New-York tribune., 1900-03-28
BONDS.
THE DAYS OPERATIONS IN STOCKS.


Operations in stocks yesterday presented no
evidence OF speedy collapse of the current bull
speculation. Realizing sales were heavy. and
1rregularity and reactionary tendency were
noticed IN various parts of the list, but these
movements were merely healthful accompani
ments OF a growing upward market. London
was again an active factor in the local trading
its sales for profits being we'll under its pur-
chases for accounts. Commission houses
and banking houses which conduct Wall Street
transactions for rich investors and spectators
say that the character of present buying Is ur-
usually good and that interests who have been
out OF the market for year or more are now
adding TO their speculative and investment lines
The low priced stocks are in active demand
especially issues such as Southern Railway
common Railroad earnings have been good
aor long Time and unless all indications fail
they will be good for long time to come
Growing earnings must find reflection in mar
ket values and there are no stocks in better
position 70 respond to earnings than the low
priced securities which are now selling far be-
low the level TO which they are entitled by pres
ent value and current splendid prospects The
most striking advances this year will II is be-
ueved. be made in the cheap stocks Reading
issues were in demand yesterday and increased
buying was reported throughout the group of
coal stocks. Notwithstanding heavy selling In
the day net gains general at the close
/ AT this time a year ago sterling exchange
rates were approaching the gold exporting point
and call money was passing through a period
OF fluctuations that ran from 6 to 10 per cent
Stocks suffered many severe declines, the in
dustrfal issues in particular exhibiting marked
weakness. Bear traders were active and helped
by weak technical conditions in the market they
were successful in their campaign against
values The market value of stocks declined for
the reasons named and not because Of factors
governing the actual worth of securities Trade
throughout the country was active at the time
but the bull speculation Of the early part Of the
year was finding its natural sequel in declines
forced by speculative and money market con-
l0irfons. This summary of the situation of a
year ago is interesting In view of the conditions
ruling at present. Sterling exchange rates are
now near the gold importing point and ship
ments Of the precious metal from the other side
are discussed in banking circles possibilities
Money market conditions are moving in favor of
the borrower. Speculative conditions are work.
Ing in favor of higher market values The period
Of liquidation that began last fall has run its
course Stock market holdings have undergone
q complete readjustment in the last six months
and active operators who have worked until re-
Gently on the bear side of speculation are now
uncompromising bulls. A renewal Of foreign
puylns OF American securities has developed
lano local banking interests actively engaged
IN establishing a higher range Of quotations
PUBLIC buyers have returned to the market
The passage Of the Gold Standard act has been
she most potent factor in renewing foreign in
terest in the American market. The elimination
or the Third Avenue troubles from the specu-
laive situation, the change In money market
conditions the continued gain in railroad earn
/ ,ngs and the confidence Of capital in political
and financial conditions powerful induce
ments to buy stocks at ruling prices. Current
bull activity is based upon solid trade money
and technical conditions. Political uncertainties
are not frightening capital at present, and. while
later on in the stock market hesitation
may develop because of the Presidential cam
pagn, IT is not believed that the course Of busi-
ness will be upset by this years political ac-
uvities. Bull markets, of course will not run
on Indefinitely, and operators who buy stocks a
month hence may be forced TO carry them or sell
them at lower quotations in the summer but for
several weeks TO come advancing prices will II
is believed. be the feature of Wall Street opera
lions. The temper Of Wall Street is unmistak-
ably bullish, and there will be little profit for
pessimists at this stage of the game"