New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-07-24
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Securities trading reflected a more active out
side demand for stocks and bonds, while the
movement Of values indicated the presence OF
substantial interests in the market Buying for
the account Of powerful bull pools and proml-
nent individual operators was a factor IN last
weeks market that checked transactions Tor
decline but this sort of trading did not attract
q general demand for stocks. If however, the
advance continues the public will doubtless feel
sufficiently encouraged to re-enter speculation
yesterdays transactions for commission house
account foreshadowing this result. The actual
value Of securities is not. save in a few in
stances measured by present Stock Exchange
quotations Here is argument for hgher
prices. but il is one which the bear element
does not credit with any strength at time
when values are we'll above the low lever OF
the year. Investors who buy stocks at ruling
prices will not sacrifice their money, as eVentu-
ally market values must measure intrinsic
worth: but some investors are apparently wait
ing TO buy at a lower range, basing their eX-
recitation of cheaper prices on possible bear at
tacks incident TO the home and foreign political
situation.
An encourag fng feature at the moment is the
optimism that prevails in banking circles out
side of Wall Street over the situation. Leading
bankers and brokers are confident that the
Presidential campaign and the Chinese situa-
ton will not cause real disturbance in the
money market. They confident that the
country's business will after the holiday season
grow larger than ever before. and they ap-
parently are convinced that Organism will not
carry the November election. The bear element
hopes TO shake this confidence. With the as
sistance Of political managers the bear element
may be able to develop a political fright In
Wall Street before the campaign is over. If
he will he
number Of people on hand to buy every security
offered Cheaper prices will not rule for any
length Of time. Current underlying conditions
possess the elements Of stability, and cheaper
prices will be brought about only by temporary
conditions. A lower quotation level will not
therefore, be permanent.
Good buying OF the steel and iron stocks was
q feature in yesterdays market. Tennessee
Coal and Iron made conspicuous advance, and
moderately heavy gains were recorded by Amer
lean Steel and Wire and Federal Steel. The
granger shares were higher on crop prospects
Crop prospects. especially for corn, are improving
every day, and it may be safely said that the
rains of the last week have practically insured
a bountiful harvest throughout the States in
which corn is the staple product. The crop
situation should be dismissed as a bear factor
Brooklyn Rapid Transit was bought by people
who have confidence in the property. People
who have been buying this stock for q long time
have good stock 20 hold, and bear attacks upoT
the road and its securities appear to have
reached their limit. Business was better dis
tributed yesterday than any other day III
many weeks, and in the first two hours trans
actions were moderately heavy. The railroad
list did not, as rule, enjoy much improve
ment noted among the industrials, although
advances Of per cent were common. Activity
ia the Mexican railroad issues was an incident
Of the day.
THE DAYS OPERATIONS IN RnNns-