New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-03-13
BONDS.
THE DAYS OPERATIONS IN STOCKS.

The stock market was strong the greater part
of the day. but dealings were mostly for the
account of professional traders. There was
however. fair demand outside of that created
by the short interest. and sentiment appeared
10 be more brilliant especially among the people
who bought recent declines. Many Wall
Street operators believe that the market should
be sold on all rallies but this view does not i'm
press the interests who figuring on some
thing more than the small profits of day to
day trading. There are many accounts held in
brokers' offices that will not be liquidated until
prices much higher than the current level
and the protection back of these accounts is
strong enough TO stand about any market shock
that may develop. 1t is the character of present
holdings that gives the market so much techni-
cal strength AS speculation is still in the hands
OF professional traders. the advice to sell on
rallies may well be followed by the operators
who dealing for quick turns.
An active bull market may be starting but
until the money market assumes a more salts
factory outlook extreme caution in stock trans
actions should be exercised April settlements
approaching. and it is quite likely that loan
expansion incident the refunding of Govern
ment bonds under the provisions of the Cur
rency bill which will become law this week.
will go further before loan contraction sets in.
The expectation of a rapid increase in bank
effect was the inspiration under which the mar
ket moved up yesterday. The Street is assum-
ing a good deal in regard the effect of the
Currency measure upon the money market and
many conservative observers believe that trans
actions entered into now on the basis of
pected enormous gain in the circulation of money
will prove failures, if disasters. The ex-
pansion in money supplies will come all at
once and estimates of an increase of from
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circulating medium appeal to some people as ex-
travagant. Government bonds have been rising
and banks have been absorbing them. Govern
ment bonds may rise to a point which the
banks will find it profitable to sell than to
take out new circulation.
Opinion differs the probable immediate
influence OF the Currency measure upon the
local money supply, but it is generally agreed
that its ultimate effect will be of the greatest
benefit Wall Street traders appear to believe
that the bill is solely in their interests, and if
its effect upon money and speculation does not
meet their expectations, 3ey doubtless will
condemn the law with their usual inconsistency.
Whatever traders may expect of the bill, and
whatever it does or does not accomplish mat
tiers little in considering the real value of Sc
curities at present, and if a big increase in
money does not Immediately take place, in
vestors are not likely to sell their securities.
The real worth of stocks warrants higher prices.
and if the advance does not it will
come later in the year. Stocks well held.
Traders who were short of the market discov-
cred this. to their loss, in yesterdays opera
tions. A feature of the dealings the small
supply Of stock available at ruling prices. Spec
ulative holders were not disposed to part with
their securities unless substantial premiums
offered, while investors were not in the
market at all sellers. Confidence in the stu
alton is reflected in the refusal of holders to
sell. 1t remains TO be whether or not this
confidence will inspire speculative buying.
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