New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-03-08
BONDS.
THE DAYS, OPERATIONS IN STOCKS.

The record Of dealings in yesterdays stock
market was made up in great part of the trans
actions OF professional traders. Speculation was
without important feature, the bear element
going through its usual performance of attack
ing the fndustrtals. railroad stocks remaining
firm, and outside business showing no indication
OF public interest in the market The board
room element and many of the regular daily
gatherings IN brokers' offices have apparently
made UP their minds that there will be no more
bull enthusiasm this year, and so they are wait
ing for a big decline in values, which must, ac-
cording TO their theory, develop before prices
can advance. What won't go up must come
down" is the traders theory. but Wall Street is
such deceiving sort of a place that il may be
well not TO bank theories. especially the
theory mentioned in this prosperous year of
1900. The market is not without friends, and
bearing In mind technical and business CON
ditions it safer to place ones faith in the
theory that prices will respond real CON
ditions rather than in the theory that they must
go down because for the moment they refuse to
go up. The market ended the day as it began,
dull irregular and at small changes, with more
net losses than gains.
Despite the manipulation in the Industrial
stocks and the liquidation OF small speculative
accounts, the railroad list shows a disposition
TO advance. II would not require heavy pub
erably higher, as the greater number of good is
sues held by people who will not sell,
at a better range Of values. Whether not
the public will into the market this spring
fs a question that no one can answer but if
the public does not enter the speculative field,
good stocks are not likely to make noteworthy
declines. barring, of course, a radical change
in the situation. The labor strike in Chicago
has brought to some peoples minds visions of
widespread labor disturbance this spring, and it
is not improbable that bear traders will soon
begin. agitate the strike subject, if
strikes do not take place. In fact, Wall Street
bears are already asserting that labor has not,
according to bear ideas, received a fair share Of
the benefits Of business prosperity, and in con-
sequence strikes will, they say, be general this
spring. A big labor disturbance at time when
profitable contracts would be lost by the in
ability Of manufacturers to produce goods would
be a most serious development; but the outlook
81 not all gloomy, and there is little sense
tn selling stocks short al this period the mere
suggestion Of bear traders that there will be
labor disturbances this year.
A Presidential year is not, a rule, favorable
TO bull market in stocks, because business
progress is generally checked for the time by
the uncertainties OF a general election. Bust
ness men, however, are making long time con-
tracts in the confident expectation that the Re
publicans will be retained in power and that
there VIII be no radical change in the laws
which will make necessary the reimbursement of
business on new lines With business running
along in it's prosperous channels in q season of
political campaignng, stocks will stand a good
chance OF advancing, especially If the new Cur
rency bill adds the amount Of money to general
circulation that is commonly expected. The
trust FOUNDERS viii launch forth into fierce
invective against industrial com binations as
the talking part of the campaign opens,
and in consequence trust stocks may not boom.
but even in these issues declines ought not to be
heavy. as they have, in the majority of cases.
reached a. level which discounts about anything
bad that may happen to them. And, then, they
are held by Of means, who not alarmed
the antitrust crusaders who will be
the warpath
THE DAYS OPERATIONS IN BONDS.