New-York tribune., 1899-07-25
BONDS.
THE DAYS OPERATIONS IN STOCKS.

The money market, while showing no especia4
activity or tendency TO move in direction con-
trary to the expectation Of the people best IN
formed upon the situation, exerted restraining
iufuence upon stock market speculatoiI -
fear of the future monetary conditions rather
than the existing situation worried the Street
The market dull. irregular and uncertain
with quotations in the greater part OF the Gay
lower than at Saturdays close. In view Oh
the decrease in the cash holdings OF the oahhs
hast week and the insignificant increase in sur
plus reserve. caution on the part or STOCK mar
ket traders is to be commended but selling FOR
the shon account certainly does not appear de-
sirable. The more important holders OF stocks
are waiting to distribute their possessions at
higher level and any decided increase in the
short interest will give them an opportunity TO
Nirt prices owing to their absolute control Of the
greater part of the floating supply OF securities
1t may not be a time for aggressive bull specu-
oation and there Is little Likelihood that ths
public will keep the big bulls TO make VIDE
market just at present; but such situation
provides no reason for selling short II any
body who is out Of stocks should decide 10 Sell
short the bulls who own stocks could advance
prices without material assistance from the
public.
THE fact that a scarcity Of stocks develops
ON every good demand furnishes pretty safe
snd,caaion of the way stocks are held And the
Sact that upon every attempt-like that noted
yesterday-to depress values. prices refuse to
make material recessions while duness becomes
pronounced suggests the opinion that, outside
of a few professional traders, nobody who holds
stocks is willing to sell. or that operators who
are out of stocks care to Join the bear element
an "eoing short" AS the factors in the situa-
zion outside of the money market contain at
nresent no important uncertainties, the refusal
of holders of securities to part with good stocks
ss not surprising. But the fact that the money
market does contain uncertainties Is adequate
warrant. for the unwilingness OF new buyers 10
come In and for the indisposition or present
holders to increase their loads. The money
market, If not disturbed at present by active
speculation ought to adjust itself in time to the
requirements of big bull market 1t Is such
a. condition Of affairs TO which the substantial
interests are looking forward
With the exception Of Consolidated Gas there
1vere no important losses at yesterdays market
The stock named declined on selling induced by
the fear that the company would make fur
4her reduction in its dividend rate There is no
authority for the belief that such action VIII
he taken by the directors OF Consolidated Gas,
hut there is some reason to believe that certain
traders would like TO the price Of the stock
considerably lower. panhandle was an ex-
ceptionally strong feature also ST. Louis South
western preferred Missouri Pacific and Pressed
Steel Car preferred. In the late afternoon the
market rallied from it's early depression and
CLOSED strong under the lead OF New-York Cen
trail In the early dealings the rioting in the
,<rsve,and strike was brought forward an
argument for lower prices. but it failed to en-
courage any selling.