New-York tribune., 1900-05-09
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Stock market traders who are working for
lower prices see in current conditions reasons
FOR encoura cement. Professional traders can
see sunshine IN dark clouds and storms in bright
skies. They see things not as they are. but as
they should be in order to encourage market
movements along carefully drawn lines. And
when there are a few factors in the situation
which warrant caution the long side Of
speculation bear traders are extravagant in
their deductions that molehflls look like noun
tains. Then when substantial market interests
not bulling stocks and the public is not
tive IN speculation the professional trader is
able to make many ttmtd holders see as he sees,
and in consequence many good securities are
thrown upon the market at sacrifice prices. For
no reason affecting the actual value Of secur-
sites, many people sold their stocks in yester-
days trading Bear operators attacked the
whole list, and in their efforts TO dislodge stock
they found willing victims The entire market
was affected. and IN several issues marked de-
clines were reported. Gold exports, which are
significant Of the country's financial strength. a
reaction II many lines OF business, which IS
symptom Of healthfuI readtustment OF trade
conditions. and the approach Of a Presidential
campaign were the ''forcible" arguments upon
which the bear element attracted liquidation.
Predictions were made IN the day that prices
would go lower. In the absence Of public buying
that on every reaction strong financial interests
will add TO their holdings. Strong men buy in
declining markets. The present level ought to
appeal 10 bargain hunters. and commission
house brokers say that inquiries are beginning
TO come from a class Of operators who only buy
when stocks are cheap. The greater number of
good stocks cheaper than they have been in
year more, yet the conditions governing
their true value are sound and growing stronger.
healthful trade reaction is strengthening the
business situation These factors, however do
not appeal TO Wall Street or TO the outside
operator when stock values are being forced
lower. Everything IS dark and gloomy at the
moment from the Wall Street point OF view but
the gloom is getting thick that a change
ought soon TO develop.
The extreme weakness N railroad shares in
yesterdays market was helped by heavy selling
Of the granger and other Western stocks on re-
ports that the Burlington was about TO add con-
nections to its lines by which 1t would control
a through route TO the Pacific Coast. This is
the season for railroad fairy tales, and Wall
Street has made up its mind TO believe every
story that is put out. The whole market was
distinctly bear affair but there appeared TO be
good buying on the decline A large short inter
est exists In the market and a little public sup
port TO prices would cause q rapid upward move
in values. The steel stocks were comparatively
firm Last prices in all stocks were not much
above the poorest Of the day and at the close
st was thought that liquidation would run fur
ther- Stocks IN which bull pools have been ac-
tive. notably Missouri Pacific and Baltimore and
Ohio. suffered heavy losses. Losses Of from to
5 per cent were common, and in a few issues
heavier declines were recorded
THE DAYS OPERATIONS IN BONDS.