New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-04-24
BONDS.
THE DAYS OPERATIONS IN STOCKS.

London sold stocks heavily in the local market
yesterday. and commission houses had many
selling orders from tind customers. Bear trad
ers were active. and as there no support
ing dealings in the early operations prices de-
clined easily throughout the list. Offerings were
well taken by people who are looking for bar
gains. and the result of the days trading, while
hard on small margins. left stocks in the hands
of interests who are fully able protect their
holdings against all downward fluctuations
Selling of stocks was induced by the same con-
sideratons which led 10 lower prices last week
Developments outside the Stock Exchange were
not in favor of sagging securities values Senti-
rnent was bear:sh but the real worth of Louis
willie and Nashville. Missouri Pacific. Pennsyl-
wanna. and the railroad list in general. was not
lessened by reductions in their market quota
tions. Rallies in yesterdays market lacked
snap. and as rule were followed by further
reactions except in the last hours trading.
American Sugar Refining fuctuated widely on
heavy dealings and. after extreme weakness in
the morning, closed several points above Satur-
days final level Federal Steel exhibited more
-allying power than the other steel shares, its
asst quotation showing net gain of 2as points.
Railroad shares declined with the rest of the
list but losses were not heavy, while buying rep
resented some CT the strongest interests in the
Street. The announcement that the cut in steel
steel products caused improvement in the after
noon prices ano closing dealings were conducted
upon rising values
The decline OF the last two weeks has not en-
couraged large public operations in stocks but
it has brought a good class Of buyers into the
Street. and III consequence stocks are held by
substantial Eloneyed interests. Bargain hunters
have been buyers, and they afford TO hold
their purchases Indefinitely. Technical condi-
1ha haar pla GA
scare investors out of good stocks and if there
are still any large number of weak margin trad
ers in the market, the bear campaign will not
close just now, but the chances that in
vestors will not be frightened, while it is likely
that the liquidation Of the last fortnight has
cleared the market of weak accounts. The bear
element should not be Qverconident. Specula-
tive bull enthusiasm may not return at once,
but without public support bull operators
cause sharp advances when the short
count becomes overextended. a healthful bull
market, however. is not possible without outside
buyers, and under present circumstances it is
not safe to count upon a steadily advancing
quotation level. 1t is safe to predict, neverthe-
less, that patient holders Of good securities will
not be forced 10 take losses on their possessions.
When stocks down, they at present.
wise men step in and buy. period of dulness
and heaviness may rule before market values
seek a permanent higher level, but the pros
poets favor growing actual worth. no matter how
erratic stock values may prove.
The speculative atmosphere is thick with doubt
and pessinism. Such conditions generally indi-
cate that declining market is nearing its limit.
When Wall Street is particularly dark and
cheerless when visions of calamity multiply
with sickening rapidity, then sunshine is in
view. Outside Of Wall Street the skies still
bright and fair sailing weather is promised on
the industrial for many months TO come.
The squal caused by Wall Street manipulation
has not run beyond the limits of the Street.
and, while damage has been done in many
quarters the general fabric of values has not
been hurled to the ground. Good stocks are
worth holding Good stocks are cheap at ruling
figures.