New-York tribune., 1900-10-23
BONDS.
THE DAYS OPERATIONS IN STOCKS.

THE DAYS OPERATIONS IN SIOChS.
The stock market opened strong and active.
and. despite heavy realizing sales, prices con-
tinued firm in the greater part Of the day, with
many substantial net gains at the close. In
point Of dealings. the market resembled the
active speculation that took place a year ago
last January. Total transactions were above
100000 shares while the distribution of business
was better than recorded on any other day in
many months Few stocks failed to share in
the boom Naturally the leading speculative IA
vorites enjoyed the greatest attention, but with
minor exceptions, the general list showed
remarkable expansion in business and an
doubted demand from public operators. A great
part Of the days selling represented profit TAX
ing by room traders. Substantial interests We're
buyers, as reflected in the purchases of brokers
who operate for the Vanderbilt Morgan and
Standard OIL following but several important
individual spectators were active sellers Of
their tavorite issues. After the close Of busi-
there were few bears in the Street the
days course of dealings convinced the most pes
siu1istic trader that a big bull market in dis
count Of improving monetary conditions and
Bryan defeat next month under way.
Whatever short selling took place for the
account OF people who thought that reaction
due. and that turn on the short side would
prove profitable. A reaction is due.
Many Of the medium and low priced issues
developed evidence of a growing interest in this
class Of securities. The industrials of merit and
the cheap railroad stocks Of improving actual
worth were in demand and in many instances
sharp advances were recorded. Chesapeake and
Ohio, Atchison common Lake Erie and Western
Wheeling and Lake Erie Norfolk and Western
and Ontario and Western were features among
the low priced stocks. and in the industrial list
the steel stocks, United States Rubber Ameri-
Car and Foundry and American Linseed.
The last named stock promises to make a new
high record owing to the big advance in linseed
and the heavy earnings Of the company which
cone from big business and from practical
control Of the trade. The American Linseed
Conpauy's securities are among the new indus
trials OF admitted merit The preferred is
regular dividend payer, and the earnings above
the preferred dividend warrant the expectation
that the common stock will be added to the
dividend column at remote period. It would
seem from the course of the company's business
and the known conservatism OF the company's
management that the preferred and common
stock should enjoy position among the solid
Industrial stocks Of the new industrial com
bdnations. Republic Steel stocks were active
features Of the Industrial list in yesterdays
trading. the buying apparently coming from
people who well informed regarding the
finances Of the company. Confidence in the
stocks is increasing, and the belief is held in
many quarters that much higher prices will be
made for these issues in the course of the next
few months.
Reactions from the best prices occurred in
the afternoon, but a final rally left last quota
tons near the highest of the day Call money
market rates showed the effect Of the sudden
increase in stock market speculation by an ad-
vance to per cent but as an offset sterling
In IfT7od 10 olao,7r
IT now looks If further shipments Of gold
from London would be made, and also that
money viii rule higher here. High money rates
however with relief in sight, should not prove
q bar TO continued bull activity in stocks Lon
don was heavy buyer Of stocks in the local
market, purchases representing in great part
the scramble OF London capitalists to protect
themselves against the calls that they recently
sold on American stocks at recent prices. These
'-calls" mature in November and, as the stock
must be delivered at the prices agreed on the
London operator. If he does not already own the
stock is now forced to buy it in an advancing
market. unless he prefers to take the chance Of
waiting IN the hope Of big decline A big de-
cline before the maturity of the calls" appears
out OF the question. a healthful reaction how
ever, is not improbable.