New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-07-17
THE DAYS OPERATIONS IN STOCKS.

Stock market trading yesterday was dull and
narrow. with transactions wholly professional
and fluctuations confined within narrow limits.
Traders who were alone in shaping the course
OF values were again bearish. although they
made no noteworthy progress in reducing quo
tations to a lower level. AS a rule, last prices
showed insignificant net losses compared with
FRIDAYS final figures. outside of the leading
speculative favorites there was practically
nothing doing. the anthracite list furnishing the
only important exception. Further weakness
developed in these stocks on vigorous bear at
tacks, Delaware and Hudson and Jersey Central
suffering with the Reading issues The coalers
have few friends among spectators. Selling or
these issues appears to be fashionable at pres
ent traders taking the ground that the anthra-
cite coal situation is beyond the control Of the
companies and that systematic hammerng Of
the stocks will produce a heavy investment
liquidation Of the high-priced issues. The coal
stocks are not doomed to decline out Of sight.
and the people who sell them short at this time
do so with great risk Of being heavy losers
There is no occasion to buy the coalers as the
most attractive stocks on the list FOR they are
not but TO sell them on the theory that they no
longer possess merit is absurd and ridiculous
Owing to a condition Of the coal trade that
needs improvement, the coal stocks have proved
vulnerable to bear attack in the week. and their
decline in value appears to be wholly due to
bear operators rather than to liquidation by
substantial holders. The end Of the week finds
the majority of stocks under the closing of a
week ago but with holdings distributed among
stronger interests and the short account ma
terially enlarged. AS long the public remains
out of the market traders will doubtless work
for lower prices. In doing so. however. they
run the risk Of severe punishment at any mo-
1nent and it is not unlikely that their efforts
10 break the market will carry their opera
lions to a point where technical conditions alone
will cause smart rally. Many operators who
are in favor Of higher prices have been doing
very little in the market. owing to the fact that
their funds have been tied up in subscriptions
TO Government bonds. but the return Of their
deposits and the release of the amounts held in
reserve for allotments may now begin to figure
in stock speculation As the loan was over
subscribed nearly seven times, an immense
amount OF money will soon be available for mar
ket purposes.
The weekly bank statement showed, ex-
pected decrease in cash and surplus holdings
on account of the financing OF the Government
loan. In connection with this, it is interesting
10 note that the effect OF bond payments on
Treasury holdlnSs Is seen IN an increase lol the
week in the actual cash balance Of S19,3O3,oO6,
and for the last three weeks an increase Of
about S40000OO0. Bank loans increased last
week S617S,200, and deposits decreased S2Sl,-
700. The result of all changes was decrease
in surplus reserve of S3919,4I5 10 S49363s2o
against $46036 900 in this week year ago and
sci 773,025 in the week in 1896.
Compared with a week ago closing prices for
n number of active issues show the following
changes: