New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-11-10
BONDS.
THE DAYS OPERATIONS IN STOCKS

Stock speculation was heavy yesterday, with
nrjces lower throughout the list. Traders
worked on the short side. and a considerable
amount Of weakly held long stock was thrown
m the market Every stock sold found a good
buyer. At the close of business, securities were
more strongly intrenched in the hands OF sub
stantial market operators. while the short in
,erest was materially increased. Reasons for
bearishness were based upon monetary condi-
lions The denial by Secretary Gage that the
Treasury Department would take steps 10 put
come OF the Governments idle money into cir
culation exertod a depressing influence upon
speculative sentiment while sitter money
market encouraged active professional traders
10 hammer stocks. This market is not in abso-
Int need of assistance from Washington, and,
while the purchase Of bonds in the open market
by the Government or the deposit with the
banks Of internal revenue receipts would
greatly add TO local credit facilities. the situa-
ton will not become pancky even II help Of
this character is not given.
Bank loans are not overextended. and bank
and stock market conditions sound. These
two factors ought TO be borne IN mind. II
technical conditions were weak there might be
generalization. but as they are based on solid
foundations, with no heaviness In the upper
structure there will be panic unless the
financial community should suddenly lose its
wits. TIE position OF the money market does
not warrant the exorbtant rates for accommo-
dalton that are being exacted. Call loans ought
not TO rule above per cent and any combina-
ton Of lenders that withholds money from use
unless It's own fixed rates are accepted is
acting contrary 10 legitimate business prac-
tices Fortunately, the best money institu-
lions in the Street provide their customers with
Of money scarcity, is fair rate. against which
no borrower finds cause for complaint. Be-
cause a bank statement that is made up on an
Inadequate system OF averages shows that the
banks are below their surplus reserve, 1t should
not be inferred that there is no money at this
centre. There is enough money for all legiti-
mate purposes and no one need worry over the
exhibit which the bank statement made last
week, or which II will make tomorrow.
II the State banks which are required TO
keep q reserve of 10 per cent only. were elimi-
mated from current bank statements, and If
those statements were made up on the basis or
real holdings, rather than average holdings a
more intelligent idea could be had OF the exact
monetary situation at this centre. Until
change is made in the method Of compiling
bank statements they should cease to be taken
50 seriously by market operators. The stock
market is all right, and in no danger of COL
lapse Conservative interests do not favor &C
tive bull speculation at present, but they are
holding their securities for a time when ag-
gressve bull speculation will be possible. Ster-
Ing exchange weak yesterday. The ex-
ehange market may yet bring relief TO the
money market despite the Transvaal war. 1t
"a market that Will be worth watching In the
sut few days.