New-York tribune., 1900-04-11
BONDS.
THE DAYS OPERATIONS IN STOCKS.

The stock market enjoyed further healthful
reactions in yesterdays trading. Bear leaders
and their satellites may believe that short sell
ang will frighten substantial holders into
liquidation. but the chances that the effect
of short sales will be reflected In a larger ac-
cumulation of stocks by important market in
terests Bear attacks in bull market serve TO
preserve the speculative equilibrium Commits
sion house small traders who follow the tape in
the five hours of business Influenced to sell
by declines of fractions. Their market ideas are
governed by the passing fluctuations OF the
Kicker. but the investment community and the
large bull operators are Influenced by some
thing stronger than bear antics as reported on
the commission house blackboards and Stock
Exchange instruments A bear clique may
hammer prices and find the support Of the un-
important commission house element. but its
work has little effect upon people who realize the
significance of existing conditions. Technical
market conditions will cause reactions in the
current period OF bull activity, but. barring a
radical change in the situation. prices ought
not TO seek a permanent lower level.
More stock is being carried margin or bor-
sowed money than any time this year. Con-
ditions favor this kind of speculation, and until
the banks are forced to call in their loans and
curtail stock market accommodation there will
be no danger in increased speculative account
of r.1argined holdings. Brokers are not carry
ing stocks on weak margins. and the current
class OF buyers show no disposition to speculate.
except upon substantial bank accounts The
peopie who are buying stocks at present are
strong financially. Bear traders who work
ing for lower prices opposing a powerful
combination OF capital. and extended snort
lines can only be attractive TO blinded bear en-
1husiasts or traders who believe that Mr. keene,
the acknowledged bear leader, will be able to
shreak through the solid rush line of the moneyed
interests of the country. Capital is not in
terested in depressing values
The decline yesterday not important, and
IN many issues. notably Missouri Pacinc, Nor
folk and Western. Baltimore and Ohio. Chesa-
,,eake and Ohio and Third Avenue, pronounced
strength was shown. Buying of Missouri Pacific
is doubtless based upon the companys DIVIDEND
prospects. and, perhaps, upon inside inforfna-
tion regarding a possible big railway consolida-
zion in the Southwest. The cheap priced Gould
stocks are entitled to higher prices on their
merits Texas and Pacific. St. Louis South
western and Wabash preferred ought to be ia
Norably affected by the advance in Missouri
Pacific In well informed circles it is thought
that the greater number Of cheap stocks on the
list Will work higher, and ii is believed that
cheap industrials Of merit attractive pur-
chases at present. The steel stocks not
being neglected by interests who study condi-
1ions outside the Stock Exchange, and the de-
cline in The various issues yesterday not
significant OF any development affecting the
properties The short interest was punished In
Third Avenue stock the announcement of
sale OF S35. 100000 bonds for the account of the
company guaranteed by the Metropolitan COM
pany. St Paul and Wabash earnings published
elsewhere are worth the attention OF people
who are interested In Western railroad securi-
ties Enormous gains are shown by both roads
and their returns are reflections OF the general
Western railway situation