New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-05-10
BONDS.
THE DAYS OPERATIONS IN STOCKS

Stock market values declined again in yester-
DAYS early trading. Commission house selling
for the account Of timid and tired out customers
was a factor in the days dealings. and. in fact.
IL was the chief influence in the course of morn
ing values Covering purchases I'm the after
noon led moderate rally throughout, and in
consequence final changes did not show i'm
portsnt losses The market is in a position
where sharp rally is due and such move
rr1ent could ca silly be engineered If substantial
interests should decide move against the
shorts Railroad shares were weak features,
the whole list sharing in the decline and show
ing little disposition TO recover until the final
dealings The steel stocks were again compare
lively firm and their resistance bear pressure
sugges- d that they had been sold TO stand
still For some unknown reason traders were
bullish Sugar Refining stock and the adj
vancing tendency of this erratfc issue was fol-
lowed by active covering Of short lines. Various
reports regarding a trade sentiment put
out but none bore the Endorsement of official
authority. In the last half hour the whole list
became strong and good buying was reported.
especially in the railroad list, and in some of
the industrials OF merit
Many commission house accounts have been
isquidated in the last two days, owing to the
fear on the part of holders that current dulness
and sagging values foreshadow a depressed
market throughout the summer. Margin oper-
ators are rule, impatient They want
profits at once. and IL the market fails TO
In their direction they generally sell their stocks
at a loss. Whenever stocks are weak commits
sion house customers become nervous, and not
infrequently they dispose Of their possessions
when stocks are nearer buy than sale.
They sell their holdings at the market, and in
consequence come out of their deals at loss
With weak margins only traders naturally
alarmed at each fractional recession, and point
decline generally brings their holdings the
market for any price that buyers are willing to
pay. In the present selling movement stocks
are coming out Of commission houses and going
Into investors and bargain hunters boxes
Every share sold finds buyer, and brokers rep
tesenting prominent interests have buying or
ders in all the good stocks on a scale down
The stock market is not confronted by serious
conditions. in the minds Of tiInid operators
Bear factors so-called are not alarming and
although commission house selling If continued.
will carry market values lower the decline will
not measure a corresponding loss In the intrinsic
worth Of securities
Wall Street houses that generally do heavy
commission business report that they not
carrying large speculative lines, and that they
are well prepared for possible heavy slump in
values. Bargain hunters are inquiring about
the outlook for lower values, and placing sealed
orders with their brokers. Bear sentiment,
however. is growing. but such sentiment is
based more upon disordered imagination than
upon actual factors in the situation there is
particular cause for alarm. The bear account
VIII become torheaVy In time. and operators
who now sell their stocks and assume a position
the short side Of speculation may find their
last condition worse than their first. In bull
markets a large element buys stocks at the top
and in bear markets the same element sells
stocks at the bottom. A point Will be reached
In the current market when short sales will
force heavy losses upon enthusiastic bear trad
ers- When one side of Wall Street speculation
becomes intensely fashionable it is wise to cast
ones lot with the side that looks hopeIessly
dead The decline in stock quotations from the
high level of 1899 has more than discounted al
legged business and political uncertainties of the
current year. Careful brokers do not advise
well protected customers to sell their stocks at
a loss.
THE DAYS OPERATIONS IN BONDS