New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-02-22
THE DAYS OPERATIONS IN STOCKS

A number of factors contributed to a declin-
ing stock market yesterday. The operations of
last week left the securities values In an ex-
tremely vulnerable position. and advantage OF
this was taken by operators for the short &C
count in Yesterdays transactions. This element
fayoring lower prices for stocks was helped by
powerful operators whose determination TO sus-
pend transactions for rise was reflected In
Saturdays decline; while in yesterdays market
they made no secret OF their pronounced bear
ish attitude.
The fear Of higher money rates. the rate war
In the West and Northwest, and the continued
uncertainty over the Cuban situation were the
more important considerations inducing selling
for both accounts
OF minor Importance was the unwiliingness OF
traders to carry stocks over the holiday. Small
traders who have been holding their possessions
In the hope of a substantial rally, were forced to
sell as prices were hammered below their stop
limit while large traders also Joined in the gen
eral selling movement. the result Of which was
a heavier decline than in many weeks.
The fear Of higher money rates was effective
In influencing sales by commission -house Gus
toners. This question has suddenly become OF
interest owing to the loss in bank reserves last
week and to the renewed demand for money
from the INTERIOR Anu IL gains duuiliohdi
portance by reason Of the demand which would
arise in case OF international trouble. Higher
rates however-that is a moderate increase
from the current level-would be welcomed by
the banks and in of stringency. which
seems improbable. gold imports could be made.
The London money market. in view OF possible
friction between France and England. would
doubtless object to gold exports to this ooun-
try and any material increase in local rates
would probably be followed by higher discount
rates at the Bank Of England. These factors
and possibilities make the future of the monay
market interesting. 1t Is noteworthy that the
interior demand for money took about 81, 100000
out Of the banks yesterday.
The break in prices severe in Manhattan,
Sugar and Metropolitan Street Railway. The
whole list however, shared In the general down.
ward movement, which at one time became
marked Commission house liquidation
heavy. Offerings were larger than the demand.
and It will take several days before the mass OF
securities thrown on the market can be properly
"digested."
On the decline good buying appeared. but 1t
was not heavy or aggressive enough to turn the
course of values. There is always good buying
on all slumps. People who buy stocks out
right. and others who have the to carry
a big line Of securities for an indefinite time,
are always looking for bargains.
Standard oil interests were said to be heavy
buyers Of st. Paul. Omaha and Brooklyn Rapid
Transit taken by insiders; also Rock ISL
and and Peoples Gas. Burlington was not sup
ported making a maximum loss Of 21a per cent.
and net loss of ~ per cent Sugar Refining
suffered one OF its characteristic drops. with ap
parently no demand for the stock. Its net loss
was 1Ss per cent, after extreme decline OF
37s per cent. Metropolitan fell to 14S and closed
at 151, net loss Of per cent. Northern Pa
cifc common and preferred were active weak
features In the railway list net changes a
rule. were declines OF 1RG2 per cent.
After the early slump there was 1Q1h per
cent recovery throughout.