New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-10-26
BONDS.
THE DAYS OPERATIONS IN STOCKS.


The stock market reflected reactionary ten
dency. yet in many issues higher prices were
recorded. The short interest is growing but
efforts TO force prices down are stubbornly re-
sisted and al times il looks If the shorts
could only be saved from their position by
Bryans election other dire calamity.
Profit taking sales are heavy, but the selling
comes from people who get into the market one
day and jump out the next Selling yesterday
was not for the account of the chief owners OF
stocks while buying on the early reaction came
from houses that represent the most substantial
interests in the Street OF the speculative IA
vorites Brooklyn Rapid Transit was strong
feature on a revival Of the old report that Met
ropolitan interests had secured the property.
The investment future of Brooklyn Rapid Tran
sit has placed the stock in strong hands. and it
n ay be said without fear of contradiction that
stronger people hold the security to-day than
ever before in the history of the company.
Higher prices in the last named stock were fol-
lowed by advancing prices in the other local
traction issues. Efforts to bring about lower
prices checked commission house trading as
measured by total sales. which, compared with
Wednesdays dealings. showed a falling off Of
over 10000 shares. At the close there were
about as many net gains losses, mostly frac-
tionaL 4 decline of over two points in Sugar
Refining was a feature.
If current realizing sales in securities were
accompanied with Liquidation by people who
have held stocks for many months the chances
OF an important setback in values would be
brighter. Wall Street has evidently underesti-
Il ated the financial character Of the greater
number Of holders Of stocks. Speculative Wall
Street has worked for a reaction in the last three
days, yet prices have stubbornly refused to go
down. Recessions have brought in new buyers.
4 1-s- Tixya
10 substantial holders. It should not be in
ferred that prices are to enjoy a long unbroken
period Of advance. but it may be put down a
certainty that the chief owners Of stocks are
looking to the future for their profits, and not
TO the ante-election bull movement. 1t is con-
tended by these holders that, based upon actual
worth and on the assumption that President
Mckinley will be reelected prices Of most
stocks are cheap, and that with growing indus
trial expansion gradual expansion in market
values will take place. After the elimination of
the bull campaign of 1S98-99 stocks began to
drift into the hands Of people who were salts
fed TO carry them lin many cases under the
purchase price, in the confident belief that the
country would enjoy more than four years of
prosperity. Owing to the exigencies Of specu-
lation important market interests have been
forced to add to their holdings in the last twelve
months and in consequence the amount Of stock
available for speculation has been materially d.
minished. Naturally the current advance has
been taken advantage Of by some holders TO
tighten their loads but the great mass OF
stock is still in the ownership Of interests who
show 70 disposition to sell at gong prices
Realizing sales SO far have reflected the oper-
atoms Of spectators who make quick turns in
the market. Declines brought about by such
sales increase the chances of further strength
by improving the markets technical position.
No one can say Of course, how long the ad-
vance will continue Various developments may
arise upset the best calculations, but it is
logical 10 believe that, barring Bryan success
stocks viii suffer a long period Of declining
values until the chief owners of securities are
ready to throw their holdings the market.
It is not reasonable to expect that strong fnan-
many months viii sell on the first advance if
conditions suggest that the public appetite for
speculation can be excited at still higher prices
later on in the season. The biggest holders of
stocks are not looking for a record breaking
bull market at present. They even admit that
lever prices may take place after the election,
hut they predict remarkable speculation after
the turn Of the year when money VIII be in bet
ter supply for speculative purposes and when
the country's industries viii start again for four
more years Of prosperity Big speculations for
the long account are accompanied by big re-
actions, and in the market TO come il is likely
that bigger margins than ordinarily demanded
up the speculative SCALE but there are yet a
large number Of medium and cheap priced issues
that should become the features Of the market
in the next twelve months. The advance of
Rock Island. Burlington. ST. Paul and other
stocks from way below par TO many points above
par was a result Of the bull market Of McKin-
ley's first term. \ similar movement by issues
such as Union Pacific common and preferred,
Northern Pacific preferred, Southern Railway
preferred. Norfolk and Western preferred, Louis
VILE and Nashville Denver and Rio Grande pre-
ferred and Reading first preferred should be a
feature Of the bull market Of McKinley's second
Administration.
THE DAYS OPERATIONS IN BONDS.