New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-12-14
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Stock values sought and found a lower level
Yesterday In some cases the low prices made
on Monday were discounted by several points.
esneciallv in Sugar Refining and Tennessee Coal
and Iron Quotations we're weak the greater
part of the day on a large volume OF business;
but there was little actual generalization and
with the exception Of the stocks just named and
some Of the other active and volatile issues de-
clines were not above 1G2 per cent. London
was a heavy seller in the local market, sales by
arbitrage houses amounting to upward OF 6O'OOO
shares. Whenever London sells Wall Street be-
comes depressed and in the present instance
depression is accentuated on account or the
credited reports that foreigners have been heavy
sellers of American bonds at private sale within
the last few days Foreign selling in the local
market brings up the possibility OF gold ex-
ports. and to the ordinary trader gold exports
mean financial paralysis Wall Street needs
nerve tonic. The most absurd reports are now
believed ridiculous propositions regarding local
and foreign monetary relief being seriously dis
cussed by the inconsistent and unstable trader
I'm stocks Just at present a certain section OF
the Street Is worrying over the report that the
United States Treasury may send gold to the
Bank of England. 1t would be delicate atten-
ton on the part Of the Treasury, but for good
business reasons the Treasury will not oner 10
assist the Bank Of England. The possibility
that local bankers might send some GOLD ABROAD
and the strength Of sterling exchange aHecleu
speculative sentiment yesterday. especially In
the last hour of trading when great deal OF
stock was thrown on the market at rapidly de-
clining prices The extreme weakness in the
London market following the news OF British
repulse in South Africa and the indications that
Iondon is securing a firrner grip on our money
market by heavy sales Of securities are factors
which bear traders are not slow to appreciate
Liquidation in stocks has run to an extent
that has relieved the acute tension In the local
money market
Action at this time by the Treasury is not
really needed, for despite the heavy withdrawais
from the banks reserves well above the legal
limit sneculation Is not making heavy calls
upon the money institutions. and the time for
q roovenoent of money from the interior Is
drawing nearer every day. II money rates
| sbould fall gold would go out. AS long as rates
| rule at the current level gold exports Will not
| he made as regular exchange transactions de-
snite the fact that London wants the metal
! badly. The money situation Is inherently
| strong. and 1t is only the pessmists who believe
| that the New-YOrk banks cannot protect their
| own position. Although the banks have lost
| heavily this week on Treasury speculations
they doubtless have reduced their liabilities 10
a great extent and in consequence protected
! their reserves against deposits, Notwithstanding
their actual loss in cash. The stock market VIII
| have 10 wait while for its long expected bull
| movement but eventually prices will go TO a
| level warranted by business conditions In eX-
| pectation Of a higher level important market In
| terests are holding and adding to their posses
| sions.
The decline In stock values is not accompanied
| bv decline In railroad earnings bank earn
| ings or exports Of merchandise. Dividends are
being Increased and declared, and the announce
ment by the Federal Steel Company regarding
| 2 dividend on the common stock is an evidence
of sustained activity in the industrial field The
fact that important railroad interests nave
acquired large holdings In Brooklyn RAPID
Transit reflects that capitalists are optimists on
the future. The declaration of a 10 per cent
stock dividend by the Pennsylvania, the IN
crease in capital by the New-York Central, the
increased dividend declarations by Northwest
Northern Pacific and Atchison are signs OF the
times that holders Of stocks and believers In
higher prices should carefully note. Trade wars
in sugar and gas have provided causes for sell
ing the stocks concerned. but they have not cut
the real value of other industrial ana railroad
stocks.
| The current monetary situation is not per-
manent factor neither is the Transvaal war
which at present is such big influence in the
foreign financial markets. sort OF panicky
feeling seems TO have seized some holders OF
securities and they are selling without discrimi-
nation or reason. The market closed weak and
under pressure The manipulation in Sugar
and Tennessee Coal and Iron has hurt the
market.
THE DAYS OPERATIONS IN BONDS.