New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-01-27
EEK dividend.
BONDS.
THE DAYS OPERATIONS IN STOCKS.

The stock market is in good condition to with
stand the shock of British defeat In South
Africa This adequately reflected in the
course Of values yesterday. the only effect upon
speculation of the retreat Of the British from
SpiOn Kop being increased dulness in transac-
lions. If the dealings In Sugar Refining and
Brooklyn Rapid Transit had been eliminated,
total transactions would have amounted to only
123 900 shares. The stocks named. with Louis
vile and Nashville, American Tobacco Mis-
souri, Pacific and Southern Pacific. supplied over
one-half of the days business. The bear clique
sold stocks. The trading element. a rule,
bought In the early dealings but subsequently
put out lines Of shorts" Sales for the foreign
account were easily absorbed. and there was
pressure to sell at any time Final prices
showed small net losses; larger declines in a
few instances as the Rubber issues, Tennessee
Coal and Sugar rejecting nothing beyond bear
manipulation. There were many buying orders
in the hands of brokers 10 be executed at lower
prices which would. it was thought. follow the
decline In London but the fluctuations were too
narrow to admit of buying at the prices fixed.
Wall Street pessimists see in the present Brit
ish setback cause for alarm. but it is quite prob
able that their alarm would vanish if they could
succeed in buying stocks at a cheaper level.
There is method in Wall Street professional I'M
easiness over the South African situation. but
it seems madness to hope to produce a market
panic on an affair which eventually must result
in complete British triumph. The leaders in the
money market in New-YOrk. London and Con-
tinental cities are apparently satisfied as to the
ultimate course Of the war When capital is not
alarmed 1t Is a good time to be confident. The
local situation is too strong to be injured by
passing developments adverse to the British
arms, and It is probable that a continuation of
the war will serve to increase this country's
prosperity by stimulating the exports of food
products and lessening the competition of Eng
land in the merchandise markets of the world.
The persons who are exerting themselves to in
duce holders of stocks to part with their posses
sions are not achieving brilliant success while
1t is more than likely that they are laying the
foundation for their own discontinue The in
terests who are so anxious to have the public
investors sell may be philanthropists. but their
methods are open to suspicion
Stocks are cheap and intrinsically valuable,
and invitations TO sell may be stamped at once
as the frantic efforts Of certain class Of oper-
ators TO return at profit to the long side Of
speculation. The latest bear argument is this:
THE market is dull. therefore prices must go
down" 1t is rather difficult to follow the logic of
this theory but 1t may be based on the idea that
the refusal OF the public to buy reflects loss OF
confidence in values. The bear says that no one
will buy And he might state with equal force.
II he would that no one will sell. Stock values
may seek a lower level and Justify current bear
predictions but if they do IL will not be because
of a reduction In their actual worth The cleo
ton of men representing powerful financial and
railroad interests to the Board Of Directors OF
the Brooklyn Rapid Transit Company a
significant incident of yesterdays news devel-
opments 1t is evident that men Of wealth and
influence are confident In the future investment
value of the Brooklyn transit stock.