New-York tribune., 1901-03-26
BONDS.
THE DAYS OPERATIONS IN STOCKS,

The stock market was active on an irregular
movement of values Opening advances were
followed by reactions. due to heavy profit taxing
.ales and subsequent recoveries were succeeded
in the last half hour by declines throughout
the list. Final prices showed net losses in a
number Of prominent issues, but in the majority
Of securities small net advances were recorded.
leading market interests bought their special
ties. Commission house purchases represented
good class Of traders, especially in the dealings
In the low priced issues. such as the cheap coal
stocks and the bargain level Southwestern rail-
way shares. Sentiment was again bullish, but
commission houses advised the taking OF prohts
on the theory that natural reaction is due.
Speculative readjustments are made IN this mar
ket without material declines, owing to the
active demand for stocks and the apparently
unlimited power Of absorption in banking cir
cles The market has been kept in condition
of good health 10y constant realizing sales, and
the fact that these sales have not caused i'm
portant declines in values leads some people TO
the unwarranted conclusion that technical mar
ket conditions on the verge Of collapse
Conditions do not appear to be ripe for col
lapse just yet. A market that goes UP easier
than Il goes down is not favorable for extended
operations on the short side Of speculation The
Vanderbilt shares were strong features Big
Four showing especial strength. Pool buying
was reported in Southern Pacific and the coal
ers. and good speculative demand was noted
in the steel and iron securities. save Tennessee
Coal and Iron, which heavy and lower.
Southern Railway was a consricuously strong
feature The whole market weak in the
final dealings. and last prices were generally at
the lowest.
Bank conditions at this centre unusually
strong for this period Of the year. and easy rates
for loans rule in the face Of enormous Stock
Exchange transactions, financial operations in
volving tremendous sums of money and constant
losses by the banks on Sub Treasury operations
Commission houses are well supplied with funds
The expansion in bank loans from January
has not been due 10 speculation in stocks, and
notwithstanding the fact that all Stock EX-
change records for activity in preceding years
have been broken in the last few months. the
amount OF stock carried on borrowed money is
not large The bulk of the buying has been for
permanent investment account and for operators
who have been able to buy outright for specu-
lative profits. At the present level Of values
commission houses demand big margins, and as
a consequence the public following in the mar
ket is made up Of people who are able to protect
themselves and their brokers. Enthusiasm has
reached a pitch that warrants caution but the
best informed men IN the Street suggest buying
on all reactions. The financial powers in con-
troll Of the market have not distributed their
stocks as yet. and when they once begin it VIII
require several weeks before their large commit
.nents can be successfully landed upon the pub
lie At the moment there is no indication that
unloading has begun or that prominent interests
are satisfied with the ruling level of values.
Certain people profess TO see signs Of manip-
ulation for the account Of the big men, 1t is
alleged that last weeks advance was engineered
in the interests OF people who have been the
leading bulls for months, and who now desire,
St is said. TO get out Of stocks. The same thing
was said a month more ago At that time
many operators did sell their stocks. and many
houses preached the hear side OF the market,
hut after brief breathing period prices again
advanced while the more important financial
powers continued TO exhibit confidence in higher
prices. Naturally prices viii not advance in
definitely. and from until June there
may be a 'spotty" market The chances are,
however. that. barring adverse developments.
quotations will work higher before impor-
aant decline sets in. II is the general belief in
well informed circles that the period Of big deals
IS not over. Developments thought TO be
pending in the Southwestern railroad situation.
in burlington. Erie, Pennsylvania and other
roads Unless current information is al fault
bun sentiment in the stock market VIII be sus-
tained by several further important railway
nonncernents. If a big decline should develop in
the course of the next few months. stocks will
be readily bought by operators who waiting
and praying for lower prices. The cheap rail-
road shares and industrial issues appeal to many
people as the best bargains at present.
THE DAYS OPERATIONS IN BONDS.
GOVERNMENT BoNDs.-SIarket drm Final