New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-10-30
BONDS.
THE DAYS OPERATIONS IN STOCKS.

The stock market developed a reactionary ten
dency yesterday. and at the close of business the
greater number of shares were under the final
level of Saturday News factors were not re-
sponsible for the selling movement There was
little In the outside situation that warranted
lower prices, but traders took the bear side
because they thought the time ripe for a mod
crate setback in values. Professional selling
was helped by continued realizing sales and by
g decided disposition on the part Of many sub
stantial market interests to take no aggressive
interest in the bull side Of speculation. Several
large operators who assumed a position on the
bear side of the market last week active
sellers in yesterdays operations. Their trans
actions served 10 attract a following among
the smaller traders. and before the end of the
day the bear element became quite popular, es-
pecially among the traders who believe that
speculative success lies in following the opera
tons Of the big" men. It need not be inferred.
however that the more prominent market in
terests have changed their position. Moreover.
It is likely that they viii oppose any decided
setback in prices. After the last two weeks of
advancing quotations a reaction is natural and
healthful development that ought to be well
coined by people who are interested in the well
fare Of the market.
The leading speculative favorites were gener-
ally weak features in yesterdays trading Sell
ing Of stocks about which many fairy tales
have recently been published was heavy. and
small traders who bought at the top last week
on various fab-ications regarding new control
of various railway properties were as a rule
sellers with losses TO their accounts. Talk
about gigantic railway deals always accom-
pa MES a bull market, and further cheerful un-
truths about consultations and dividends may
he expected. The story that Southern Pacific.
Missouri Pacific and ST. Louis Southwestern
preferred will receive dividends this year is
without foundation. The report that the Van
derbilts control the Southern Pacific is like
wise fable. And the same thing may be said
Of reported Southwestern railway deal and OF
local traction rumors. 1t is true however, that
Brooklyn Rapid Transit stock is now in stronger
hands than ever before in the history Of the
company while it may also be true that some
Southern Pacific stock is owned by the Van
derbilt interests Southern Pacific will re-
ceive a dividend some day; so will Missouri
Pacific and ST Louis Southwestern preferred.
But the directors of the roads named discourage
the expectation Of dividends in the near future.
The imaginations Of certain people are running
wild on the subject Of deals" and the efforts
of these people to lift" stocks last week by
unfounded stories has doubtless frightened
many conservative spectators out Of the
ket.
Money market factors had no particular bear
ing upon SlDch SptcUidllDil- Ndll money Was
comparatively easy. and in good supply at 1881
per cent. but the demand for all forms Of
co1nmodation was light. At the moment the
chances do not appear to favor further imports
of gold this week. Additional shipments of the
metal are not actually needed. the interior
currency drain has been checked while the
banks have succeeded in decreasing their liabili-
ties extent that places surplus above legal
requirements out OF danger. Early losses in
stocks yesterday We're followed by afternoon
rally, but only few issues notably Northern
Pacific enjoyed net improvement.