New-York tribune., 1901-01-22
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Heavy selling for both accounts marked ths
opening Of the stock market yesterday, Eariy
prices We're lower throughout the list, but there
was no decentralization and there were few in
stances Of wide changes in the first dealings.
On the decline supporting orders appeared IN
some of the more active issues while general
covering Of shorts soon developed. The inhu-
enCe Of the two factors named was effective in
advancing values to level well above the open
ing prices and in many cases to points above
Saturdays final figures. London. after selling
in the early trading. became buyer. taking on
balance upward of 10000 shares. The course
of values throughout the day reflected uncer-
tainty the part Of many spectators regard
ing the hest policy to follow in market opera
tions. Bearishness still the prevailing sentf-
ment. but bear traders doubtless thought it wise
to practise caution in view Of the sharp decline
that had already taken place from the high
prices of the year. 1t was conceded. however. in
most quarters that a renewed bull movement
would not start from the current level. notwith-
standing the fact that the market closed strongi
and active, with prices at net gains in thu
greater number of active issues.
Careful market traders never oppose the forces
that control speculation. Cautious traders are
ever ready to follow conditions that point the
way for prices. and in pursuing this policy these
traders are naturally forced to make rapid shifts
yesterday may be bull to-day and conditions
that point week toward higher marked
values may move the next week toward lower
quotations. And a market may reach point
where speculative conditions will control values
TO an extent that will induce falling market
when business conditions are strong and pros
porous In the present a combination oe
conditions on the Stock Exchange and outside
the Stock Exchange is governing values The
business situation rests a solid foundation
and presents every reason for higher investment
values, but the possibility that this situation
may be upset by developments affecting the iron
and steel trade naturally serves to check bull
enthusiasm. The chances are that English
monetary conditions may become Of greater
local interest and Of greater Importance as
market influences This is another factor that,
induces caution among the bulls. On the Stock
Exchange prominent interests that were recently
the main support of the bull movement have
apparently temporarily withdrawn from the
market. while the greater number OF the So
called professional traders are following condi-
tiOns which Tor the time appear to point toward
declining values. a further setback will attract
good buyers and unless coming Developments
upset business activity securities prices VIII
doubtless reach a new top before the end OF the
fiscal year. The death Of the Queen is not likely"
to exert more than a passing effect upon quo
tatons-
Heavy dealings in the Southwestern railroad
shares and in the Wabash issues were proni-
nent features OF the day. Missouri Pacific ~
selling rather high for a non-dividend paying
stock. and il is therefore reasonable to look
forward to favorable developments in the South
western railroad situation at remote period
Texas and Pacific has been taken by good
class Of buyers. The market closed strong and
excited under an active demand from the shorts
and with heavy buviug in Missouri Pacific which
ended at a net gain of AZ per cent. Sharp rail-
lies in stocks that have recently received active
support from banking interests created bull en-
thusiasm among commission house traders in
the afternoon. but the general sentiment among
conservative operators suggested the advice Ton
sell on the advance in expectation Of lower prices
The steel shares We're generally heavy. with
net losses at the close.