New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-05-04
BONDS.
THE DAYS OPERATIONS IN STOCKS


The movement of stocks in yesterdays mar
ket was not accompanied by speculative
ttvitv Traders who endeavored to depress
prices found no response among the commission
house element. while offerings failed to cause
material recessions. There was good market
for all stocks offered. No attempt was made to
advance prices. but covering Of shorts in the
early dealings forced a higher level throughout.
although subsequent sales We're followed by
slight reactions. At the close the greater num-
Der of securities showed small net gains. as
compared with Wednesdays final quotations.
The coal stocks were heavy on board room sell
ing. induced by the prospect Of a new Compel
ing coal road TO tide water. the Reading issues
in particular exhibiting weakness. Brokers who
frequently operate for Standard OIL interests
were large buyers of sugar stock on the early
advance Continued buying of Long Island was
noted and fair demand was reported for the
granger shares. which We're favorably influenced
bv the heavy increase in St. Paurs earnings for
the last week in April. In the traction group
no long stock came on the market. Good buy
ing was reported in American Tobacco; also in
Missouri Pacific on offerings which followed the
announcement that the directors would not hold
q meeting as expected. The steel stocks exhib-
ited marked strength. and were the leading
features Of the dealings Bear traders were in
clined to reduce their accounts in the final trans
actions.
Traders of long experience in Wall Street
assert that bear sentiment is too general TO
make bear speculation healthful In other words.
there is a large short interest in the market
which must prove the basis Of a marked i'm
provement in prices upon the slightest outside
demand for securities. upon active operations
by people who control tire floating supply of
stocks offerings are so readily taken that some
careful bear traders are changing their position
in the expectation of a sharp upward move
r1ent at no remote period When every one is
apparently bearish stocks are generally getting
ready for a rise. Traders have sold short ever
since the American Steel and Wire scandal. and
some operators persist in remaining short of the
market because they believe that the recent
manipuations of steel and wire interests were
due 10 a downward trend in business affairs.
Putting aside the real evidence of trade con-
ditions many Wall Street traders are accepting
the opinion of manipulators and bear organs as
g. faithful reflection of the existing state OF the
country's industrial activities. Enormous and
record breaking railroad earnings do not appeal
10 the narrow minded element in speculation
when stocks can he forced down by inside man
.pul ition but sooner or later this element will
be compelled TO realize that market cannot
he kept permanently depressed when actual
values are increasing. At the moment the short
side OF speculation looks extremely dangerous
III
weight is likely soon TO demolish it. The mar
ket is free from weak long accounts Stocks
sols have passed into the hands of people who
can afford TO hold them, evidence Of which is
seen in the lack Of forced offerings upon current
bear attacks.
II the business interests OF the country decide
TO remain idle IN the Presidential campaign, II
Europe takes fright at the Bryan platform and
calls home all its invested capital, II railroad
earnings show deficits and If people decide 10
convert their possessions into cash and place
their money in stockings rather than in banks,
then stocks should be sold short. But do sane
men believe that of the points named any Will
be factors in the situation this year? Business
men and laboring making money, and
all especially the last named reflected in
have money in hand. and they desire to add to
Il. They confident that more money can be
made this year, and they straining every
nerve TO succeed. Apparently business is think
ing more Of money making than OF politics. and
st appears certain that the men who have 81
in their pockets will strive 10 place another one
in the same place by voting and working to
tinue the current industrial prosperity. With
out genuine investment liquidation based a
loss Of confidence. bear campaign on Presi-
Dental uncertainties ought to prove for bear
attackers a Spion Kop disaster
NAYS ATOMS IN RONDS