New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-05-26
BONDS.
THE DAYS OPERATIONS IN STOCKS.

The securities market intensely dull and
price movements were unimportant A few
stocks presented some indication of life. but the
greater number of issues were neglected, despite
further efforts on the part of boardroom traders
10 induce liquidation. The effect of Thursdays
failure of prominent commission house was
confined to Thursdays market, as in yesterdays
trading there little selling that could be
traced to this account. While the failure
settled sentiment for time. 1t is interesting to
note that the market received the shock with
ease which reflected the strongest kind Of tech
ncal conditions and confidence among investors
and prominent interests in the stability of I'M
DERIVING conditions. When prominent firm
fails with liabilities of S13,O00000, without in
juring the market. it may logically be assumed
that stocks not held by weakings. After
early strength the general market sold off
traders operations, with Sugar Refining and
Atchison preferred furnishing the chief activity
The announcement that the Brooklyn Rapid
Transit Company would increase its Coney ISL
and fare to 10 cents caused good buying of the
stock but the price declined with the rest of the
list in the afternoon. A fare of 10 cents to
Coney Island will mean enormous increase
in the company's receipts without any increase
in operating expenses, and the result of the
summer traffic to Coney Island ought to bring
the Brooklyn Rapid Transit stock close to divi-
dends The market closed dull and unsettled.
The tendency of the stock market may not
be in favor of higher prices at the moment. but
conditions affecting the actual worth of securi-
ties and the technical position of speculation
certainly not in favor of the bears. The
stock market is waiting. Public operators are
not buying. neither they selling and unless
general trade conditions should become bad
there seems little chance of liquidation of we'll
Ioiy,
justed a quieter basis, but there is nothing
unhealthful in the situation In fact, trade re-
action is a sign of more heathful conditions
and stocks not good sale on this account
At the moment the leading interests in the
speculative and investment field are not engag-
ing in market operatio and prices under
the control of board room traders. Traders are
generally bearish. the short side is the at
tractive side to the professional Spectator, and
in consequence efforts are making to establish
a lower range of values. Small operators should
bear this point in mind. There is no disposition
to bull the market at present. and although
conditions affecting values favorable. the
greater number of spectators are bearish
Prices are therefore, likely to sell lower at
times. but the fact that the floating supply of
stock is small places a narrow limit on bear
operations.
There is reason predict immediate
a
this summer but the other hand there is no
good for bearshness. We'll protected
stocks do not look like good sales" and. of
course, there is possible excuse for invest
ment selling Presidential uncertainties and
business reaction may naturally restrict securi-
ties markets operations, but they will not this
year be accompanied by the panicky feeling
that marked the campaign four years ago. The
attacks that will be made upon trusts have
doubtless been discounted far the indi-
vidua stocks concerned And it may be
said of the general market that the severe
shrinkage in values in the last year has dis
counted all the uncertainties of the current sit
uation. The money market continues easy. and
promises to remain throughout the summer
Foreign money conditions are growing more in
favor of the borrower reflected in the re-
ducton by the Bank of England and the Bank
of France by their minimum rat of discount
while in the local market the borrower can Sc
cure accommodation practically his own
terms. The bank statement to-day ought to
show a further gain in cash and surplus hold
ings, the movement of money in the week
has been in favor Of the banks interior and
Sub-Treasury operations.