operators ought shun
the get rich quick concerns that promise to
make wealth shoestring margins. There are
reputable brokers in Wall Street. despite the
fact that some people look upon Wall Street as
sink Of iniquiry. And it is easy matter
TO find the trustworthy brokers and open &C
counts that will be handled with intelligence and
honesty Brokers" who guarantee to put the
public right the market for SO and who are
willing TO direct your account at dscre-
ton frauds. Little sympathy is deserved
however. by people who send their money to
brokers about whom they know nothing save
the brokers' own guarantee that he is safe and
sound and in q position to make a fortune for
every one.
Sharp advances were made in many Of the
more important issues. and in some of the cheap
stocks. such Southern Railway common
North American St. Louis and San Francisco
and Texas and Pacific The cheap stocks will
bear watching. Most of the issues in this class
are gaining in actual value and II looks as
If they were about to reflect in market value
their growing actual worth. Peoples Gas made
a prominent advance in the last hour on a good
character Of buying, and covering by the shorts
Peoples Gas is stock that may furnish some
disappointing surprises to the people who re-
main short OF il. Weakness in American Steel
and Wire caused heaviness in the steel group.
and a raid against these issues in the final deal
ings caused small recesSions In the general list
Total dealings amounted to over 100000 shares
THE DAYS OPERATIONS IN BONDS
GOVERNMENT BONDS-Market strong Final