New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-12-08
BONDS.
THE DAYS OPERATIONS IN STOCKS.

The stock market was dull and heavy the
greater part of the day Professional traoeis
were disposed TO make further attacks on VAR
Gus active issues, but declines were not IN pro-
portion TO the efforts made. while late raiy
left quotations at only small changes from
Wednesdays final figures. Liquidation by urea
out holders furnished a part Of the days sell
ing Selling Of stocks is not JUSTIFIED by traue
conditions. but some holders are apparently
afraid that the preparations for the heaVS
January interest disbursements will result IN
money market disturbance, and IN consequence
securities prices will be upset to an extent that
will wipe out all the largest margins Ana
IN addition to this. the argument Of the bear
that prices are too high and money 100 uedI'
with no prospect Of easier rates. encourages GER
tain feeble minded operators to get out OF STOCKS
at a time when intrinsic values are growing
stronger every day. The elimination Of such
accounts does more good than harm TO the
market II concentrates stocks in strong hands,
yvbiIa n adds TO the confidence of the short IN
terest. which in turn creates recklessness IN
selling short that eventually must end In severe
losses for the operators concerned
The more important market interests are the
largest holders Of stocks. but apparently they
do not care TO encourage active bull specuia-
tion at present They are following a saIe
course in keeping quiet for the moment. III is
not probable that they could attract pubic
buving lust now and the chances are that they
would have to be the buyers of their own oHer-
ings If they decided to enter actively INTO specu
Jation at this period. The interests haHleu
either own stocks outright or carry them on
margins which the ordinary trader cannot Sc
cure They are we'll intrenched ana are con-
font TO wait for the time when local none!
supplies are large enough to support big bull
speculation. The position OF the people Who
sell short is not so strong They are panhihs
on the expectation of continued sc3rSity ot
funds at this centre and on the possibility OF
no bull market in January. They sell STOCKS
short but they apparently do not concede the
possibility OF being forced TO cover at loss
What would the shorts do II owners or STOCKS
should suddenly refuse to lend their holdings
and how much money would they lose If money
market conditions should suddenly change ana
the public come into the market? The pubic
IS bullish and oily waiting for change in
money rates. The "bg men" are bullish, ana
they own the best part of the noatng supply
OF stocks. Certain large operators are bearish
because they are short OF the market. and they
will exert every influence at their command 10
reduce values before the end Of the year con-
fidence in the ability Of large spectators TO
lower values begets confidence among the sihail
fry" who. doubtless. will continue to sell short
until they trade themselves out
Constant pressure has forced some long stock
on the market. and passing money disturbance
may vet take place and bring out more stock,
enabling the shrewder bears TO cover and place
speculation in a still better position TO take
advantage Of the return of the money market
\ 10 normal conditions. At present, the money
market does not suggest easier rates for some
time to come. The course OF money this week
warrants the belief that the banks will show a
heavy loss in cash In to-morrow's statement
as bond redemption receipts have been small,
payments TO the Sub-Treasury have been heavy
and currency shipments II the interior larger
than receipts. Loans. however doubtless have
been heavily reduced, and as a result the sur.
plus above legal requirements may not be much
Under last weeks level In the last hour yes
terday strength in Northwest. Omaha and Unior
Pacific caused sharp rally throughout
TUE nAy,S OpFR ATOMS IN RO\nS