New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-03-23
BONDS.
THE DAYS OPERATIONS IN STOCKS.


Realizing sales were heavy in yesterdays
market, but the force Of new buying was strong
enough to carry prices higher throughout the
list There were few important exceptions. An
excellent and well distributed commission house
demand. supported by local and foreign banking
interests and further covering of short con-
tracts. caused a steady upward movement in the
greater part of the five hours Of business. Deal
ings We're heavier than any day since the
December smash in values. The total Of sales
amounted TO 973 129 shares of which large
proportion supplied by the railroad list
Manipulated speciaites were not much in
evidence. and the local traction shares were not
the leading features of the day. Buying of the
best railroad stocks by the best kind of buyers
has developed, and the current character of
dealings suggests that important market in
terests are anxious to see a higher range Of
values in all the attractive railroad stocks that
are now selling well under their actual worth.
The advance in the last few days has natu-
rally attracted profit taking sales, and reaction
in prices is due. Reactions help bull markets,
and slight decline from the level established
yesterday would doubtless serve 10 attract many
buyers who failed secure stocks before the
upward movement started. The Well distributed
demand in yesterdays market and the charac-
ter Of dealings indicated that bull market is
under way, but, Of course, il should be borne in
mind that the sellers in this market are the
operators who have been holding stocks for
long time in expectation of getting out on a
spring rally. and that with each advance the
market becomes technically weaker. For this
reason a reaction is necessary If healthy bull
market IL to continue. 1t may come TO pass
that sellers az the current level will buy back
higher prices. while. on the other hand. sub
stantial holders, bull pools and investors who
take profits now may leave the market in charge
Of the public. hoping to recover stocks at
cheaper level when political uncertainties be-
come acute. People who buy good stocks out
right at the ruling level will not make poor bar
gains. They viii securities which in most
cases return more investments than the
stated dividend yield, and the real value of their
holdings will not be upset, no matter what
course the market takes between now and the
fall election
London was heavy buyer in the local mar
ket, and il estimated that purchase. for
foreign account were upward of 10000 shares
Foreign buying Of American securities have been
noted for several weeks, but the movement has
attracted particular attention In Wall Street
IT is quite likely that the passage Of the Gold
Standard act has eXerted most powerful infiu-
ence upon foreign capital-in fact, more Of an
influence than noted at home-and it is believed
thatthe effect Of the law upon foreign sentiment
viii lead to steady foreign buying of American
st'-As ana boIluS Europe may now have the
satisfaction OF knowing that the law of this
country makes gold standard of value and
that even Bryan success next fail could not up
set the current financial measure. The rapid in
crease in speculative activity yesterday was re-
hected in higher call money rates in the after
noon. but advance in call funds TO 6 per cent
did not serve TO check the advance in stocks
If money market relief We're not in sight a bull
market would be out of the question at present
are rapidly changing in favor Of the borrower
has convinced a large number of people that the
situation is ripe for bull activity. Until bank
reserves are considerably increased il NAV be
we'll however. to exercise extreme caution in
market operations, especially as prices have al
ready enjoyed marked improvement. If bull ac-
tivity leads TO a runaway market, call money
will make sudden upward jumps and big mar
gins will be required to protect speculative ac-
counts in stocks.