New-York tribune., 1900-09-18
BONDS.
THE DAYS OPERATIONS IN STOCKS

Compared with the average days business Of
the last two months yesterdays transactions in
stocks in the first two hours were heavy. The
total volume Of trading for the day amounted
20 250,41S shares, fairly well distributed
throughout the general list. Prices opened on
decline, but after the first hour a rally set in
which IN many cases carried quotations we'll
shove the opeEIng prices The advance was due
% support from substantial interests. which
caused a rapid covering of short contracts.
With the decline OF Saturday and the early
oession yesterday prices ruled at a level that
doubtless appealed to people who make quick
turns IN the market and 10 people who will
ing TO take good securities at bargain figures
despite the various factors OF uncertainty in the
situation Bear traders are active at the mo-
nent. aad several large spectators have IT is
understood. begun operations for lower prices;
bat It is not likely that sny save timid holders
VIII sacrifice their security possessions. 1t may
not be wise for small traders margins to
take position on either side OF the market at
the moment but the general outlook does not
warrant the sale Of investment securities at a
loss. The recovery yesterday doubtless does not
foreshadow e bull movement in stocks, while il
IS not believed in most circles that the decline
Saturday indicates extensive bear success. The
bear element has not technically weak market
en- its hands.
London was an active seller IN the local mar
ket, its sales amounting to upward Of 10000
shares. Commission houses had a fair supply
of selling orders from frightened customers. but
there was no evidence of liquidation by impor-
tant market interests. The bear element con-
tends that the anthracite coal strike will have a
materially adverse effect upon the cause Of the
Republican party, but It remains to be seen
whether or not the Investors Of the country will
accept this opinion sufficient argument TO
cpTlf foafr fs RI IN Ind of
the extent of the current strike. AS a rule
strikes are not a safe basis for being short Of
stocks. In the present case the lack Of con-
certed efforts the part of the mine owners to
prevent the closing Of the mines lends encour-
agement to the view that the trouble Will be
extensive and expensive, and it is to this
than TO any other factor that Wall Street trad
ers feel safe in taking the short side Of speoula-
ton. The money market situation is viewed
with alarm by the same class Of traders but
actual conditions do not suggest monetary dis
turbance. Surplus and cash holdings of the
associated banks may fall for several weeks to
come, and lending rates will undoubtedly rule
higher. The banks, however, are IN good condi-
ton to meet drain upon their resources and,
barring some extraordinary development, such
as Bryan's election, there ought not to be any
real disturbance at this centre. If conservative
nnanciers were doubtful about the present and
from Europe rather than lending more money
abroad
The market relapsed into dulness in the after
noon, with frmness the only feature In few
issues heaviness noted. American Steel
and Wire and Tennessee Coal and Iron were
bought by insiders, and in Peoples Gas cover
ing for the account Of Chicago operators was re-
ported The granger shares were strong and
even the hard coal stocks failed to respond to
the strike in the Pennsylvania coal regions. The
Southern Issues were generally heavy. Last
prices were under the best of the day, with
more net gains than losses. The money market
vas inactive and unchanged in rates The fact
that the money market made no response to
Saturdays unfavorable bank statement had
something to do with the strength in the stock
market, while the refusal of some of the miners
In the anthracite fields to strike also helped SEN
timent and prices.