New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-03-01
BONDS
THE DAYS OPERATIONS IN STOCKS.

The stock market was irregular. with f'rmer
tendency. final quotations showing net gains in
the greater number Of issues. Third Avenue
enjoyed a sharp recovery a good class of
buying. II was generally believed that the bear
speculation in this stock had run its course and
that the decline of Tuesday represented the final
measurement of all the unfavorable factors in
the company's affairs. The advance in Third
Avenue was small in comparison to the recent
decline. but il served to create a more bullish
sentiment on the general list. while il checked
bear operations and caused considerable buying
for rise. The decline in various stocks in the
last week has not represented good selling. In
Third Avenue there has, Of course. been invest
ment liquidation, and the is true of Sugar
Refining; but, as a general rule professional
sales and liquidation by unimportant commits
sion house traders have made up the bulk of
the daily dealings. Railroad issues have been
well bought, and stocks have become more
firmly intrenched in the hands of capitalists. In
many cases substantial public operators have
been buyers. and the strength of the market
yesterday reflected conditions unfavorable to
further short selling. The Third Avenue receiv-
ership proceedings caused a sharp advance in
Third Avenue stock IN the last hour and shorts
covered extensively throughout the list.
While Third Avenue stock fluctuations may
continue for a while longer to influence specu-
lative sentiment. il is we'll TO bear in mind that
the company's complications not factors
that can injure the actual worth OF securities in
general The Third Avenue affair has been
black cloud in Wall Street, but its effect as re-
CARDS the market as a whole has been more
sentimental than actual The general rank and
file Of spectators have not been hurt by the
decline. Third Avenue stock at time
q valued investment, and, a consequence
closely held by a few investors and strong
financial interests The stock has not been
scattered through the Street. and the severe
break in its price has not hurt the speculative
community, save in certain quarters where the
stock has been made the basis of a speculative
fight of no small proportion to those concerned
The chances are that Third Avenue stock is
now lodged in the hands Of men with powerful
financial resources. and that it will soon cease
10 be the regular daily speculative attraction
The company's reorganization should not be
matter of difficulty when 1t is once fairly under
way and, if reorganized on a sound financial
plan, the stock ought to prove a safe invest
ment The present troubles Of the company are
not the result Of poor business
II is probable that as a Third Avenue
settlement is fairly started and the Sugar Re
ining dividend question decided, the stock mar
ket will enjoy smart advance. The markets
advancing tendency was checked by the Third
Avenue developments but the actual value of
securities did not suffer. Factors governing
the real worth Of stocks and bonds are steadily
adding to the value of investments. Railroad
earnings are breaking records and trade condi-
tions throughout the country sound and
prosperous. Reference made in this coll
umn last Sunday TO the yielding tendency OF
prices in certain lines Of trade. Since that time
the tendency has become more pronounced. In
iron steel wool and leather a healthful yielding
in quotations is under way. Evidence has not
been wanting that business has been hindered
TO certain extent by high prices and the re-
action which is now noted should therefore
prove of benefit TO both the producer and the
consumer.