New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-12-19
BONDS.
THE DAYS OPERATIONS IN STOCKS.

There were many irregular movements In yes
terday's market. bat the general tendency OF
values was in the direction Of higher prices In
the early dealings a readjustment and digestive
rrocess incident to the heavy dealings Of the
day before kept the market in feverish condi-
ton. while active London selling and bear press
IRE helped to create uneasiness in circles where
small margins only were provided. The course
OF values however. reflected no coming break,
and before the end Of the day the greater num-
Der of securities were above Mondays closing
level. in several issues wide fluctuations took
place. In many issues substantial investment
buying was reported. and in all the cheap stocks
a good speculative demand was noted. In
vestors were in the market, and evidence OF
further buying by the interests who are work
ing 20 effect a community Of ownership over all
the important railroads in the country was pre-
scented IN the activity OF the stocks in which the
Vanderbilt Morgan Hill Gould Hartman combi
nation is interested. The leading financial and
railroad powers in the country are buying
stocks for investment speculation and purposes
Of control They supply a bull element in
stocks which no amount Of bear hammering can
defest. for they control the money market and
the stock market, this control representing a
power which is to be used Tor the best interests
OF American railroads and American railroad
investors. s1s s775aa
The low priced securities were in demand
Missouri. Kansas and Texas stocks were bought
by one OF the leading banking houses in the
Street, while Morgan buying was reported in
Southern Railway and Erie issues. The cheap
stocks WILL Il Is believed return the best specu-
lstive results in the course OF the next sixty
days. this class including the medium priced
issues as well as the securities selling below so
The medium priced industrials are improving in
Federal and Republic Steel, American Car and
Foundry and International Paper. all possess
enough value 10 warrant much better prices on
the Stock Exchange OF the stocks recently
listed International Pump securities possess in
tr1nsic merit that is not measured by their mar
ket quotations. The supply OF good railway
and Industrial preference issues is growing
smaller, owing 10 investment buying. With a
decreased supply Of stocks available for specu-
lative purposes prices viii gradually work
higher until investments which now return from
. TO u per cent will rule on a 31A 20 3 per cent
basis Stocks Of merit viii not lose one cents
worth OF real value in reactions and manipula-
ton FOR lower prices that accompany all bull
markets. while eventually they will move to a
level that will represent the wonderful change
that has taken place in the country's industries,
in its home and foreign credit and in the value
OF railway and industrial investments Amer
lean railroads and American industrial com
panies are being conducted by enlightened man
agements and the securities OF solid American
railway and industrial companies are attractive
investments 70 own
Money was comparatively easy, call loans rul-
ing az per cent. In London uneasiness over
the foreign money market was reflected in a
decline in stocks, which extended to the Interna-
tionsl shares on the local exchange. AS against
the heavy purchases OF Monday arbitrage houses
put out about sixty thousand shares. The
higher money rates here. with the easier tend
ency in sterling exchange, may induce foreign
bankers TO advance their own discount rates
Wei Informed bankers now appear confident
that the New-York money market viii have nj
trouble this year. and il is owing to this belief
that the stock market is again moving under the
influence Of buying for substantial market inter
ests and public traders. One year ago the mar
ket was panicky. on account OF the manipulation
OF money rates which carried call loans as higl
as $50 per cent Fortunately the present PLAN
OF leading capitalists preclude the possibility o
a repetition OF last years money and stool
panic.
Final prices are fractionally under the hes
OF the day. but the closing tone was strong Fri
Issues being features.