New-York tribune., 1901-02-02
-Ex dividend.
BONDS.
THE DAYS OPERATIONS IL STOCKS.

S,r,ec,,lot,or in stocks was active, while prices
were generally higher. There was conslderable
frregularity at times, incident 10 the closing OF
traders contracts over the two days suspeh-
sion OF business, but there was no important
weakness and NJ appearance Of bearishness in
che Street The bear element has eXerted It's
best efforts to undermine the strength OF the
current market, and although days Of declining
values have been known in the last few weeks
prices have so far offered resistance to i'm
7oortant losses and a tendency 10 immediate
recovery after all setbacks. II now begins TO
loolk as II the professional element had made up
its mind 10 the fact that If stocks VIII not go
down they will go up and that operations on the
long side will pay better than short sales until
some adverse development arises TO check the
growing strength OF actual values, or until the
market becomes top heavy and ready TO fan
from, its own weight. The operations in yester-
aav's market doubtless increased TO a consid-
erahle extent the holdings OF commission houses,
while they most likely resulted in the transfer
OF much stock 10 weak margin accounts.
The buying OF stocks since November has
been in great part for the account Of investors
and for interests that have been engaged IN
operations involving the accumulation OF large
amounts OF securities. Stocks taken have
reduced the available supply for speculation
and as a consequence the bear element has
found no large amount Of weak holdings TO
come OF the market while It has had consider
able difficulty IN covering its contracts without
causing q sharp advance in prices. investors
have not sold and the stocks accumulated in
the furtherance OF the plans OF banking and
railroad interests have apparently not come on
the market At the present level, however, haui-
dation by important interests would not be
surprising. In yesterdays market speculation
had some Of the characteristics OF market in
"a fa
enthusiasm by rurnors and reports that cal
culated TO excite the Wall Street imagination.
Indeed it was day OF rumors. A market sup
ported by the influence OF many absurd reports
regarding railroad and industrial companies is
not always a safe market, for the simple reason
that such support often indicates a desire on the
part OF big speculative interests TO make mar
ket for their securities The public was un-
doubtedly a buyer. as transactions aggregated
more than I, SOC, 600 shares Various railway alb
sorption reports were circulated, including a
well founded rumor that Union Pacific would
secure control of Southern Pacific. Union Pa
ridc on enormous dealings advanced as a result
Of this report, while Southern Pacific declined.
billion dollar steel combination story was re-
FiYed, ana the steel stocks We're strong, with
heavy buying for public account. The with
arawal Of the opposition 10 the Gates crowd in
American Steel and Wire created TIE impression
that harmonious relations among the steel COM
panies were about TO be established.
No gold was taken for export and IL was
calculated that the decline in the premium paid
Tor imported bar gold in London would make
further advance in sterling rates necessary be-
tore gold could go 20 that centre at a profit.
London a heavy seller Of stocks In this
market, and this. with other indications, pointed
10 exchange conditions next week that should
bring about gold shipments 20 London. Money
market rates continue easy and there is little
chance OF higher quotations for some time TO
some. For the week the known movement OF
money shows a gain in cash TO the banks OF
kl.5000 600, but the unknown factors in the move
ment viii doubtless increase this amount 10
about 100000. The average system employed
n making up the bank statement viii not reflect
the S2.9000OO paid out yesterday in Govern
ment interest.
The stock market underwent rapid price
changes in the last fifteen minutes owing 10
heavy realizing sales, with the close active. ex-
tited and at substantial net gains over Thurs
say.