New-York tribune., 1899-02-09
SEX interest
BONDS.
THE DAYS OPERATIONS IN STOCKS.

The stock market was active ard Irregular
with sharp declines in the morning 1ecoVerles
in the afternoon. an1 irregular changes at the
close as compared with Tuesdays lnal hgures
Speculative liquidation was the Chief influence
in the early dealings The decline brought
about by this selling was taken advantage of
by the shorts TO cover and by substantial inter
ests to add to their holdings. There was no
demoraliza ton in prices. and there was no In
dication Of coming panicky conditions. the de-
cline being orderly and free from fear or un-
easness on the part Of the larger operators and
the people who know the difference between a
reaction caused by technical considerations and
a decline based upon business disturbance and
loss OF confidence Values will in the opinion
Of the most conservative men in Wall Street, sell
higher in the current year than the best figures
reached in January. and the people who can
afford to buy stocks outright or TO invest
in good stocks and the low-priced issues Of
merit on ample margins need not worry about
the future Of market quotations The market
is enjoying a healthful reaction. and when the
reaction has its course speculation Will be
ready again to carry prices higher.
The buying in the afternoon ircluded heavy
purchases for the account Of important market
interests. especially IN Atchison preferred, the
cifc preferred and some Of the better class of
industrials like Federal Steel preferred The
influence of these purchases induced further COW
ering Of shorts and moderate public buying
throughout the list until the close. which was
at abou. the best figures of the day. The early
decline extended to ! per cent and above in the
railway list while larger losses were made in
the specialties and some Of the industrials
New-York Central enjoyed a recovery OF 2 per
cent from its lowest and Metropolitan Street
Railway a recovery Of over per cent There
was no news Of Importance affecting values,
either in the business situation or in the money
market the mornings sharp decline apparently
being due to heavy selling orders inspired by the
preceding days setback and the nervousness
among operators who fear that last weeks bank
statement foreshadowed a permanent change in
monetary conditions.
The extraordinary demands made upon the
banks by the floating of Industrial enter
prises and by the return Of American securities
from Europe as reflected in last weeks bank
statement have had no effect upon the money
market In case these factors do exert an in
huence upon rates II will be for short time
only while expectations that the payment OF the
500 900 OO0 Philippine indemnity Will disturb
the money market are not to ne CONSIDERED
seriously. The nature Of that transaction VIII
business operation involving the international
exchange market. The Government will prob
ably draw upon its deposits in National banks
TO make the settlement. but there is no reason
TO suppose that the withdrawal from the banks
of this sum will trouble in the money
market The Treasury operations since the
first Of the year have already taken upward or
81 900 600 from the deposits in National banks,
and it is reasonable to assume that this has
been done in preparation for the Philippine pay
ment. II is also reasonable 10 suppose that the
Government will follow its past method In deal
ing with the banks. namely, Withdrawing the
balance Of the money required gradually, and IN
such a way as to prevent any adverse ERECT
upon the money supply AT this centre. AS far
as the recent selling Of American securities by
foreign holders is concerned 1t is extremely
difficult to find bear encouragement in the
transaction. When this country can absorb
vast foreign sales. and by doing so reduce its
annual interest obligations abroad, every one
should be deeply gratifed and feel extremely
ance will settle the current European liquida-
ton Of securities