The times., 1899-04-09
ACTIVITY IN STOCKS
SUDDENLY CHECKED
Feyerish Uncertainty Forbids
Wild Ventures.
Fridays Disastrous Break in Prices
Sobers Spectators.
A Soothing Construction of the Show
ing of the Banks Tends to n
Revival of Confidence.

New York April S.-The weeks dealings
on the Stock Exchange have resulted in a
general reduction in market values. The
transactions have been large in volume
averaging nearly 1,o0O0 600 shares a day, and
the large number of stocks dealt in shows
that public interest in the market is still
extensive and diversified. On the othel
hand, active speculative interest has beer
chiefly expressed in the industrial stock;
and in the shares of the local transpoi ia
tion companies. Thus the transactions in
Manhattan Railway alone have furnished
nearly 10 per cent of the weeks total
Brooklyn Rapid Transit has been only a
little behind Manhattan Railway in respect
TO activity. The transactions in Federal
Steel have approximated the enormous
dealings in the traction stocks noted, while
the transactions in American Steel and
Wire, Sugar, and Continental Tobacco have
in each instance been in excess of 100000
on the week.
The only railway stocks in which the
transactions approximated those figures
were Atchison preferred, Missouri Pacific.
and Burlington and Quincy. Throughout
the week speculative liquidation has been
heavy, particularly in the Industrial and
traction stocks, and the selling eliminated
on Friday in a number of violent declines
Chiefly because of the general shifting of
loans made necessary by the extensive
aqueduct operations in progress and in
preparation, the money market has been
very sensitive and the protracted and rath-
er reckless speculation in the industrial
shares has caused money lenders 10 assume
very conservative position in regard to
the acceptance of these stocks as collateral
While the actual business casualties have
been trifling. the market has disclosed the
fact that large number of houses have
been conducting a business far in excess
OF their capital and facilities. No little of
Fridays Generalization can be directly re-
ferred 10 the frantic efforts of these firms
10 extricate themselves from perilous DO
sition, and their success seems to have
been achieved only through a precipitate
and apparently thorough liquidation To
That extent, at least, the technical situa-
lion of the market has become simplified
and certain elements of positive structural
weakness have been eliminated
Today's market was the least active in
a long time. Its tone was irregular and
rather feverish throughout, as was to be
expected after yesterdays practical demor-
aiization. Prior TO the publication of the
bank statement the trading had a very
uncertain tone and was marked by a num-
ber of erratic movements in both direc-
nons- A favorable construction was placed
upon the showing made by the banks. and
when the statement appeared there was
sharp, general rally. Renewed liquidation
was encountered on this advance. and in the
final dealings the general market reacted
abruptly TO the extent OF ] per cent and
over. Foreign houses were again buyers
OF fair amount of stocks in the local
market Further loss in surplus reserves
OF s476,025 appeared in the bank state
ment. which reduced the banks surplus
cash holdings TO si50lS, s25. The actual
percentage OF reserves is about 26.6 The
banks appear 10 have lost on cash through
the weeks operations 81, ,4e4 100, but owing
TO reduction in deposits OF SO, $50, coo the
loss in surplus reserves was as noted The
loans account was reduced only 81 .241 O06.
but next Saturdays statement is expected
70 show the effect of the heavy liquidation
in the stock market this week.