New-York tribune., 1900-03-09
BONDS.
sTHE DAYS OPERATIONS IN STOCKS.

Stock market trading excessively dull.
iwtth transactions confined almost entirely to
the operations Of professional traders. At the
;close there few important price changes,
sbut a rule the greater number Of issues
sshowed small net declines for the day. The
Expectation OF another bad bank statement to-
snorrow created more depression of spirits
samong the leading element and commission
house customers while the continued absence
sof the public and substantial market interests
for speculation added to the gloom that is now
so general in the lightweight speculative cir
cIes. Third Avenue stock was under pressure.
but on the decline good buying reported.
Speculation in this stock has developed into
little more than a contest between the small
bulls and the small bears. The future of the
stock will depend TO a great extent upon the
report that the temporary receiver of the COM
rany will make next Wednesday. as the actual
condition OF the company will then be known.
while il will be possible to estimate what tax.
sf any, will be placed upon the stock in the re-
reorganization. The general market was without
Feature, and last prices were at unimportant
changes in most issues.
The current stock market is made up in great
part of the transactions of boardroom traders
and commission house spectators, who spend
Hhe best part of their time and the greater part
.of their money in efforts to make fortune on
rhe uncertain movements of market values,
Important interests doing nothing in specu-
Qation at present Many of the more substan-
-ial operators out Of town. and in their
ebsence there apparently is no one Of sufficient
strength make the market advance. The
public is not buying. Wall Streets big men
aTe resting. and they doubtless will continue to
,ndulge in speculative idleness until they have
some assurance that the public will support a
sbull movement. They may be forced TO wait
aft ha pPSr
can afford TO wait. Holders of good stocks
who not forced to sell on the declines
brought about by bear pressure ought TO retain
rheir securities, unless they dreaming that
the country is soon to go down hill; that the
rpronnise Of further business expansion is based
son theory alone: that the co.. ntry is to suffer
this year il suffered four years ago. when
cdr. Bryan rushing about the land fright
ening certain people into believing that he
rgould be elected President.
Mr.. Bryan will probably be out again this
sear but conditions have changed since 1894.
end business men will not be frightened by the
Bryan hohgoblins. 1t is more than probable
that the merchants, farmers and la boring men
will be willing to enjoy current conditions for
-four years more at least. Investors certainly
will not sell their securities because Of Presi-
dental uncertainties this year. and unless in
vestors sell and money is withdrawn from cir
culation a successful bear campaign in stocks
does not appear possible The beginning Of the
Presidential year finds market values enor-
nously reduced from the high level Of last
years bull speculation. This is a factor that
bear traders should carry in mind. Stocks are
not dear and they not held by weak inter
ests. The stock market is likely to be waiting
market for some time come. with bear traders
active but barring real unfavorable develop
snents affecting the intrinsic worth of invest
naents. there seems no likelihood Of market
dn which every one will attempt TO throw over
good stocks through fear of some political
calamity.
nsV,S RATIGNS IN RONDS