New-York tribune., 1899-12-17
BONDS.
THE DAYS OPERATIONS IN STOCKS

The news from South Africa regarding the
latest British repuse was not cheerfully re-
cevod by traders in stocks. on the London
Exchange heavy selling was reported and this,
coupled with large sales for the foreign account
in the local market. naturally induced renewed
bear activity and liquidation here The evil
dence Of distress in the Boston financial situa-
ton as reflected In a large commercial failure
and bank failure at that centre added to the
unsettlement in securities prices. After the
first sale there was a moderate recovery. but
before the close the downward movement was
resumed with greater force than noted at the
opening The bank statement was not up to
the average expected by the speculative ele
ment, and apprehension over this weeks course
Of money was therefore expressed by the traders
who are intent on forcing values lower. The
banks showed a small gain in surplus small
loss in cash and a much smaller reduction in
loans than the weeks liquidation in stocks ap-
peared to foreshadow. The market closed weak
under heavy selling pressure. and at substantial
net losses in the greater number of issues.
Despite the Boston monetary troubles and the
probability that the London market will have
to wait long time before 1t imports gold
from South Africa the general financial stua-
ton Is not in position that should alarm in
vestors. The weak features are being eliminated
and the technical position Of the local banks Is
stronger to-day than recorded in many weeks
Boston has not acted conservatively In the
matter Of loans on poor Industrial stocks as the
NewYork institutions have, and the first named
place now appears 10 be suffering the usual
penalty of banking folly. II is not believed.
however, that the trouble in Boston will exert
an injurious influence upon the local situation.
beyond a sentimental effect upon the speculative
mind. Since last July the Clearing House
banks of this city have reduced their loan ac-
count over $110000,000, following a correspond
ing expansion in. the last half of the last fiscal
year. This enormous contraction in loans places
the city banks in sound position: with the fact
that such extensive loan liquidation has been
accomplished without serious disturbance re-
fleets skill on the part Of local bankers and great
underlying strength in the financial situation.
The process Of loan reduction has been accom-
panied by losses to purely specu-
lative dealers in stocks, but has not caused
trouble among investors. The monetary stua-
tion is strong. If IT were otherwise the country
would not be lending gold to Europe.
In the narrow vision Of the stock market pes
slmist the outlook is filled with evil looking
clouds. At the close of the market yesterday
Wall Street was the most depressed spot in the
whole country. The Street now sees hobgob-
Inns in every corner and the brilliant features
in the general business situation have assumed
the semblance OF wraths and spooky nothing
ness. The unnaturalness Of II all foreshadows
change Unnatural conditions cannot last and
Wall Street will therefore come back to a nor
NAL position again. Trade reports for the week
are encouraging exhibits for investors and bulls
on the United States. The general volume of
business shows that Industrial concerns
making money Notwithstanding the decline in
their stocks Production and speculation are not
keeping company" but the productive energies
the industrial activities Of a great Nation, will
yet force market values 10 measure intrinsic
worth Earnings of railways and manufactur-
ing concerns are growing and the end of this
growth Is not yet in sight. But all of this has
little effect upon stunted Wall Street sentiment
The Wall Street fog will lift before long
The usual weekly table OF price changes for the
more active stocks follow: