New-York tribune., 1901-05-21
BONDS.
THE DAYS OPERATIONS IN STOCKS.

THE stock market opened without excitement
and without any noteworthy demand for securi-
,.es Fxpectations in some quarters that first
dealings would develop good outside inquiry
for stocks led to considerable selling at the
opening and as the outsiders We're not on mana
to take offerings at advancing values safes were
made at prices generally under saturdays nnal
figures Declines attracted good buying, ana
subsequent quotations were well above those
made in the initial transactions. Speculation
showed a notable lack of life. as far as public
dealings were concerned, while even the opera
tions Of the professional element were small
and without animation. Houses representing
,uportant market interests were fair buyers Of
their specialties. and in the case Of Union Pa
cifc, Atchison and ST. Paul moderately heavy
dealings were reported. Missouri Pacific and
Erie were also large contributors TO the days
total Of business London was not impor-
tant factor in the local market In the indus
trial department there was a fair demand for
the steel shares. and moderately heavy deal
ings in Sugar Refining and American Linseed,
but elsewhere transactions were light. Last
hour selling carried the active stocks under
Saturdays close
Money market conditions without ma
terial change, and the general news of the day
presented no features of moment affecting the
value of securities. The labor situation was not
seriously considered in Wall Street Strikes
this year are incidents of prosperity and there
is no reason why investment values should be
upset because for a short space of time differ
ences over wages and hours cause a passing
curtailment of the productive enegries in GER
tain lines Of industry. The industrial activities
of the nation will not be upset by strikes, and
holders Of good securities need not look forward
TO actual depreciation in the value of their
possessions labor trouble developments.
Trade conditions are sound Stock market
speculation may for time lag behind the
progress of the countrys industries but barring
adverse changes renewed activity in securities
will undoubtedly develop again this year Per-
haps the next bull market will start from lower
quotations. 1t Will hardly pay, however. to sell
short in expectation that current dulness viii
be followed by cheaper prices.
The selling movement in the afternoon was
due in good part to the transactions of profess
sional traders. Prices were attacked throughout
the list, and in many cases sharp declines were
made, especially in Union Pacific Atchison,
Rock Island, Manhattan Louisville and Nash
vile and Southern Pacific Inside buying was
reported in Delaware and Hudson. In the in
dustrials great strength was shown by Ameri-
can Linseed issues and International Paper.
The American Linseed Company control has
been bought by the Union Oil and Lead Com
pany, which is practically Standard Oil con-
Germ. Buying of International Paper preferred
came from good sources. This stock is one of
the recognized bargains among the ndustrials
and interests identified with the company be-
Geve that a sound investment the stock
ought to sell well above its current level.