New-York tribune., 1900-01-13
BONDS.
THE DAYS OPERATIONS IN STOOLS.

The market developed considerable strength
yesterday, despite vigorous opposition by the
bear element Traders sold stocks short in the
morning while in the subsequent and final deal
sngs they forced to buy back at higher
prices. The short interest in the current mar
1et is large, but majority opinion among the
professional traders is bearish and confident
that prices Will work lower. This opinion is
fostered by certain influential operators, who
every now and then announce that they
no reason TO change their views" and by Street
publications which bear inspired" Last
hour dealings yesterday, while representing in
great part traders transactions, reflected
technical strength which ought to encourage
caution among the bearishly inclined operators.
Prices advanced rapidly in the final transac-
sions under good demand, that found great
scarcity Of stocks. The recovery extended
Throughout the list. even the recently weak
Epecialties showing strength which resulted in
substantial net advances, as compared with
Thursdays last prices
The money market is relaxing in all the finan-
cial centres of the world. The increased value
of money and its scarcity that led to heavy
selling of securities and lower quotations
tn December have been succeeded by con-
ditions which are carrying the rates for money
lower and adding important sums to the lend
ing supply in domestic and foreign financial
circles. Bear arguments in December were
based the high price Of money 1t was said
that the value of stocks was out of proportion
10 the value Of money, and that securities
values ought TO sell many points lower. The
market declined beyond the limits OF sense and
reason Money is easing. and the monetary
situation has ceased to be a bear factor; but
bear traders however. are still selling stocks
short. Their only argument is that stocks are
TOO high If bear traders could stock values
in two they would still insist that prices
TOO high Prices are always too high from the
bear point of view just long there is any
chance of putting prices lower At times the
bear element overestimates the chances, and in
consequence it finds itself undone by its own
enthusiasm 1t is believed by many competent
observers that the bear element is treading on
dangerous ground
When good dividend paying stocks and stocks
whose prospects indicate dividend payments are
in the hands Of capitalists legitimate specula-
zion does not suggest short sales and more espe-
cially at a time when quotations are from ten
10 forty points under the level of a few months
spreceding In the present instance the bear
element IS depending upon the manipulation of
of the more important operators TO bring
about further liquidation and lower prices but
in the last week success has been confined to a
few of the speculative specalties. The general
list has held remarkably irm while bear at
aacks have not been accompanied by market
activity Actual market conditions are more
healthful than they have been in many months
and the active efforts Of the bear element to re-
duce values by ilegitimate methods suggest the
weakness OF the bear position The striking
feature Of speculation this week has been the
hrmness of the general market in the face of the
violent decline in Sugar Refining and other
shares which are particularly vulnerable to spec
ulative manipulation