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

THE DAYS OPERATIONS IN c1ONh''
The stock market opened under pressure from
the bear element and heavy commission house
selling for local and out-of-town account Ou'-
of-town selling orders were enormous, the gen
eral disposition among country holders mot III
vestors) apparently being to get out OF STOCKS
regardless Of selling prices. Much unnecessary
Uouidation was effected. For time seni-Pdh-
ickv conditions prevailed. and losses OF from
r 10 90 points were noted. The brunt OF the
sou,rg was horne by the industrial stocks, nota-
bly, Sugar Refining. American Tobacco ana ZEN
nessee Coal and Iron The last named stock
suffered a loss to which 1t was entitled, out
elsewhere declines were out Of proportion to
developments real or imaginary, aifecting val
ues. The local traction shares were weak with
Tho indpstrials but the general railroad list
was comparatively firm. Wild and excited
sneculation took place in the morning. but the
cessation of liquidation, decline in money rates
and renewed covering Of shorts caused sharp
ral,v IN the afternoon, and the recovery in great
mart Of MANY of the more important losses. An
enormous short interest was covered in the day
and the elimination of this interest may lead 10
renewed bear selling before the week is over
Traders who are not frightened by speculative
manipulation and passing influences responded
readily to calls for margins, while the regular
bargain hunter was busy throughout the DAY IN
euing his "tin box" with good securities at
sacrifice prices. At times 1t looked as If there
were no buyers but for every share sold there
was a purchaser. The British reverse In South
Africa high rates for money. bear attacks ana
fear among speculative holders over the none
tary situation were the chief factors in inducing
liquidation. The decline was accumulated by the
execution OF stop loss orders. Total dealings
Hunn - CITY ole
day record since January %, 1899.
The money market situation is stronger than
II was six weeks ago. and the chances favor
further improvement before the year is over.
1t is believed in we'll informed circles that not
withstanding Washington denias the Secretary
Of the Treasury will offer 70 purchase more
bonds at terms which will make the offer sue
cessful. In foreign financial centres stringent
money does not reflect fear weakness in
financial or Industrial circles. although IT does
reflect caution on the part of bankers incident
to the Transvaal The Bank Of England
may raise its discount rate again this week. but
as long local rates remain at their present
level gold will not be exported from here. If in
January the interior ships large volume of
money 10 this centre gold may he sent abroad
Gold exports under present conditions would be
impossible on a legitimate basis, and 1t does not
appear probable that stock market manipulators
will carry their bear campaign to the extent Of
shipping gold at a loss merely for effect upon
values While Wall Street is suffering from an
acute attack of the ''blues" over the monetary
animation. II is we'll to bear in mind that there
is now in actual circulation In the country
more money than ever before on record, and that
the supply is being increased every month, do
nestle gold production alone adding S5000,000
IN he rel ing
medium. And it is also well to recall the fact
several times a day that the country's in
dustrial activities were never before so pros
nerous and never before so promising.
The greater part Of current liquidation in
stocks comes from weak bull pools. from public
traders who are frightened by shadows and
from operators who are active sellers for the
short account. Interviews with the leading
banking houses in the Street disclose the fact
that investors are not selling. Strong individual
and corporate interests representing millions OF
dollars have been the chief buyers. Pools that
have been carrying more industrial stocks thar
their resources warranted have been forced out
nv the aggressive tactics of bear spectators
and by the discrimination by the banks against
the Industrial issues as collateral for loans
Widely distributed holdings have become more
concentrated and when this process is completed
short accounts Will be In iamentaDle dilemma
Further bear pressure. selling for profits by
SPECTATORS who bought for win yesterday
and passing fluctuations in the money market
may carry values below the low level made
yesterday morning. but actual owners of goot
securities ought not to be frightened into lqu
dation. decline in stock values that is no.
accompanied by decline in intrinsic worth
will be followed by a recovery equally as pro
tba he
not come at once. but, barring a radical change
in conditions governing real values highe
prices must be the logical sequence Of the cur
rent depressed level. The Wall Street situation
"a unnatural and II cannot last Stock quota
lions are down. but business values ad
vancing
THE DAYS OPERATIONS IN BONDS
GOVERNMENT BONDS.-Market strong Fina