New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-01-18
BONDS.
TIE DAYS OPERATIONS IN STOCKS.

Tlo-e was conslderab BILE shrinkage in the vol
un- Of stoc,-rnarket dealings yesterday, and
no.atle increase in bearishness among the pro-
fes -icncl traders and sod-out bulls. The gen.
eral course Of values however. did not indicate
no av,orthy selling by commission houses. or
fear on the part OF small and large holders OF
sticks that for the present the bull market
might pause or work temporarily lower under
tho influence Of bear pressure and selling by
SUI ST initial market interests. 1t is well TO note
move ,er tnat the element which is working 10
bring about decline has materially Increased
In numbers within the last two days and that
many important market opera tors are not dis
posed to encourage renewed buying at the cur
rent level The bull market will doubtless run
for many months to come. but higher prices
may not be reached until the general list has
suffered a temporary setback in both values ana
bull activity.
Larry prices were under MONDAYS closing but
for the greater part Of the day quotations helo
Arm with good buying reported in certain parts
Of the list. In the last hour, however bear rau-
ers renewed their attack upon values. and in
many issues sharp declines followed faint
rally occurred before the close. but as a rule
hral dealings were made at unsettled prices
New York Air Brake lost over 16 per cent while
ally small fractions. Among the strong features
the most striking gains enjoyed by Man.
haitian. Lake Erie and Western preferred Peo-
ple's Gas ST. Louis Southwestern preferred
tennessee Coal and Iron. American Tobacco
and Pittsburg. Cincinnati Chicago and ST
louis The last-named stock was absorbed by
inc same interests that bought II when its price
was quoted under 60, and it was thought IN
some quarters that the stock had again started
On pronounced upward movement Pan Han
ole" as this stock is called. has number OF
powerful friends who expect to see IT sell in the
h0s at no distant time The bond market was
strong and on increased dealings continued to
reflect legitimate investment and speculative
buying.
The report Of the country's foreign commerce
In December shows a heavier merchandise ex-
port movement than in any other month In 1898.
and an excess of exports over imports In value OF
SS3 425 $50 and for the year an excess in value
of 1921 ,260. 535. a total never before reached IN
the history Of the country. Exports in December
were the heaviest for any month on record.
Foreign selling OF American securities can make
little impression upon such favorable trade bal
ance. and as the current movement Of foreign
trade indicates a further increase in trade cred
its abroad there should be occasion 10 worry
over the ability of the United States to draw
gold from Europe whenever the money marker
here requires additional funds. The time when
such assistance will be needed seems long way
off for local bank holdings are heavy, and the
circulation Of money at large is greater in vol
ume than ever before in the history OF the
Nation. All Of the European money markets
show distinct signs OF easier rates an indication
Of which was given by the Bank OF Germany
yesterday in reducing its discount rate from Q
TO per cent
THE DAYS OPERATIONS IN BONDS.
GOVERNMENT BoNDs-Market firm. Final
Ions