New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-06-21
BONDS.
TIE DAYS OPERATIONS IN STOCKS.


Early strength in stocks was followed by ir-
regularity and sagging values. final prices show
ing marked net losses in the greater number
of issues An advance in the price OF wheat
checked a rally in the granger shares, ana
liquidation in American Tobacco induced bear
pressure throughout the industrial list The
local traction shares were weak under hquida-
ton and attacks by the trading element Brook
Iyn Rapid Transit being sold on the possibility
Of further litigation the 10 cent fare. Long
stock appeared TO come out on all attempts 10
bid UP prices. especially in Baltimore and ONO
common. The last named stock is a non-dividend
payer. and its chances Of receiving divloend
this year are not thought to be bright enough to
warrant the present comparatively high price of
the security No one who studies values will say
that Baltimore and Ohio common is intrinsically
as valuable as Union Pacific preferred, which
has been paying 4 per cent for several years
vet the last named issue is selling under Balti-
more and Ohio. There are many inconsistencies
in the current market that ought to be removed.
but in a market made up entirely Of professional
trading and manipulation there is little OPP
portunity for reform. In the afternoon deal
ings an active attack made upon all the
prominent issues and sharp declines were suf-
sered throughout the list. Inspiration for bear
pressure was found in pessmstic crop reports
and in a further substantial advance in the
grain market Considerable forced liquidation
was noted in the final dealings. due to impaired
margins.
Railroad stocks in general only a few
points above the level reached in the December
panic while industrial stocks. a rule, are
well below the prices made in that memorable
market Recoveries from the low limit Of De-
ceraber were made throughout the list, but the
sagging tendency Of the last few months has
again brought TIE stock market TO point where
prospective buyers may well consider the wide
margin between intrinsic and market values in
the majority Of Issues Conditions affecting
speculation have changed since last December
but the actual worth Of securities based
dividend yield and dividend prospects is no less
ihan it was six months ago. The discounting
OF things that may happen has not been &C
companied by unsettlement Of conditions
governing the worth Of investments. and trade
reports, railroad earnings and bank clearings
indicate that the business community does not
indorse the Wall Street spectators belief that
current uncertainties Will develop into destruc-
tive trade factors. The situation remains intrin-
sically sound. Technical market conditions sug-
gest improvement in values, but. Of course, with
the public out Of the market and with no sup
port offering from substantial sources an active
bull movement in securities is not to be ex-
courage good buying and it may be said on
trustworthy authority that several investment
houses have been quietly picking up good
stocks for the account of people who not
interested in quick turns and who believe that
investment issues are selling at bargain level.
On the decline yesterday stocks were taken by a
careful class Of buyers. Doubtless many buyers
are waiting in the hope OF obtaining securities
at still cheaper prices.