New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-09-26
-Ex dividend IL per cent.
BONDS
THE DAYS OPERATIONS IN STOCKS.

I1E DAY = OPERATIONS IN SIOOhS.
The course of securities prices in yesterdays
market reflected mixed speculative dealings
Further sharp declines were made in some is
sues. while in others considerable strength was
shown. In Brooklyn Rapid Transit Tennessee
Coal, Peoples Gas and Sugar Refining pressure
from the bear element and from commission
house customers was noted, and, although early
losses were followed by a rally, final prices
showed no particular Improvement, save IN Peo-
pies Gas. which gained a point In the railroad
list operations on both sides OF the account
were reported. but rule quotations were firm
a. small net advances. The market not
active Substantial interests showed dis
position to work for higher prices. while the
trading element maintained a bearish attitude
over the immediate course of values. The last
named element contends that temporary ralliea
do not change the outlook, which, according 10
its point Of view. is still dominated by financial
and political uncertainty. The bears now have
two paramount issues-money and politics.
Labor troubles are considered Of Importance.
but they are not the basis Of the bear cam
paign. Perhaps the bear element is counting
too strongly on its paramount issues. Many
observers believe that these issues will be Of
temporary significance in their bearing upon
stocks, and that prices are already beginning to
present attractions to investors.
Money rates were high in October preceding
the last Presidential election but stocks were
strong throughout the month. Apprehension
over the election four years ago began with the
opening Of the canvass. and reached its climax
in August. This year the Presidential campaign
has had no effect upon the market until within
the last ten days. Whether or not the Bryan
scare viii run through October is a problem that
many operators would like 10 solve. There are
now more securities outstanding than there were
k-.rsx, -.
the readjustment Of holdings in the last year
has placed the greater number of stocks in
strong hands Brokers are not carrying large
accounts for people WHO operate on margins and
a pinch in money rates ought not to be followed
by heavy forced liquidation. The banks have
hig loan account. S1000O0O00 larger than year
ago but j does not appear that the increase
represents advances 10 security holders as much
It does to foreign borrowers and Industrial
concerns. No accurate estimate be
made, however. regarding the character Of bank
loans, and the course of the money market and
the effect of loan contraction upon stocks should
therefore be watched with the view Of affording
needed information regarding this question. It
is quite certain that underlying conditions are
sound. but in a period like the present the in
vestment value Of securities does furnish a
safe basis for speculative operations.
Commission houses were not active in yester-
days market, and whatever buying orders they
had represented purchases for spectators who
believed that a rally due The anthracite
outlook considered more favorable al
though the days developments did not tend to
encourage this view, traders doubtless finding
!. a basis for their cheerful views in the frmness
M displayed by the coal stocks. Selling in Ten
~ nessee Coal and Iron continued and il was gen
orally believed that insiders were liquidating on
information regarding the probable action Of
the directors at the next dividend meeting After
the forenoon dealings the market became ex-
tremely dun. closing without animation but
with prices generally above Mondays final fig
ures The rally that began in the early after
noon was maintained until the close