New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-02-24
Sex dividend.
BONDS.
THE DAYS OPERATIONS IN STOCKS.

The complications and manipulation connect
ed with Third Avenue Railroad affairs and
Third Avenue Railroad stock speculation again
exerted a disturbing influence upon the general
stock market Third Avenue broke sharply
touching the lowest price of the current move
rnent while it failed to hold the rally which fol-
lowed the announcement Of the formation of a
committee of stockholders by three important
banking houses. Bear traders were aggressive
throughout the list. There was however, no
heavy liquidation, and with the exception Of
the Industrial shares. losses were not large or
in any case, save Third Avenue. significant of
any change in the conditions governing the real
worth of securities Railroad stocks resisted
bear pressure in the morning, but in the after
noon they declined with the rest of the list. The
late report that the Senate and House confer
rees had reached agreement the Finance
bill caused rallies from the lowest, but final
changes showed net losses in the greater num-
Der of issues An unfavorable forecast Of to-
days bank statement helped to create bear SEN
timent.
The stock market is not in position that
calls for alarm on the part Of investment hold
ers of securities pessimism the part of
the marginal" Spectator. Underlying conditions
are sound, and the same may be said OF tech
meal market conditions. duh market is dis
couraging to both the bull and the bear. but
current dulness will not last forever. and when
the change comes IL will doubtless mark the
beginning Of a decidedly active movement And
at present there is little reason TO believe that
such movement will be in the direction Of
lower prices Bear enthusiasts argue that ia
yorable developments are having effect upon
values, and in consequence market quotations
must soon go lower. The argument stops there.
1t is a poor argument, because it is not backed
by conditions that encourage the sale of stocks
either by investors or speculative holders. Stock
market trading has become monotonous, and
every broker and operator in the Street would
welcome some development which would arouse
speculation from its slumber.
In answer TO the bear argument just cited, the
! believers in higher prices say that in their
opinion the factors which are increasing the
actual worth OF securities cumulative in
effect in relation TO market values. They do
not believe that the enormous gains in railroad
earnings and the growing prosperity in general
viii fail to find their place as market factors.
A famous Wall Street operator who has been
bear in the greater part Of his Wall Street
experience, said ia the week that one could not
bear stocks successfully for any length of time
in the face of continued heavy railway earnings
The younger bear element will do well to keen
this remark in mind. Money market condi-
lions may help the bear at times but # shouId
De borne IN mind that higher rates for money
nm spring VIII not come upon a stock market
iiiieo Win weak accounts And the "philan-
lHTopists who manipulated money rates last
nan III oroer 10 check speculative enthusiasm
anc incidentally to make large profits at the
p'e VI me operators on margin will not be
aoie 10 ply their trade with any especial success