Omaha daily bee., 1900-02-11

which accompanied 81. Professional bull
pools, known to be long Of stocks, were OBJ
served to be bidding UP prices OF their
holdings, in accordance with % well reCoE-
nized principle OF action among PROBES
sional operators. IL Is one of the strongest
propensitics of human nature TO desire 10
possess something that Is seen TO be adj
NanCing in prices. So that a pool OF STOCK
operators, after buying t~housands.of shares
of a stock and then advancing the price by
bids for smaller amounts OF stock by sue,
Cessivo stages, may md sufficient demand
for the stock aroused among the outside
view to absorb all of the pool holdings at
the higher level Needless to say such an
operation Is assisted by any authentic good
news regarding the particular stock al
fected or regarding the general speculative
prospect, as well as by rutnors and UPS
OF good things 70 come, the latter being
even more effective with a. reckless class
Of spectators than the sober and reliable
business facts. But, however true the news
may be which accompanies n rise; the com,
pletion of the operation above described
technically. Stocks held by compact, well
organized pools with skill and money re-
sources to buy up the supplies Offering ana
thus maintaining the price, have passed 10
weak and scattering holders, who have
bought them with borrowed money ON a
narrow margin and who have no resource
but to sell out when prices decline. ThCu
comes the bear operator in stocks, who sens
large blocks in a buoyant market ana nor
rows them for delivery until he has oUtTeI
prices down and wiped out the marquis OF
The unfortunate speCulator, forcing him to
sell out at a lower figure to the proht OF
the bear. The outside interest aroused IN
the stock market carly IN the week by the
MANIPULATED advance and the taNoraplc
news developments was so considerable as
to absorb the holdings of speculative Dul!
pools and also. according TO current report
and indications, some large holdings by
banking and large financial interests, WhlCh
bought stocks in the December panic at "a
level of absolute safety. Conservative IN
terests of this class take n certain proht
on such holdings rather than hold for fur
Their rise on prospects of future NaIue. =
The rather violent collapse in prices OF
the midweek and the steady stream OF
realizations later show conCluslNely that a
considerable proportion OF the preVl"us
buying was for purely speculative account
by weak interests. But in many stocks
there has been evidence of large and per-
sistent demand at all price levels toucheu'
which is a good indication OF an apsotp-
ton going on for Investment purposes. Ihe
motives of this kind of buying were sew
eral, including the declaration OF ne" o.
Increased dividends, both on railroad ana
Industrial stocks, the high level of earnings
maintained by the railroads, the large
volume of their traffic IN spite oil auNance9
of freight rates now in force and the pros
| pect of advances to come in other classes OIL
freight, notably in bituminous coal
Plans for consolidation OF cohtiol OF IN
netting railroad systems were also In pro-
cess OF completion. The numerous ramlilca-
lions of the great iron Industries snow, a
healthy tone for the future contracts, Whlch
are ali that can be considered in that busl-
ness. owing to the full engasefneii Oh pres
emit cauauitieS. Large BANK CleaItnSS out
side the money CenterS of the east snow tle
continuance of general business acuNllS
above last years high level, notwithstanu-
ing the falling off in purely speculative &C
tivity. The high price and the active mar
ker for cotton are believed to assure future
prosperous condition and potential demand
for merchandise and produCts from IA large
norton of the country. Money continues
easy. but the prospect of renewed abSorp-
tton bv the United States treasury in taxing
nm the revenue surplus and the reduced M
fow to New York. owing to renewed use
of money in business at interior polhte' au-
monishes to caution in imitation OF creults
| on urSound speculative values.
The business in bonds has been on a 1ailIS
large scale and the tendency of prices mas
been somewhat mixed. United states -
! advanced n, the old As and 5s "A and new is
p in the bid price. u
! financial cablegram says: The markets
here opened dull on general business and
! the retirement from Naalkrantz, but there
was a general recovery later, the market
inClinine to the view that the movements
of General Butler and General Macdonald
are intended chiefly to occupy the attenllol
NJ the enemy so as to facilitate the ad-
vance of the central column directed py
General Roberts. ConSOls Were STEADY al
1Olls. Americans began a shade under par
ity and then improved with the rest OF inc
list although most of them We're lower or
balance. The bank bought &ll,OOO gold II
scandinavian coin ard received 5000 from
Australia. Silver was q 9-l6. snort loans
were in less demand than yesterday, blu
loans for longer periods are wanted 6ltiS
We're a shade tirmer.
The following are the quotations for the
leading stocks on the New York exchange
| today.