New-York tribune., 1900-05-12
BONDS.



Price changes in yesterdays stock market
were not. a rule. important The volume Of
business was small. and, with the exception of
the more prominent speculative favorites, trans
actions were confined to insignificant totals.
The rally that began in Thursdays late deal
ings continued in the early trading. but ad-
vances were not important. and before the close
sharp reactions noted throughout the list.
Final quotations showed many more net losses
than gains. The early advance did not attract
buying, and professional traders were
therefore disposed renew their operations
for a decline The fact that the trading ele-
ment is bearish does not necessarily imply that
prices will go lower but public traders
fuse to buy stocks and commission house hold
ers more disposed TO sell than to maintain
a firm position on the long side of the market
bargain hunters and strong financial interests
are apparently satisfied that they will be able
TO pick up stocks at better prices than those
current. Stock values however cannot
go OF sight long as intrinsic value re-
mains. and the decline and dulness now ruling
will be followed by higher prices and activity
later on in the season Stock markets do not
move in one direction for any length of time
and the discounting of bad and good develop
nents is not without limit
The decline yesterday was due to bear pres
sure and further commission house liquidation.
Advancing values in Thursdays market would
it was thought, be followed by better prices
yesterday, but important support was noted
and the public showed no disposition TO buy
good securities. There are many reasons in
favor of buying. and few that warrant selling;
but at the moment reasons for buying are over
Swallowed by the aggressive tactics of bear
traders who have made number of usually SEN
sible people believe that the value of invest
is rb
cline in market quotations. Investment values
are not declining. and investment stocks sold
are going into strong boxes In the absence Of
important market interests and public support
stocks are under the control of the trading ele-
ment, but this control does not involve a depre-
citation in the intrinsic worth of securities A
lower level of values is not improbable. The
country and its industries, however. are not 60
ing TO the dogs. Sugar Refining stock is worry
ing the Street with its erratic movements and
Missouri Pacific remains a mystery. Regard
ing this last named stock. it may be said that
me recent upward movement was accompanied
by heavy buying for the account of Frank Jaw
Could Sugar Refining is not considered safe
purchase, in view of the possibility of a further
reduction in the dividend and the same NAV
be said of Baltimore and Ohio common. which
has been advanced more on bull manipulation
than on factors affecting its value. But rail-
way and industrial stocks in general are well
below their actual worth, and at present quota
tions they more than measure the various un-
certainties in the situation. Without support
however, no material rise in values is possible.
The greater number Of influential market in
terests will enjoy extended vacations this year
and the march TO Paris has already begun The
absence of this element from Wall Street does
not encourage the hope Of an active market be-
fore the fall. But il is not a factor that sug-
gests the sale of good securities. despite bear
talk about gold exports, trade reaction and
Presidential uncertainties. Light speculative
traders may find il profitable, however, to sell
on the rallies and 10 exercise great caution in
buying. American Tobacco stock under the
influence Of manipulation. declining over six
points and carrying most of the industrials with
II. Notable exceptions were American Car and
Foundry issues. The market closed very weak