The times., 1899-02-05
DEALINGS IN STOCKS
DWINDLE MILLIONS
Bond Transactions Far Short
of Those Last Week.
More Temperate Views Seize Alike
Spectators and Investors.
Indifferent Declines in Some stacks.
While others Have Made Wa
tcrial Advances.

New York Feb. 4.-The market for Sc
curities has been so broad and active this
week and is so strong in many sections
that its reactionary tendency from the eX-
traordinary dealings and prices of last
week has perhaps not been fully appre-
ciated. The statistics of the market for
the last five days have shown plainly
enough that more temperate views are
being entertained by both spectators and
investors and that the first named have
been intent on profit-taking. The deal
ings in stocks have been more than two
and half million shares smaller than last
week and there has been a falling of in
the transactions in bonds of more than
eight and a quarter millions par value
At the same time it is interesting TO note
that the distribution of business was the
largest in any week in the history of The
stock exchange. the number of stocks and
bonds dealt in being exactly 500
Prices are in the main lower than they
were last Saturday night. still no very i'm
portant declines are recorded. Both in re-
spect TO activity and prices the reaction
has not exceeded limits that might natu-
rally be expected after the unprecedented
market of last week. Quite a number of
stocks have reached higher prices, hut
nearly all of them are specialties which
have been influenced by specific considera-
tions which have not as yet been made
public.
Today's market was strong during the
first hour and half of business The
sharp recovery in prices brought in a good
many buying orders. the execution of
which, together with further purchases By
larger interests alarmed professional deal
ers. who were short of stocks to an extent
that induced them 10 cover. There were
exceptionally sharp advances in New York
Central Great Northern preferred, Con-
solidated Gas, Third Avenue Railroad,
which was unusually active. Pennsyl-
vania, and Panhandle, that Influenced the
entire speculation. The rise in prices made
the speculative community feel more con-
fdent regarding the ratification of the
Peace Treaty on Monday. Until the pub
lication of the bank statement. an hour be-
fore the close of business, all indications
were of a strong, possibly buoyant clos
ing.
The bank statement was a disappoint-
ment because of the unexpected large in
crease of over si5, 600 600 in loans. Since
the first of the year the loans have in
creased each week, but the increase has
not been equal to the increase in lawful
money. The increase in that item shown
by the bank statement fulfilled general ex-
pectations. being s2.s16, 600. The street
was not prepared, however. for an expan
sion in the loans of five or six times that
amount. The publication of The bank
statement was followed by selling under
which the greater part of the early i'm
provement in prices disappeared, and net
declines OF a point or more were recorded
for Rock Island. Federal Steel common,
Manhattan, Reading issues and Lake Erie
and Western preferred. The last named
was adversely affected by the passing of
the dividend.
The increase in bank accommodations
this week is doubtless due in great part
TO the accommodations obtained in connec-
tion with the floating of new industrial
enterprises. Loans on securities have also
been increased Incidental to the arrival of
large amounts of securities recently sold In
this market by foreign holders.