New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-11-22
BONDS.
THE DAYS OPERATIONS IN STOCKS


Stock market trading reached enormous pro-
portions irregular movement of values in
which advances were more often made than de-
cIines except in the last hour. when reactions
were general. At the opening sharp advances
took place throughout the list. and in the first
hour total transactions exceeded all records for
q corresponding time. The extreme activity in
the early dealings did not continue in the after
noon, although there was enough life left in the
market to cause wide fluctuations and roll up
business OF more than 100000 shares for the
day. Investment buying again feature.
An active inquiry for the granger shares de-
veloped while continued buying of the Pacific
issues. the steel stocks and Peoples Gas
noted London's operations were heavier than
ever before recorded for a single day upward
Of 100000 shares being bought by arhitrage
houses for foreign account.
London operators have been selling American
stocks short and something like bear panic
developed the London Exchange yesterday
on the continued bull advices from this side, and
on the fear of trouble at the next regular fort
nightly settlement at that centre. II is poor
season for home and foreign bears. Quick turns
on the bear side may prove profitable. but
tended operations the short side appear dan
gerous. Heavy realizing sales made impress
zion on the market in the last hour and much
OF the early improvement was lost. The close
-Tas irregular. but the tone VS. strong.
TIE stock market is large and broad and it
CT stand avalanche of realizing sales with
out injury to its general structure, Opposition
to the rise has already caused several failures
in the Street, while a number OF we'll known
operators who took the bear side of the market
after the election have been forced cover their
contracts at enormous losses. Bear traders have
simply mistudged the significance of election re-
suits and the change in public sentiment. They
have failed 10 appreciate the tremendous i'm
portance of recent developments, and they have
been wrong in their calculation regarding the
extent Of public enthusiasm and investment
buying. Reactonary symptoms will occur at
times and there will be relapses in the strength
OF outside buying; but until prices have out
stripped conditions governing values; until the
progress and prospects Of the country's trade
and commerce have been discounted a period of
declining values need not be looked for In this
market stocks derive their strength from actual
value. When big public buys stocks on the
basis Of intrinsic worth 1t will not pay the pro-
fessional operator to have short lines outstand
ing The punishment Of the shorts in Northern
Pacific IS likely to be repeated in MANY other
stocks. Peoples Gas and the steel stocks are
rot safe short sales; in fact there is hardly a
stock on the list that holds out the promise of
Railway and industrial projects that were held
In abeyance pending the election are now in The
stage Of active nesStiation. There will be de-
velopments in the railway world and in the in
oustrial world that will affect favorablv the
value OF securities. Out of all these rumors and
reports OF big deals there will come some actual
developments. especially in the way of closer
cohtrol OF railway corporations by the leading
railway interests in the country It will nav
the investor and Spectator to buy some Of the
low priced stocks that represent properties ~
growing merit Stocks of the soft coal roads
such as Norfolk and Western and Wheeling and
Lake Erie. will prove profitable for the reason
that the demand for soft coal is constantly in
creasing at home and abroad. while the com
panles are in better financial condition TO-DAY
than ever before in their history The smaller
roads of Importance will eventually be absorbed
by the larger companies until the community
Of ownership tendency reaches its limit