New-York tribune., 1901-02-21
BONDS
THE DAYS OPERATIONS IN BONDS.

The approach Of a three day holiday in the
stock market serves 10 induce caution IN specu-
lative operations and check public and profess
sional trading In the last two days there has
heen a material reduction IN the volume OF busl-
ness with notable falling of in commission
house transactions Substantial interests ap-
parently were not supporting values yesterday,
while in certain quarters of the market the
character Of business was thought 10 reflect
liauidation by operators who have been marked
bulls for many weeks Most Of the days deal
ings, however were significant only Of the
changing fancies Of board room traders and Of
further selling by small commission house specu-
,ators A drive was made against Rock Island
and Union Pacific. with moderate success in both
ISSUES. and bear progress was made in the
greater number OF stocks although closing
prices were slightly above the lowest Of the day.
without many extensive net losses from Tues
DAVIS last quotations Legitimate holders Of
securities appeared unwilling TO part with their
possessions. basing their determination, nc
doubt. on conditions governing real values
which roint ultimately 10 higher prices on
the StolA Exchange. Certain syndicats and
pools and so-caned big" men may he ready
10 share their speculative holdings with
any one who would Ike 10 buy, but their trans
actions will not involve the true worth OF securi-
AS long as underlying conditions do not change
railroad stocks and first class preferred indus
trial issues are not investments dear al ruling
prices
number Of the non dividend paying issues in the
last few days. but sales have apparently been
well taken. The greater number Of low priced
stocks are growing in actual worth, and issues
such as Southern Railway common, Texas ana
Pacific ST Louis Southwestern. Denver and Rio
Grande and 81 Louis and san Francisco should
eventually sell many points above the current
level These stocks all show handsome advances
over the level OF year Ggo, and II their real
values continue 10 increase. their market values
VIII certainly follow. AT the moment the bun
side OF the market does not appeal so strongly
10 many operators as il did a few weeks ago.
but from the investment point II view securities
have lost none Of their attractive features
Speculative declines do not hurt values. Rock
Island is worth as much al l22 as al 12s its
recent high price, and Union Pacific is just as
valuable to-day as IL a fortnight ago, when
are selling wen under the best prices of the year
and the short interest has reached a position
that suggests rally in prices. The market TO-
day. however. is not expected 10 he other than
q tame affair
Total dealings yesterday aggregated 76G 600
shares. Liquidation IN several high priced
stocks noticed. but al the same time invest
New-York Central and other trunk line shares
A part OF the current selling in securities doubt
less represents the displacement Of capital IN
preparation for handling the new securities that
railway and industrial deals viii create The
money market was easy, and borrowers had no
trouble IN securing loans running until Monday
AZ ? per cent