New-York tribune., 1900-07-13
BONDS.
LIE DAVIS OPERATIONS IN STOCKS.

THE DAYS OPERATIONS IN STOCKS.
The stock market presented a fair exhibition
Of activity yesterday but great irreguarity at
tended the movement Of values. AS a rule, how
ever, Improvement was shown in the morning
dealings, with reactions in the afternoon.
Transactions were better distributed, and COM
mission houses did an increased business for the
account Of the so-calIed public. It cannot be
said that the advancing tendency of prices in
the last few weeks has attracted active public
support to the market, but II has, however,
stimulated a commission house demand that
might, under certain conditions easily run into
an active public buying movement. Advancing
values generally induce enthusiasm among out
side spectators. This year, however, the poliu-
cal uncertainties and the possibility Of
tangling International developments as a result
OF the Chinese situation, have checked outside
trading and impressed all men with the neces-
sity for caution in all speculative operations.
If the present advance can be maintained public
buying will doubtless increase, but 1t may come
to pass that public confidence in the market will
only when the big men" ready TO
Hquidate their holdings. The situation does not
warrant pessIInism, and there is nothing in the
outlook that should encourage investment sales.
but the chances are that many speculative hold
ers are taking advantage Of the present advance
20 sell their securities
order to present bargains. Considering the
actual value Of good railroad and Industrial
Issues the ruling level OF market quotations is
In most cases attractive, especially for people
who buy stocks and hold them. Small
spectators should not assume, however, that
the current bargain level is a guarantee against
q further decline, for there are times in specula-
ton when prices move without and
wholly in opposition to the factors governing
actual worth. Dividend paying railroad and in
dustr1al stocks whose dividend future is in
sured VIII not always rule at present quotations,
but an advance to figures more IN proportion to
intrinsic value may only be accomplished after
a period Of prices lower than any yet seen this
year. Political scares may worry Wall Street
before the summer is over. Many who
confident that the Republican party will be
successful in the fall predict, nevertheless, de-
cline in stock values this summer a well en-
gineered political fright. and they also believe
that on such a decline the richest in the
country will buy stocks to hold for an after
election rise.
The steel stocks were heavy in the afternoon
dealings, and traders showed a disposition to
take profits throughout the list. On the ad-
vance IN Baltimore and Ohio g large amount Of
Tong" stock came out, despite the Street report
that this issue would be placed upon per
cent basis IN August Buying Of Union Pacific
WAS again feature and il was said that heavy
purchases had been made for the account Of
people who were identified with the recent rise
In Burlington. Street opinion suggests that
Union Pacific common viii be placed upon
per cent basis At the next dividend period, but
IL may be well to bear In mind that the Union
Pacific company is managed by one Of the most
conservative SET Of directors in the country.
Norfolk and Western and Chesapeake were
bought on dividend gossip In the afternoon
Burlington and Rock Island were sold on re-
ports from the bear Weather Bureau that the
corn crop was badly in need Of rain. Adverse
reports on the corn crop are now likely to come
In, rs a well known bear statistcian has been
sent into the corn country to study and report
upon conditions. The market closed irregular,
with more net losses than gains.