New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-10-05
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Transactions in yesterdays share market
ST ,,1ed marked increase in commission house
buying and heavy realizing sales by people who
secured stocks on the recent decline The in
crease in business was accompanied by higher
prices in a number of issues, but the general
course OF values presented great irregular1ty,
owing TO the profit taking tendency Several
prominent houses were reported as active buy
ers of their specialtIes. Street gossip said that
leading speculative interests were working for
higher quotations. and IN consequence small
commission house traders began to buy. The
advancing tendency Of the last few days has
undoubtedly encouraged certain commission
house element TO buy stocks, but the general
public has not yet turned its attention to the
Street. There are reasons in favor Of advancing
prices yet the character of current trading does
not induce the belief that a substantial bull
movement is under way. Stocks are purchase
on their merits If. however. the investment
public does not come into the market better
bargains than those now current may be had
before Election Day. Stocks have had con-
siderable advance in the last few days. ana
reaction is in order.
Operators who are working for an advance are
tunish over the political situation, and they are
honestly buIlsh, because they have drawn con-
illusions from the confident sentiment Of bankers
and politicians who are in position to judge
the condition Of public opinion throughout the
country. Prominent Wall Street bankers are
confident that President Mckinley will be re-
elected. Whether not the public will be In
duced TO buy stocks on bankers opinions Is
question that Will probably be answered within
the next week. If the public decides that
Bryan scare in stocks is impossible, and that
money market conditions VIII not disturb specu-
iation, people who have securities to sell may
find q good class OF buyers. Outsiders who buy
at the ruling level should bear in mind that
prices are well above the recent low level and
that professional Wall Street has g. habit OF
creating artificial bull markets in order to I'M
load its securities. There is no reason, how
ever why buyers with big margins should take
a loss on possible ante-election declines. The
oountry's prosperity is not over, and with Re
publican success in November trade will con-
tinue to expand, carrying with it a legitimate
apprectation in investment issues. But the fear
in some quarters of disappointment in November
will most likely prevent a steady stream OF
public buying at prevailing quotations
Increased activity IN securities had little eff
feet upon the money market further expan-
sion in business will doubtless be followed by
higher rates for loans. bull activity IN stocks
requires substantial assistance from the banks
The bank statement tomorrow will show a FUR
Their loss in cash, and unless there has been a
large contraction In loans big loss IN surplus
above legal requirements is likely. The Bank OF
England made no change in its minimum dis
count rate at it's regular meeting yesterday,
hut the weekly statement OF holdings showed
a weaker money position. There was a. heavy
decline in the proportion Of reserve to iaoilties
and gold holdings were lower by over million
sterling In Berlin money rates were harder,
and the open market rate In London showed a
frrner tendency. In the local exchange marker
The decline appeared to have reached its limit
In the last hour reactions in prices left final
quotations for most stocks under the best OF the
Sav The steel stocks were in good demand
from the West and it said that the Gates
combination was buying. Chicago houses
bought Peoples Gas, and Sugar was bid up by
q yooI Commission house buying was moderate
" heavy in the granger and Pacific shares The
shorts were squeezed in Tennessee Coal and Iron,
4he stock showing a net gain of 3A per cent
contrary to expectation, no change was made
IN the corlpany's dividend rate. A long list OF
decreases in railroad earnings Tor the last week
A cen+er,ber was without effect upon stocks.
Tile nAE,s OPERATIONS IN BONDS.