New-York tribune., 1896-11-30
NETWORK DAILY TRIBUNE MONDAY NOVEMBER 30, 1896

UnUeTIylng cOnditiOnS. TheV
,s haNe lost money in the past from lack Of
h.nowledge OF conditions; especially the cond-
.ions prevailing in the last three years of panic.
Gnu en-: 'heir sentiments have become pessimistic:
.nuuc'iis them to take only the bear side of the
n,arhet nn when large interests and outsiders with
,ioi . operations as at present. To such
i6a ~ ~ !. is easier to operate on the downward
49,, vi 'iie market, or, as Is known on the EX-
chahSe. TO go short OF stocks for the specula-
I'VE, I'VE operation of selling stocks is easier than
nuHins; ana inasmuch as there has been a clear
@ m.'u ioI 'hls knd OF operation in the last two
weeks there should be no surprise or uneasi-
- over the current situation Of Stock EX-
& &unn'se business Large interests at any time
may resume operations in securities. and when
they 90 there will be a mighty scramble on the
M MnaIt oi the hears To buy back the stocks which
'ney nave sold and which in reality belong to
o,ner people The traders who go short Of
stocks have TO borrow all they sell and the
accommodation afforded these operators by
iafge houses could well be curtailed If the best
interests or the Stock Exchange were to he
taken INTO consideration by the lenders OF
slorks. Inc bear elements transactions seek
I" irlghten out legitimate holders Of securities
An eHorts are centred in bringing on liouida-
'oh hence the various fairy tales and out
raSeous reports which from time to time are
circulated and imposed upon the general public
IN the present efforts of the bears to lower
prices there is every appearance of the great
disappointment they experienced in being un-
an~ To pront by the rapid advance of values
a,er thc election their intention now being 10
distort and twist actual conditions in a manner
calculated To rob innocent holders Of their pos
SESSIONS ana 10 expand the shaky fortunes Of
tne falthfui numbers Of the bear coteria This
element could not profit on the election advance
because 1t did not have the money or the credit
~ ~ carry STOCKS over the election. Trading in
'hc iast TWO weeks has reflected the bear ele-
inent revenge. but a pretty poor one IL has
"eeh. the vigorous campaign striking snaes at
iciN pohi' ana resulting in losses too insig-
nllcant to have any influence upon general sen
tlment IN the financial community A deter.
mined effort is being made 10 depress prices on
,a, ,nv s'rrnstn OF uncertainty over coming legis
Iaton by Congress and over a possible strong
message by the President Cuban affairs
AS To The first. there is reason to expect any
aSl'ati"n IN Congress which will have an un-
favorable influence upon business and the
Presidents attitude upon the Cuban question is
pretty well known 10 be against ANYTHING be-
H"hu an expression of sympathy with the in
suischts The majority of the people Of clear
UNDERSTANDING arr confident in the belief tina.
our relations with other countries will not he
uisturheC. The stock market closed the week
Nilh INC appearance OF having been Oversold
and this week may extreme hesitation in
putting out new lines OF ''shorts'
lndia and the Continent drawing consid-
crap'" gold from London and the money mar
ket in that centre continues stiff although the
tendency last week slightly easier-pre-
venting any speculative enthusiasm in our So
curlties The trouble is not with this market
or with conditions over here for the foreigner
Is we'll plea sed with the turn affairs have taken
in the United States his hesitation in dealing in
American stocks being due 10 causes which have
local origin. When the Kaffir and other mining
iiquidationhaVe run their course and when the
i>'Hu'H money market cases of End assumes
more stable conditions look for some
foreigr interest in our securities. Probably by
the beginning of the new year monetary condi-
tons abroad will have changed. and at that
tiine In the local security market there should
be an increased activity for trade will then be-
gin 10 show further expansion. The revival in
wholesale trade will reach the retail business
before long. and financial operations which
Slacken at this period incident t. the end of tho
year Will after January begin to share renewed
activity. The money markets here and in Lon
don are reflected In conditions in the foreign
exchange market which in the week led 10
strength and a steady demand for long ster-
ling. which virtually resulted In lending local
FUNDS in the London market. Foreign houses
are now buying long bills and getting time
loans upon them: the opposite TO the syndicate
transactions last year which involved the selling
of long bills and the lending of their money.
WIN the London money market above the
ket here 1t is more profitable TO discount ster-
ling in New-York than in London. The bank
statement for the week showed a further ac-
cumuation Of funds at this centre by an in
'ase in cash holdings Of S., 600 500 and an in
crease in deposits Of S1i $50 600 making an
Increase in this t'm since the election Of So
l36.1D. Since the election gold In the Clear
ing House vaults has increased nearly Sl1 OOO-
600. and in the time National Treasury
holdings OF net gold have been raised 10 the
highest point since 1891. showing an Increase of
S1iSE',uII from November 3
The following tables show III" movements Of
STOCKS