New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-06-19
BONDS.
TIE DAYS OPERATIONS IN BONDS.

The bear account in the stock market has
beeD opened. and in Yesterdays transactions was
materially enlarged Owing to a lack Of sup
mort prices were weak throughout the two hours
Of trading. with last prices near the lowest Of
the day Substantial market interests appar-
emily are not opposed TO bear operations. while
tho street as a whole is dsinclined to enter
actively into speculation until the effect Of the
war taxes upon Wall Street has been definitely
escertained and until the money market re-
facts the extent of the influence TO be exerted
upon Il by the new Government loan In some
quarters. principally among the bears. there is
uneasincss over the wheat markets future. and
fear that after all the 1895 American crop will
not be wanted abroad, and that traffic earn
ings will accordingly decline The dismal talk
heard Yesterday was certain indication Of bear
activity in stocks.
Especial pressure was eXerted against Peo-
Mes Gas which made a maximum decline Of
27s per cent. with net loss nearly great
Chicago interests are bearing the stock. and
efforts are making in the West TO harass the
company as much possible for stock market
purposes. Holders Of the stock should bear in
mnd that the company is under the manage
n1ent Of able men, that IL practically controls
the gas business in Chicago. and that its earn
ngs are we'll above the per cent now being
paid on the stock The market value Of the
stock may be forced lower. but its intrinsic
worth Will not be lessened by speculative
schemers. The active railroad list down on
an average Of y per cent. Sugar Refining and
Tobacco lost more than l per cent, while Rub
Der stocks and General Electric remained firm.
The bank statement showed for the first time
in several weeks decrease in loans, traceable
in great part TO the liquidation Of stock mar
ket loans and the lack Of new engagements for
speculative purposes: also indirectly TO the
preparations making for taking up the new
Government loan. Deposits increased S6,765,6OO
and cash holdings 81 10. 100. The result OF all
changes was an increase in surplus reserve Of
s5431 200 to 59272. 800, against S4S,3909j0
al the Same time year ago. and S19.9lS25O in
1896
The determined effort on the part OF certain
Spectators 10 bring about a lower level Of prices
in the stock market last week resulted in small
net declines in the greater number OF issues, as
compared with the preceding week. People
whose market engagements were in excess Of
their financial resources felt the brunt Of the
bear attack and experienced the familiar re-
suits Of indiscretion III market operations. Hold
ers large margins were not disturbed and
the stocks held investment account showed
no evidence OF coming on the market. Legti-
mate holders who did sell secured profits. and
only sold because they hoped 10 be able TO buy
back at lower prices and TO take part in d bull
movement that is expected TO rule before the
summer is over The interest centred on the
new Government loan was reflected in shrink
age In bond market transactions. and the re-
fusa! Of important market interests TO take part
in speculation doubtless indicated a willingness
on their part TO lower range for stocks, In
order 70 add 20 their holdings al cheaper prices
The short interest was largely increased. and
TIE technical position Of the market was
strengthened in proportion. Declines at TINS
time must accrue TO the advantage OF the bulls
when a renewed upward movement is started
The street Is Duilish for q long pull. and con-
ndently expects TO a materially higher price
!eve! before the fell. The Government loan ne
collation. has as yet had 70 important effect
upon money rates but pending the final dis
,ribution OF the bonds caution on the part OF
stock market traders should be observed.
Compared with a week ago the chief active
stocks show the following changes: