New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-05-07
BONDS.
THE DAYS OPERATIONS IN STOCKS.

The stock market again suffered from active
bear pressure and liquidation by holders whose
margins were exhausted An Unexpectedly poor
bank statement accelerated the decline In the
last half-hour, while at the close quotations
were about at the lowest OF the day. Some or
the more important market interests bought
their favorite securities. but no disposition was
shown to check the bear element by Offering
powerful support to values The larger bull In
tcrests in the Street willing TO buy stocks
as cheaply as traders wish to SELL and as long
as the public stays out of the market bargain
prices are possible. The short interest, how
ever is largely extended, and no one OF COM
nonsense ought TO make short contracts at
this stage Of the current speculative contest
The technical position Of speculation Is strongly
in favor of an advance. while conditions govern
ing actual worth all on the side of the bulls.
Big margins and confidence that cannot be dis
turbed by bear activity will prevent losses in
the present market, and lead to profits before
the summer is over. AT least, this is the view
taken by the people who are competent to Judge
of the speculative and investment situation.
The banks lost over SG,0D,0O in surplus re-
serve. due In great part to the increased la
blities caused by d gain In loans of Sl6664. 400.
and resultant gain in deposits OF NlOV3o, IVo'
Actual cash holdings decreased 81, l6o,2b. The
decrease in bank holdings represents no unfa-
vorable development in the financial situation.
but reflects the Increase In industrial activity as
represented in the financial requirements OF re-
cent Industrial combinations AS far as the
stock market Is concerned. loans were materially
lessened in the week by reason Of the hquida-
ton Of speculative holdings carried on borrowed
money The money market should cause no
uneasiness in Wall Street. and as matter or
fact II has ceased TO be a prominent speculative
factor The decline in stock values Is not Que
to news developments, but TO bear attacks that
meet little opposition, and If anybody finds in
the situation reason for selling investment hold
ings he is at liberty to follow his own judg-
ment. But the chances are not In favor or his
rebuying the stocks which he sells at ma
teral recession from current quotations. In yes
terday's market sentiment was somewhat ar
fected by a hardening of money rates In Lon
don supposed TO be due TO fears OF compllca-
tions over the affairs OF the Transvaal Republic.
This Is a frst-class excuse for selling American
stocks according to the bear. The weakness in
prices was general throughout the list. the only
noteworthy exception being furnished by con
solidated Gas which enjoyed a sharp advance
on reports that the gas war had been settled.
OF the increase in loans In the weekly bank
statement S1OOOOUO0 was supplied by the Ma
tional City Bank. due. doubt. TO operations
in connection with financing the big copper
company. and perhaps In part to exchange
transactions incident to the Philippine lncem-
nifty payment
The usual weekly table showing net price
changes in the more active issues follow: