New-York tribune., 1900-04-21
BONDS.
THE DAYS OPERATIONS IN STOCKS

The stock market dull and professional
without important price changes. AS a rule,
values moved in the direction of higher quota
tions but the extent of Improvement was gen
orally measured by fractions. An active de-
mand for stocks at this period would cause a
rapid upward movement there is big short
interest in all the more important issues, while
the supply of stocks available for speculative
purposes is extremely small. Good stocks are
locked up and buyers on the recent decline are
not disposed to sell at the current level In
view of the many favorable factors governing
the intrinsic worth of securities. holders of
stocks purchased ruling prices higher.
exhibit good Judgment in maintaining posi-
ton the long" side of the market. Although
at the moment the effect of manipulation is
holding the market down. the real value of Sc
curities is increasing and despite the approach
of a Presidential campaign. the conservative
operators and investors satisfied to keep a
firm grip on their possessions. The greater
number Of present holders afford to carry
their speculative, lines indefinitely. If the pub
lie remains out of the market bear traders may
force lower quotation level but unless general
conditions change materially bear attacks are
not likely TO be followed by important lquida-
tion.
The manipulation in certain industrials has
not reduced investment values American Steel
and Wire gamblers have had a successful cam
paign at the expense Of their regulations and
many Wall Street poCletb0oks; but the indus
trial activity of the country has not been upset
weakened. Trade reports for the week. re-
ceiyed last night made cheerful exhibits of the
general industrial situation presenting nothing
but bull arguments and holding out the promise
Of no disturbance to the country's business for
the coming political fight. The bank statement
to-day ought 10 be exceptionally favorable. The
local institutions have gained heavily from the
Sub-Treasury on pension payments and bond
conversion operations. Interior movements have
not played important part in the week S
changes. and the liquidation in stock market
loans has, it is thought, been large enough to
offset borrowing on sterling collateral. From the
known movement OF money a heavy gain in
cash is indicated The money market is easy,
and possible gold exports not causing alarm
in financial circles. If gold goes TO Europe il
will merely be in response to local and foreign
money market conditions and gold shipments
therefore can in no way be taken as a bear
card on stocks. Money goes to that point where
1t Is needed the most, and current London rates
reflect that this market may soon ship the
precious metal abroad. Sterling exchange was
strong yesterday.
Commission houses not active in the
market. and bull pools were not in evidence
Traders operations made up the bulk of the
days business with covering of short lines the
leading feature. Efforts were made TO advance
the coal stocks. and Improvement was noted
The greater number of coal stocks deserve
higher market quotations because of trade condi
tions. and in the of Reading issues consid-
cradle improvement was made in yesterdays
market. Brooklyn Rapid Transit is In better
demand. and good class of buyers is taking
the stock.