New-York tribune., 1901-02-12
BONDS.
THE DAYS OPERATIONS IN STOCKS.

The stock market was irregular, but as
rule last prices showed net gains over Satur-
days final level. In a number OF stocks notable
strength was shown throughout the day, while
occasional weakness due TO profit taking sales
did not cause conspicuous declines in many
issues Wall Street end the country al large
observed the bullish tone Of all the stock market
literature published on Sunday, and as a conse-
ouence the market opened yesterday with no
impairment Of the enthusiastic bull sentiment
that has been the feature Of securities specula-
tion IN the last three months. There is ample
reason for enthusiasm. There is a solid founda-
tion for the expectation OF higher prices There
IS no bear factor in sight that viii shake in
vestment confidence. A reaction in prices may
soon develop, owing 10 speculative conditions,
hut declines will not be due TO investment
liquidation. Lower prices viii attract new buy
ers and unless some radical diverse change
takes place in conditions governing values de-
clines from the current level are not likely TO he
more than temporary Big markets involve big
fluctuations. however, and large margins ought
10 be provided IN all operations at the ruling
level Any passing unfavorable market factor
would doubtless cause enough speculative
liquidation and manipulation TO produce sharp
declines in the more active issues.
The enormous expansion in bank loans has not
impressed the Street with an idea that condi-
lions are more than normal. In view OF the tre-
mendous local financial undertakings the cur
rent growth in loans is not extraordinary.
neither is II dangerous or likely 10 produce dis
turbance. The heavy gain in loans does not rep
resent borrowing by speculators but accommo-
dation afforded bankers who are carrying
through deals that involve the transfer Of many
millions OF dollars. These loans are well pro
tected The interests engaged in large financial
transactions cannot afford to permit disturbance
in the money market, and they certainly will not
encourage Decentralization in stocks when they
have so much at stake Bear leaders can make
no important progress against the market until
the people now in control begin 10 withdraw
their interest. And this interest will not be
withdrawn until plans for great deals have all
been successfully worked out Many new Sc
curities are TO be issued and sold before the bull
market runs its course The comparative dull
ness in yesterdays speculation was not an in
dication OF the passing Of bull enthusiasm, but
merely an incident OF the approach Of a holiday.
Few new ventures were made IN the market, the
greater part Of the business representing the
operations OF professional traders.
Heaviest buying was reported in the cheap
stocks, while the selling pressure was somewhat
pronounced in the higher priced issues that have
recently enjoyed SO much speculative activity.
This selling, however was not effective in break
ing prices, although it did create irregularity
and fractional declines in a few issues. In
Atchison common transactions Of over 100000
shares resulted in neI loss Of 4 point, while
in Union Pacific common dealings Of $1,000
shares showed ret gain OF over j point.
Weakness in the American Smelling shares was
due 10 factors not affecting the general list
The steel stocks were generally up 10 per cent.
while the industrals in general were strong.
Western Union was a strong feature on pool
buKT a [
best prices. Buying OF International Paper Sc
curities was again a feature in the industrial
list not in point Of activity, but OF substantial
investment operations. There is a big short in
terest in the preferred. created several weeks
ago, when talk OF more active competition in
the paper trade was heard