New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-11-21
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Market values again showed considerable IT.
regularity Of movement in the early dealings
but in the greater number of issues closing
prices were well above Mondays final level.
Transactions large and well distributed
throughout the list, with heavy buying in the
investment railroad shares and industrial stocks
OF recognized merit Commission houses were
active on both sides of the market Efforts TO
depress values and realizing sales naturally
caused irregularity. but they furnished few OPP
portunities to secure stocks at materially lower
quotations The pressure of new buying pre-
vented important setbacks, while it encouraged
extreme caution the part Of the people who
are preaching reaction. Stock market values
are on the up grade because conditions govern
ing real values moving on the prosperity
basis. because capital is confident, because the
money market outlook is promising and be-
cause Bryan has been defeated. Every one
ought TO know why stocks are advancing; but
IL appears that great many people fail to ap-
preciate the tremendous significance Of the cleo
ton results of November as factors bearing
upon the present and future welfare Of the
United States. The public seems to realize more
fully the meaning Of current conditions than
do the professional"tradersi in Wall Street
The public controls the market. but it is not
running mad speculation. The dizzy
heights Of speculation have not yet been reached
Iaticn save In few rare instances. Conserva-
tive outsiders IN the market, and when they
get out the silly portion OF HE public specula-
tive element VIII doubtless in. When
prices reach an artificial valuation and when top
buyers appear with enthusiasm to accept the
loads that present buyers will dispose of, short
sales for a considerable turn In the market will
be profit makers. The best judges in the Street
believe that stocks bought now liberal mar
ON rrIn CHI
. of the next few months Even the issues that
a possess little intrinsic merit will move along
with the general market. There are cheap
stocks the list that have gained intrinsic
value IN the last year, and many of the low
priced shares that are called the pups" of Wall
Street Will some day surprise their friends and
enemies by developing into "dogs" Of value
There are a number of high class issues that
were once in the puppy class. In the after
noon trading yesterday prices became strong
throughout the list increased buying from
commission houses, and also from the shorts
Mr.. Keenes bullish interview on the situation
helped the rise. especially in the steel stocks
which apparently favorites with this mar
krt leader. Northern Pacific was the feature Of
The market advancing over points on enor-
nous dealings. The close was strong and ac-
tive
The talk that prices are too high is still heard
I'm Wall Street, but conditions in general do not
warrant the statement that values are above
their true worth. The high prices reached in
1888 We're considered fictitious and in many
cases this was true Since the time Of the high
level Of 1899 increase in the real value Of
securities has taken place. and current conditions
and prospects Justify the expectation that stock
values will not only reach the high point Of 1899
but ultimately far beyond. The following
table shows the record of 1899 and the closing
yesterday and the difference in points between
the two levels for number of prominent securt-
ties: