New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-11-23
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Stock market values declined in the first two
hours OF trading, but the of prices in the
afternoon showed many recoveries throughout
the list with last quotations at net gains In a
large nun1ber Of issues. The early setback was
not extensive in any stock, while in a number
of issues the selling pressure was offset by the
strength OF the new demand On the decline ex
cellent buying took place, especially in the STOCKS
that are now selling many points under their
actual worth. Investors were again in the mar
ket. Commission houses had buying orders on
a scale down, with instructions from important
interests to buy heavily in case OF decided
break. There IS much capital seeking invest
s1lent that a substantial decline appears out of
the question A reaction Of from to 5 points
would not be considered in the nature Of
slump. while il would be welcomed by all care
full operators and investors. A bull movement
needs the frequent application Of regulator.
Periods Of readtustment under present circum-
stances should not be mistaken for the begin
ming of a long bear market, mistakes Of this
sort will undoubtedly lead to serious results for
traders who pin their faith on the short side Of
speculation.
There is apparently a supply Of investment
and speculative buying that will not be ex
hausted in day week or longer Every
commission house in the Street has a big supply
of orders to be executed on recessions. and until
the force OF this buying power is spent the
tendency Of the market Will not favor the oper
etors for decline. First class stocks Of Ameri-
can railway and industrial corporations safe
investments There is nothing better the world
over than American railroad investment.
Standard Oh and Pullman stocks outclass for
eign Government bonds. The good industrial
stocks have begun to enjoy long period of price
Improvement. and the prediction is made that
the day will when many issues ruling
at bargain figures Will follow in the path Of
Standard OIL Pullman and Singer Sewing Ma
chine stocks the three highest priced industrial
issues quoted. General Electric may become q
second Standard Oh in point OF investment
value. The preferred stocks of steel and iron
companies should grow into gilt edged invest
ments. The United States is country Of great
and growing Industrial activities and its indus
trial securities Of merit will not always remain
at ruling prices People who buy industrial
stocks small margins may lose their money,
but good issues bought outright will not prove
investment failures. The floating supply of first
class industrial stocks ought gradually TO de-
crease through investment buying
In the late dealings attack made upon
! American Steel and Wire for the purpose, no
doubt, Of checking the advance elsewhere in the
list. Bear efforts met with some success but
the decline brought in heavy buying orders The
Vanderbilt stocks were strong features of the
days market, and ST Paul again showed the
effect Of active buying American Steel and
Wire, Sugar Refining Atchlson. Brooklyn Rapid
Transit. Chesapeake and Ohio, St Paul, Federal
Steel. Manhattan. New-York Central, Northern
Pacific, Pennsylvania. Peoples Gas. Southern
Pacific and Union Pacific were the leading active
Issues. Throughout the day contest between
the two speculative elements was evident with
honors somewhat in favor Of the bears at the
close. The work Of Western Spectators was
conspicuous on the short side Of the market
Mr.. Gates is said TO have sold 100 1000 shares NJ
various stocks in the last few days